'iM Active Care' dementia care insurance

offers granular coverage through 32 special riders

[Provided by iM Life]
[Provided by iM Life]

iM Life on Tuesday launched "iM Active Care," a dementia care insurance product designed to cover every stage of old age — from screening and diagnosis through treatment, long-term care and daily caregiving.

The eldercare landscape has been shifting away from facility-based care toward home-centered integrated care. Since March, the government has been running an integrated care project that allows elderly people and those with disabilities to receive medical, nursing and caregiving services simultaneously at home and within their communities. At the same time, long-term care hospitals are being reorganized to focus on medical and critical patients.

iM Life developed new coverage areas targeting the costs that arise from this changing care environment. The product is structured around 32 special riders that can be combined to suit each customer's circumstances. Key coverage options include a "combined home-care benefit (three or more services) rider" and a "long-term care hospital admission rider."

The combined home-care benefit rider is designed to ease the financial burden on customers and their families who use three or more home-care services simultaneously, iM Life said. When paired with a standard home-care benefit rider, the combination can provide up to 1 million won ($726) per month depending on home-care usage. The long-term care hospital admission rider expands coverage by paying a daily hospitalization benefit when a policyholder rated at long-term care levels 1 through 5, or levels 1 through 3, is admitted to a long-term care hospital.

"As aging is fundamentally changing the very concept of care, the role of insurance must also expand beyond paying out claims to helping customers prepare for their lives in old age as a whole," said Kwak Chan-hee, head of iM Life's sales strategy division. "We will continue to refine our products so that coverage remains uninterrupted no matter what care environment our customers find themselves in."


kimstar@heraldcorp.com