Long Term Care Insurance
Getting older can sometimes prevent you from doing things that you now take for granted. Part of your planning means to take into consideration that you may need long-term care.
People are living longer today. Statistics Canada reports 21 % of the population will be over the age of 65 by year 2026. We are living longer because we take better care of ourselves. We exercise, eat better, and have better health care.
Our medical advances mean diseases that used to cause death now just cause disability. It is good news that we live longer but living longer costs money.
What is Living Care Insurance? It will provide you with services and support you may need to maintain your day to day life in case you are unable to take care of yourself. www.howtocare.com
Long Term Care is expensive
- Private nursing homes - more than $3,000 month
- Government nursing homes - cost less but long waiting lists
- Home care providers (may include private registered nurse) $35 hour
- Less skilled care (assistance with eating or light housework) $15 hour
Government Assistance
Living longer in retirement...Will the government look after you? If you become chronically disabled or mentally impaired the provincial government plan may cover only a portion of your care, assistance and supervision that you need.
If you qualify for a full government subsidy, you need to abide by their terms and conditions and only the benefits allowed in their parameters.
Subsidies for nursing care home are reviewed yearly and it depends upon your income. You may only receive a partial subsidy or no subsidy at all on the cost of accommodations.
Wouldn't my Family Look after me?
There are many demands in life today and few people are able to devote their time it takes to care for you, no matter how much they want to.
A study by the Canadian Study of Health and Aging shows a reduction in the number of people able to provide care for family. This will increase long-term costs for institutions.
How Living Care Insurance helps
Living Care Insurance should be part of your financial future. With this you are able to receive the care you need in the comfort of your home or be provided with comprehensive coverage for nursing home care.
You are able to purchase Living Care Insurance from age 40 to age 80. This type of insurance allows you to live with dignity, while not being a burden to your family or draining your assets. At Bradley Roberts & Associates, we know Living Care Insurance can be a part of your financial strategy that protects you from what may happen tomorrow.
For more information on Living Care, contact us direct:
Bradley Roberts & Associates 1(800) 546-7554 Toll Free
Service Canada - CPP
