With growing pressure on our health care system in Canada and the fact that Canadians are living longer, now is the time to consider how future requirements for long term care will impact your financial resources for you and your spouse.
What is Long Term Care Insurance?
Long term care insurance protects you from the significant financial costs associated with decreasing abilities from aging or by progressively debilitating diseases such as Alzheimer’s.
To qualify for benefits, you must be unable to do at least two of the six activities of daily living (ADL’s) on your own. The six activities of daily living are eating, bathing, dressing, toileting, transferring and continence. It is important to refer to wording of your policy as they vary with individual insurance companies.
Studies show that people prefer to remain at home as opposed to a long term care facility; however, it may not be possible for a family member to provide the level of care required.
Funds provided from long term care life insurance can be used to pay for a health care support person or nurse. The funds can also be used to supplement costs associated with an assisted living facility or a nursing home.
Who should purchase Long Term Care Insurance?
Ideally those between the ages of 50-67 with annual incomes over $75,000 should give serious consideration to purchasing coverage. It important to be able to afford the necessary care for a loved one and protect retirement assets from pre-mature erosion due to the high cost associated with private health care and nursing homes.
“Many Canadians are looking to offset the financial risk associated with the high cost of caring for a loved one due to medical conditions and declining health. It’s prudent, to transfer a potentially large financial risk to an insurance company for a reasonable premium.”
Why should I purchase Long Term Care Insurance?
- Protect your savings and other assets from erosion due to health care expenses.
- Maintain your independence by receiving health care at home.
- Preserve your dignity and not be a burden on family members.
How much does it cost?
As with all types of personal insurance (e.g., LIFE INSURANCE, PERMANENT DISABILITY INSURANCE, critical illness insurance, etc.) the sooner you purchase coverage the less you are likely to pay for it. Premiums can vary greatly based on your present age, gender, health, duration of coverage, amount of coverage, waiting period as well as cost for optional riders
CONTACT US today to learn more or get a no obligation quote.