Living through change

What is Long Term Care Insurance?

Long Term Care Insurance is a form of insurance intended to pay for expenses incurred as a result of some form of disability.  The care involved can be either at home to maintain a level of dependence and security or in a facility to provide a certain standard of accommodation and care.  This type of insurance will pay for some or all of your long term care needs, depending on the coverage selected. The company I represent provides reassuring protection in the form of tax-free monthly benefits in the event that you enter a state of dependency as defined in your insurance contract.  You're free to use these benefits as you see fit, and you don't have to submit any receipts to the insurer.  Also if you receive benefits from the government or another financial institution, your benefits will not be reduced in any way.

Some Statistics

1 in 2 Canadians over age 65 will face a disability at some point during their retirement. *Statistics Canada, 2006

Around 300,000 Canadians are living with the effects of a stroke. *Heart and Stroke Foundation, 2008

One in 13 Canadians over age 65 suffers from Alzheimer's disease or dementia.  *Alzheimer's Society 2007

Common Myth's  and the reality

Myth: The government assumes the costs of long term care.

Reality: The government will only pay for the less well off, providing financial support to low-income indidviduals only.

Myth: My group insurance covers these costs.

Reality: Your group insurance does not cover such costs.  They usually cover the cost of a private hospital room or a room with 2 beds, but do not cover the cost of long term care.  Some contracts may include a long term care clause, but this is generally limited to only 30 to 180 days of care.

Myth: I'll have enough money to look after myself.

Reality: The average couple will run through their entire savings in 4 to 7 years if one member of the couple requires long term care.  Facility care costs are on the rise and have been increasing yearly.  Home care costs often require you to hire private care providers, which can be costly.  A nurse can cost you $40 per hour, a nurse assistant can cost you $24 per hour and an orderly can cost you $18 per hour. 

Accidents and illnesses can happen at any stage of life, and if you survive through them it can change the way you live.  Since Canadians are living longer, we have a higher chance of an accident or illness happening in our lifetime.

The time to think about long term care is now while you’re healthy.  Unfortunately many people come to me when they already need care.  At that point in time you’re in crisis planning and your options are limited.

Living through change will happen to all of us, and there is a solution to your worries.  Let me help you with a plan of care to suit your needs and budget.  I work by appointment only, so book yours today.