Long Term Nursing Care Insurance
Who is going to pay for round-the-clock nursing?
Health insurance covers medical bills, hospitals, and prescription medicines, but not usually for nursing or palliative care.
This applies not just to the elderly but those of all ages, as accidents can happen. Currently more than 2.8 Million people in Germany have to receive long-term-nursing care, many of them in 24/7 care in expensive nursing homes
Insurance for your elderly parents living in Germany should be considered as well, as in many cases adult children can be responsible financially for parents´ care once their own savings run out. You will also be protecting your own children from suffering financially if you ever require nursing care.
If you have German health insurance, you already have some cover for long-term nursing care through the Pflegepflichtversicherung (usually abbreviated as PV in the public system, or PVN in the private). This will make a payout if you are assessed as needing long-term nursing care.
This payout, however will generally be less than half of the actual costs which need to be paid, especially if you choose a comfortable residential care home, which can easily cost € 4000 per month or more. The maximum payment from the Pflegepflicht is about € 1550 per month, and that’s only for the highest category of need.
There are several ways to set up good nursing care insurance. To learn more and get professional, independent advice on this, please contact us. A complimentary issue is to set up early enough notarized agreements for your closest and most trustworthy relatives or friends to take over a number of legal and financial duties for you when you are not able to perform them anymore yourself.