New lower cost insurance cover for elderly
The Australian Pensioners Insurance Agency (APIA) has released new policies designed specifically for villages, apartments, and nursing homes which provide lower insurance cover compared to the higher cover required for many contents insurance policies.
APIA is a specialist insurer for people aged over 50 where one of the members of the household is not working fulltime and can provide an assisted living residence policy which covers personal contents for those living in nursing homes rather than being a regular contents policy.
Whereas many company insurers offer contents insurance only for a minimum of $10,000 or $20,000, the APIA policy can cover personal goods of $5,000 value. The lower contents policy recognises that although people enter a nursing home with fewer possessions than a retirement village these are likely to be prized possessions.
APIA general manager, Kevin Pattison, said that “retirees have told us that they wanted insurance that could be tailored to suit the different stages of their lives”.
