Aged care insurance a hard sell

Insurance policies for aged care would be a good way of helping Australians fund their needs in later life but would be a hard sell to consumers, a new report says.

The report entitled Long Term Care Insurance: A Survey of Providers’ Attitudes, was commissioned by National Seniors Australia.

Nearly three quarters (73%) said that private voluntary insurance covering long term care needs could be a worthwhile product in Australia in line with those offered in some countries overseas.

Dr Tim Adair, National Seniors Productive Ageing Centre director, said that insurance for aged care was not something that would happen overnight and the concept would need considerable public awareness before being introduced by governments or industry.

“Over a lifetime, people face enough pressures to provide for themselves and their families, without worrying about aged care insurance as well,” Adair said.

Read the full report here http://www.productiveageing.com.au/userfiles/file/LongTermCareInsurance%20Final%20Web.pdf

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