CaixaBank launches the first Alzheimer's and ALS insurance with a single payment of more than 30,000 euros

CaixaBank has launched the first insurance for neurodegenerative diseases with a single payment of more than 30,000 euros. The aim of this product is to cover the lack of autonomy caused by this type of ailment. The total benefit of this insurance can reach 100,000 euros and aims to offer a solution for people affected by Alzheimer's, Parkinson's, ALS, multiple sclerosis or dementia. This policy is aimed at people between 60 and 75 years of age, without the disease detected and covers up to 90 years of age.

This insurance will be marketed through VidaCaixa, the entity's insurance subsidiary, under the name MyBox VidaCare. The product becomes the first to offer coverage against the lack of autonomy caused by cognitive and/or motor impairment resulting from neurodegenerative diseases. It is also the first insurance policy to provide protection against this type of disease specifically for CaixaBank's senior citizens.

The insurance is contracted for a single premium of between 32,926 euros and 34,963 euros, depending on the customer's age. If, on reaching the age of 90, the insured has not developed any of the neurodegenerative diseases covered by the policy, he or she will receive a gross survival capital of 20,000 euros . The product also incorporates a life insurance policy whereby, in the event of death during the first three years of the policy, the designated beneficiaries will receive a capital sum equal to the premium paid by the policyholder.

MyBox VidaCare provides a capital sum of up to 50,000 euros gross if, as a result of a covered neurodegenerative disease, the insured is at a certain level of lack of autonomy. In the case of this policy, the financial benefit will be paid when the person reaches a certain level of lack of autonomy, having previously submitted a medical diagnosis and undergone expert appraisal. The payment is not conditional on the official recognition of the degree of dependency granted by the Social Security, which usually takes an average of between 18 and 24 months.

Subsequently, in the event of survival of the insured three years after the situation that generated the right to the first capital of 50,000 euros, the policy insures a gross capital of 50,000 euros more.

Medical accompaniment

In addition to financial support, MyBox VidaCare provides support from professional experts, both before and after the diagnosis of a neurodegenerative disease. In this regard, as soon as the insurance policy is taken out, the client has access to a personal advisor who will accompany him or her throughout the life of the policy. After an initial assessment of the functional, mental, nutritional and social status of the insured, a personalized prevention and risk reduction plan is drawn up with recommendations for maintaining and extending their quality of life.

If any of the illnesses covered by the policy are diagnosed, a care plan is defined every six months to promote autonomy and quality of life; a face-to-face assessment is made of potential architectural barriers and the need for technical aids in the client's home; and, when the time comes, the company is responsible for processing the recognition of dependency to be able to access the services and public financial aid of the Dependency System.

31% of people over 65 years of age are dependent.

At the end of the first half of 2023, Spain had 9.7 million people over 65 years of age, representing 20.3% of the population, a percentage that will increase to 25.2% in 2033, according to INE (National Statistics Institute) projections. The dependency rate among this group stands at 30.9%, representing 3 million people; however, only 1.5 million people currently have a recognized dependency. The financial benefit they receive ranges from 100 to 747 euros per month, depending on the degree of recognized dependency.

The WHO also estimates that 60% of neurodegenerative diseases lead to dependency. In this context, a study conducted by Neuroalianza (the Spanish Alliance for Neurodegenerative Diseases) and the Complutense University of Madrid in 2016 points out that 988,000 people, 2.08% of the Spanish population, have a disease of this type. Added to this health problem is the economic aspect, as these patients spend an average of 23,354 euros per year on costs associated with their disease.