Long Term Care
Many people still believe that the government plans will assist with the financial burden of long term care if the need arises. However, Canadians are living longer than ever before. Advances in medicine mean that people are surviving illnesses that in the past were life threatening. The result is often a disabling condition that requires personalized medical care. With a Canadian health care system already over burdened, the system will not be able to accommodate or meet the demands of the aging population.
Most people want to be able to make their own choices about the quality and type of care that they would receive, if they developed a chronic illness or cognitive impairment during their retirement or senior years. But, quality care in a long-term care facility, or at home, is expensive. For example, a private long-term care facility can easily cost between $3,000 and $10,000 a month.
Long-term care insurance provides a daily benefit to cover the high costs of facility care. The daily benefit also could help provide specialized home health services from visiting nurse or therapists, which allows you to stay in your home and remain independent for as long as physically possible. You can buy long-term care coverage between age 40 to 80. This type of insurance is important during your final working years and throughout retirement. It assures you of quality care and could take away the fear of outliving your savings. It also can allow you to pass on your assets to your family.