THAILAND: Long-Term Parent-Care Policies Go on Sale

BANGKOK (Bangkok Post), August 4, 2006: New parent-protection insurance policies went on sale today to encourage more people to take out insurance for their families to reduce the financial burden on the state of taking care of older people. The new policies cover four areas: health insurance, personal accident, critical illness and long-term care. Buyers can deduct premium payments up to 15,000 baht a year from taxable income if they buy insurance for parents and spouses' parents, provided the parents do not have an income of more than 30,000 baht a year. The sum is in addition to the deduction of up to 50,000 baht from taxable income for people who take out life insurance. Health, personal accident and critical illness coverage is already available from insurers, so the main feature of the new product is the long-term care coverage for older people who have become infirm. Policies can be taken out for parents who have not yet reached 65 years. The insurance would pay for a live-in caregiver, housekeeper, therapist or private nurse. © Copyright The Post Publishing Public Co., Ltd. 2006