Long-Term Care for the Elderly: Navigating the Russian Landscape
Insurance providers initiate services tailored for senior citizens
Aging populations and rising healthcare costs are hot topics around the globe, and Russia is no exception. Over the past two decades, life expectancy in Russia has climbed steadily, reaching an average of 73.5 years. By 2030, there will be nearly a quarter of the population aged 65 and above, exceeding 36.5 million people [Golikova, 2021]. With this demographic shift, the need for long-term care services is on the rise.
As of today, 17% of Russian households are grappling with the care of elderly family members needing external assistance [RANEPA, 2021]. Given the estimated requirement for such care for 1.5-1.7 million people [Charity fund "Old Age in Joy"], it's clear that the state can't shoulder the responsibility alone.
Independent Insurance Options
Some insurance companies in Russia are stepping up to help bridge the gap in long-term care services. "Rosgosstrakh Life" offers a comprehensive package of services, including meal preparation, mobility assistance, medication management, rehabilitation, and psychological support, for both corporate and individual clients [Dolganova, 2021]. Their future plans include launching a separate care service by 2025, catering to various needs, ranging from post-operative rehabilitation to long-term care programs for people experiencing severe conditions [Dolganova, 2021].
The cost of the service under "Rosgosstrakh Life" starts at a relatively affordable 1,000 rubles per year for corporate clients. Meanwhile, "Capital Life Insurance" offers the "Standard Care" policy, featuring services of a visiting or live-in caregiver, home biomaterial collection, and consultations with treating doctors, for an annual fee of 15,000 rubles and up [Gurevich, 2021].
In addition, "Sovcombank" and "Sberbank" also offer similar insurance options targeting those over 50 years old, with services including home medical care, rehabilitation, and post-operative assistance [Sources Not Disclosed, 2021].
State Support: A Mixed Bag
At the state level, long-term care initiatives are progressing through the federal project "Senior Generation" of the national project "Demography." The program aims to support around 173,000 people by 2025, with plans to expand to 500,000 by 2030 [Ministry of Labor, 2021].
However, the number of people requiring long-term care is substantial, with more than 1.55 million receive social services at home in 2022 [Ministry of Labor, 2022]. Covering everyone needing external assistance solely through state support is unrealistic. Therefore, private solutions, like insurance programs, could play a crucial role in helping fill the void.
Challenges Ahead
While there is potential for insurance companies to help alleviate the burden of long-term care, there are hurdles to overcome. Industry experts stress the need for improvements in institutional infrastructure and the hiring of qualified personnel [Tarasova, 2021]. Additionally, the cost of long-term care insurance policies may deter some potential customers [Sources Not Disclosed, 2021].
A Collective Effort
Addressing the issue of long-term care in Russia requires a cooperative approach between insurance companies, the government, medical institutions, and regulatory bodies [Oleskina, 2021]. Charitable organizations and local communities also play a vital role in ensuring help reaches all who need it.
Given the magnitude of this challenge, a multifaceted approach is essential to ensuring a dignified life for Russia's aging population. By working together, insurance companies, the government, and various stakeholders can develop and implement programs that help those in need while also promoting healthy aging and ensuring the sustainability of the Russian healthcare system for generations to come.
- In Russia, the elderly population is projected to exceed 36.5 million by 2030, with 17% of households already providing care for elderly family members [RANEPA, 2021].
- Comprehensive insurance packages, like those offered by "Rosgosstrakh Life" and "Capital Life Insurance," are aiming to bridge the gap in long-term care services [Dolganova, 2021].
- Rosgosstrakh Life offers various services such as meal preparation, medication management, and psychological support for both corporate and individual clients [Dolganova, 2021].
- To cater to various needs, Rosgosstrakh Life plans to launch a separate care service by 2025, covering post-operative rehabilitation and long-term care programs for people with severe conditions [Dolganova, 2021].
- The cost of "Rosgosstrakh Life's" service starts at 1,000 rubles per year for corporate clients, while Capital Life Insurance offers a policy with services from visiting caregivers and treating doctors for an annual fee of 15,000 rubles and up [Gurevich, 2021].
- Similarly, Sovcombank and Sberbank also offer insurance options for those over 50 years old, including home medical care and rehabilitation services [Sources Not Disclosed, 2021].
- The federal project "Senior Generation" of the national project "Demography" in Russia aims to support around 173,000 people by 2025 [Ministry of Labor, 2021].
- However, the number of people requiring long-term care exceeds the projected support, with more than 1.55 million receiving social services at home in 2022 [Ministry of Labor, 2022].
- Industry experts emphasize the need for improvements in institutional infrastructure and the hiring of qualified personnel to tackle the challenges in long-term care insurance [Tarasova, 2021].
- The cost of long-term care insurance policies might be a deterrent for some potential customers, another hurdle the industry needs to address [Sources Not Disclosed, 2021].
- A collective effort among insurance companies, the government, medical institutions, regulatory bodies, charitable organizations, and local communities is essential to ensuring adequate long-term care for Russia's elderly population [Oleskina, 2021].
- Promoting healthy aging and ensuring the sustainability of the Russian healthcare system are significant objectives to be met through collaborative efforts between various stakeholders.
- Home and garden solutions, personal finance management, and lifestyle modifications are other factors that play a role in promoting healthy aging and managing long-term care expenses.
- An increase in the readiness and investment in education and self-development, such as in the areas of science, technology, and mental health, would contribute to a more holistic approach to long-term care and overall well-being.
- Ensuring a dignified life for Russia's aging population requires not only financial investment but also a focus on mental health, whose importance in aging populations cannot be overstated, including men's health, women's health, and a healthy lifestyle, including proper food and drink choices. Additionally, factors like general news, relationships, travel, and shopping may indirectly impact a person's well-being.
