Actuarial Science 1021A/B Lecture Notes - Lecture 7: Dementia, Life Insurance, Waiting Period
6 Dec 2014
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The problem of old age long term care. Historically, care was provided by family members through extended family living arrangements: this is no longer the case. As a result, there has been, and will continue to be, a demand for long term care (ltc) services. This combination of high annual cost and length of stay can easily lead to economic insecurity (cid:222) (cid:222) Ltc used to be only about nursing home care, but now it includes: nursing home care, home care, community care. The services are to assist the individual in performing the 5 to 6 essential activities of daily living (adl"s): Ltc insurance promises to pay expenses incurred if the insured is unable to engage safely in selected adl"s: this requires that someone provide the care, either in the home or in an institution. In some countries this care is financed by the government: but in the majority of countries, ltc expenses are met from:
