Is long-term care insurance worth getting in Switzerland?

In the last country I lived in I had long-term care insurance to complement the basic coverage I got from my health insurance. Is it worth getting long-term care insurance in Switzerland? Being able to receive care in my own home is important to me.

Hi there,

In Switzerland the costs of long-term care are covered - at least in part - by health insurance, social security and the disability insurance which you receive from your occupational pension fund. If these are insufficient to cover the costs of long-term care, you can apply for supplemental benefits or in the worst case, even for welfare.

If you are not wealthy and depend on social security or welfare when you get to the point at which you require long-term care, the benefits you receive from long-term care insurance will be deducted from the money you receive from social security or welfare, so there would be little benefit to you.

Long-term care insurance policies also typically have long waiting periods (as long as 2 years) before benefits are paid out, so you will have to be able to afford care on your own until the insurance kicks in.

However, long-term care can make sense if you are wealthy and want to insure against the costs of long-term care in order to safeguard your wealth.

Best regards from Moneyguru

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