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What is Long Term Care? Long Term Care is a range of medical services designed for patients who require on-going care from medical professionals, like nurses and medical service aids. It is ordered by a physician and can be provided in either a long term care facility or in the patient’s own home. Who will need Long Term Care? Most of us can expect to celebrate our 80th birthday! That’s wonderful news. But studies show that nearly half of today’s population over age 65 will need some form of long term care. And while long term care is primarily required by seniors, younger people may need long term care too. How will it affect my finances? Long term care costs can be expensive. For example, depending on their province, Canadians can spend up to $4,770 a month out of their own pocket for facility care that’s subsidized by government programs. The cost for private, non-subsidized retirement homes ranges from $2,500 to $7,000 per month. Even if you choose to remain at home when getting the care you need, you’ll still have to pay for private nursing, and for services such as shopping, cooking and cleaning. These expenses can add up to hundreds of thousands of dollars over a period of required long term care. While provincial health plans are fairly comprehensive, they cannot afford to pay the entire cost of care even for those facilities that are subsidized. There are often limits on the amount paid for care at home, and of course, they don’t cover costs for private facility care. Where will I get this money? Should you require long term care, you may be forced to put your spouse’s retirement savings at risk, or you may have to liquidate your assets at a time when market conditions are poor, to help pay for the substantial cost of what could be years of professional care. How can you protect your finances? You can save the money you may need. But it should be money you plan on never touching. Also remember that you can never be sure you’ll have the time to save what you may need. Insurance is a better solution. Long Term Care Insurance provides a daily benefit if you lose the ability to care for yourself, and require the services of a long term care facility or professional assistance at home. Recent studies reveal that 42% of Canadians are concerned they’ll have to care for their parents when they get older. With Long Term Care Insurance, two generations are protected, parents and children. Long Term Care Insurance helps you maintain your lifestyle and financial security by giving you the resources you need to remain independent, even in the face of a serious health setback. At the same time, it gives your children an alternative to providing you with the care themselves. It also protects your estate for your beneficiaries. Most importantly, it gives you options, so that you can make decisions about personal care that are best for your particular needs. Long Term Care ProtectionLong Term Care protection gives you the financial resources to help you preserve your assets and your retirement savings. It offers you these advantages:
Choose a Plan that’s right for youLong Term Care Insurance offers flexible plan choices that can be tailored to your needs and budget. You can choose a benefit amount from $10 to $300 a day, and you can elect the amount of time benefits will be paid for. It’s entirely up to you and your budget!
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