Ensuring That You are Properly Cared for,
When You are Unable to Care for Yourself.

Long Term Care Insurance 

If you or someone you know has cared for a loved one during a time of need, you know the toll it can take on time spent with your family, your energy level and most likely your finances. No one likes to think about it, but all of us might reach a point when we’re unable to care for ourselves and require long term care such as nursing care, personal care and homemaking services. Long Term Care Insurance lets you do the responsible thing by putting a financial plan in place to deal with this possibility. Many people believe that Provincial health care plans fully cover long term care needs, or that their employee benefit plans include long term care coverage. Unfortunately, government programs are not comprehensive and people end up having to pay for much of their own care and generally speaking, few employee benefit packages include coverage for Long Term Care. The costs associated with Long Term Care can be very high, whether it is in your home or in a facility. A Long Term Care policy helps you cover the costs for long term care and services, which means you don’t have to rely on your family for financial help or hands on care or both.

Long Term Care insurance provides a regular monthly Care Benefit if you require assistance with two of  the following six "Activities of Daily Living"

- Bathing
- Eating 
- Dressing
- Toileting
- Transferring
- Maintaining Continence

When faced with the burden of long term care costs, most people resort to the following options:

- Sacrifice retirement savings or retirement income.
- Access the equity in a home or business.
- Depend on family and friends.

These are options, however having a Long Term Care Insurance policy in place is a better way. With Long Term care Insurance, your monthly Care Benefit does not depend on actual costs of care and you don’t have to report how you’re spending the money. You just receive your benefit each month and choose how and when to spend the money.Some people plan ahead and purchase plans on themselves and sometimes children will purchase plans for their parents.

Consider:
1. Understand the costs associated with long term care
2  Review your existing long term care plan
3. Who qualifies for long term care?

 

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