Hanwha Life Insurance Launches 'Dementia Care Insurance' Covering Long-term Care and Rehabilitation Therapy

Coverage for Mental Disorders Such as Depression and Use of Day Care Centers

Hanwha General Insurance announced on the 3rd that it has launched a new product, ‘Hanwha Dementia Care Insurance Non-Dividend,’ which provides extensive coverage from long-term care to dementia and rehabilitation treatment.

This product reflects customer demand for long-term care benefits by establishing a new Long-Term Care Benefit II coverage that provides benefits each time home or facility care services are used. It also expands customer options by allowing popular home care service items such as home-visit care, day and night care, and welfare equipment to be subscribed to as individual riders.

Unlike existing care insurance that mainly covered severe dementia, this product offers various coverages even for mild dementia stages. It newly provides diagnosis benefits for specific depression and stress-related specific mental disorders after an Alzheimer’s dementia diagnosis, covering depression frequently occurring in mild dementia stages and mental disorders that may arise in old age.

If a customer is assigned the cognitive support grade for long-term care, which corresponds to mild dementia, and attends a day care center commonly called ‘Nochiwon,’ they will receive monthly benefits under the Long-Term Care Benefit II (Grades 1-5 and cognitive support grade, day and night care) rider.

For customers requiring rehabilitation treatment, the product uniquely offers a rider for inpatient treatment costs for recovery-phase rehabilitation patients. Patients who have undergone surgery due to stroke, musculoskeletal fractures, etc., and require specialized rehabilitation treatment can receive up to 50,000 KRW once per day when hospitalized at a rehabilitation-specialized hospital designated by the government.

The eligible age for subscription is from 20 to 80 years old. The coverage period can be selected as either up to age 90 or 100. Premium payments are waived upon being rated in long-term care grades 1 to 3, and the product can be converted into a savings insurance contract to be used as retirement funds.

A Hanwha General Insurance official stated, “This product is designed for middle-aged and older adults preparing for retirement in line with the demographic trend entering a super-aged society,” adding, “We will continue to develop various products and services to meet changing social trends and customer coverage needs.”