Should you take out insurance cover? I recommend some type of insurance policy be taken out on your chairlift or mobility products.

Stairlift breakdowns can be costly as well as inconvenient. Most stairlift companies will offer you an optional stairlift warranty service contract once your guarantee has elapsed.

The best solution would be to have the stair lift insured! Maintained by the company you purchased the stairlift or mobility aid from.

This ensures you receive prompt attention and rapid response times to emergency call-outs plus the extra bonus of local call-out engineers on call 24/7 Van stocked with spare parts, In-house trained on the products they install service and repair.

If you choose the option of insuring your chairlift via your home contents policy you might be left to find a stairlift company who will be willing to attend. If it’s very late at night not much chance of that happening unless you are on the company books so to speak.

You will also need to find the money to pay for the repair and call-out charge and then claim it back through your insurance company (That could take Months)

The last thing you want to be doing is looking through the telephone book phoning stair lift company after stairlift company. All seem to use a telephone answering service after 6:00PM. This type of situation is frustrating and time consuming (Banging your head against a brick wall)

Any type of insurance cover is better than no cover at all. If you want hassle free service and don’t mind the hefty price tag then you should choose the optional service maintenance cover offered by the manufacturer supplier.

Insurance companies that insure mobility products should have a contract with a private stairlift mobility company who attends emergency call-outs on their behalf etc.

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The need for care can occur instantly without warning, such as the result of a stroke or heart condition. On the other hand the need for care could evolve progressively as the person’s dependency increases due to lack of mobility or dementia.

Why take out a long term care immediate needs policy? Essentially predicting life expectancy is not a precise science. When people pay for their own care they may live longer in a good care home but their money could run out. An insurance care plan policy guarantees life time payments.

When a person dies, the income stops and the care plan purchase price is non refundable unless there is some form of capital protection against early demise.

Long term care insurance plan premiums are calculated based on the individual’s life expectancy. this is forecast by reference to medical information provided by the person’s family doctor. Also insurance companies endeavour to speak to care home staff for an up to date hands on assessment. The cost of a care plan is less relative to correspondingly deteriorating health and frailty.

In addition to age, gender and state of health, the lump sum cost of a long term care policy is assessed by the level of monthly payments to the care provider. The monthly shortfall is calculated by deducting other regular income such as pensions and state benefits. The regular shortfall will help determine the amount of lump sum purchase price in return for a guaranteed income stream for life. The care benefits can be arranged to rise automatically every year by a given percentage to coincide with the care provider’s annual review date.

When arranging the annuity, it is a good idea to ask the care provider about the history of price increases so that this can be taken into account when arranging the level of benefits required. Better still ask the care provider if they will agree to fixed annual fee rises at say 5% in return for direct payments into their account that increase automatically every year.

Obviously, if the care costs rise above the level of insurance payments, there could be a further shortfall. But to all intents and purposes, this is usually manageable from other savings, unless the level of care required has altered drastically. In this case, a further review of the situation should be done before parting with more funds. For example, the care needs may have escalated to the point of the person becoming eligible for free personal care known as continuing care.

Payments from long term care policies are payable direct to registered care providers and taxed in their hands as a trading receipt. In this way there is no tax payable on the income stream by the person receiving care.

before you start planning for long term care fees be certain you access Barbara Davies’s vital free article about long term care insurance plans .

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