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Long Term Care (Seudi) Insurance

If I were to die tomorrow, my family would suffer financially; it is therefore imperative that I ensure that my salary could be replaced and my family could continue to live the kind of life we live today.  But if I were disabled, things would be much tougher.  Not only would my family have to replace my salary, but they would have to pay more to have someone take care of me.  This is where seudi insurance comes in.

A person becomes “seudi” (in need of long term care) in one of three ways:

1 – A person has a mental affliction such as dementia or Alzheimers.

2 – A person cannot control his or her ability to go to the bathroom, plus he or she cannot do one of the following five things: (a) eat and drink (b) get up and lay down (c) be mobile (d) shower and (e) dress and undress

3 – A person cannot do three of the following five things: (a) eat and drink (b) get up and lay down (c) be mobile (d) shower and (e) dress and undress

The insurance guarantees that if you qualify as seudi, you’ll get a certain amount of money (ie NIS 5,000) every month for 3 years, 5 years or life (important to note like disability insurance, there is often a 90 day waiting period).

Some of you are probably already saying “hey, don’t I have that from my kupat cholim?”  Well, yes and no.  Kupat cholim offers its members to sign up for a collective policy with a different insurance company.  These policies are a one size fits all with the amount depending on the you join (people under 50 – NIS 5,500 per month / NIS 10,000 if you are institutionalized; ages 50-59 it is NIS 4,500 per month / NIS 6,500 if you are institutionalized and 60 and up it is NIS 3,500 per month / NIS 4,500 if you are institutionalized).  Also, the payout is only for up to 60 months.

Sadly, I have heard of a number of cases where kuppat cholim, just like other private insurance firms, have discriminated against those with preexisting conditions.  As always, they won’t deny the person and outright say it, but they will drown the prospective client in paperwork until they go away. If this happens, either be ready to fight or consider another provider.

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