A long time has elapsed between applications for the long-term insurance and news of individual applicants being accepted into the plan or denied coverage from Vanbreda’s insurer.
Hans and I complained about this lengthy period to Vanbreda in a meeting with them and ADB’s staff. Vanbreda said the number of applications exceeded expectations and the insurer has limited staff to evaluate applicants. Many are still waiting for the decision. We are unsure on what basis the decisions are made.
For those accepted, in case of disability, the insurer will pay a defined amount monthly, when the need arises and is approved. The monthly allowance to be paid out will be directly related to the amount signed up for and paid in. Eligibility for payout will be determined on medical grounds such as inability to dress, feed, and move about adequately to care for one’s self. The payout will allow the insured to, for example, offset part or all of the cost of needed care. The program will not be subsidized by ADB, and will be part of an arrangement Vanbreda will be offering to several organizations.
Retirees have noted that premiums for the long-term care insurance escalate to a very high point as one ages.