LONG TERM CARE INSURANCE

Preserve the independence you've earned over a lifetime

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 and beyond. That's wonderful news, but studies show that nearly on half of today's population beyond age 65 will require some form of long-term care.

How will it affect my finances?

Long-term care expenses can be expensive. For example, depending on location, you can spend up to $4,770.00 per month in a government-subsidized facility. Cost of private, non-subsidized retirement homes range from $ 2,500.00 to $7,000.00 per month.

Even if you choose to remain at home, you'll still have to pay for private nursing, and for services such as shopping, cooking, and cleaning. While provincial health plans are fairly comprehensive, they cannot afford to pay the entire cost, and as the baby-boomers enter this age group, there well may be even less available. There are limits on the amount paid and they do not cover any costs for private facility care.

Where will I get this money?

Should you require long-term care, you may be forced to put your savings and your spouse's retirement savings at risk, or you may have to liquidate assets, or ask your children to assist, in order to pay for the substantial cost of what could be years of professional care. Long-term care insurance provides a daily benefit if you lose the ability to care for yourself, and require the services outlined above.

With long-term care insurance, two generations are protected, parents and children. You will provide your family with the financial security necessary to maintain your lifestyle and independence.