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Long Term Care Insurance (Elderly Care Insurance)

Here’s the problem…….

You’ve worked hard all your life to achieve your personal and financial goals.  You want to enjoy a comfortable retirement and pass on a financial legacy to those you care about.

The reality for most of us that there’s a very good chance our health and/or our spouse’s health will change during our retirement years and we’ll require nursing services and/or long term care. Will the retirement nest egg you’ve built be adequate to cover unplanned expenses?  Imagine what the costs would be?  Will there be enough money? And what about the legacy you’d like to leave your loved ones?

What are your options?

To create an effective plan, you need to first understand the issues, then consider your options and finally, implement the solution that will best protect both you and your family.

To pay for future long term care needs, you or your family can:

• Sell  your assets as needed, or
• Purchase long term care insurance now to cover unexpected care costs

What is Long Term Care Insurance?

Long Term Care focuses on caring rather than curing.  For the most part, once you require long term care, you need it for the rest of your life.  There are occasions where a person may need long term care for only a short time, but those situations are rare.

Long Term Care Insurance provides you with the financial resources to help take control of your future health and personal care services. It provides a flexible range of benefits and features to choose from, so that you can customize a plan for your specific needs.

Long Term Care Facilities

A provincially subsidized long term care facility costs approximately $2,800 per month.  There is a waiting list and when a bed is available, it could well be a long distance from where relatives live. 

A private long term care facility may cost in the range of $5,000 to $10,000 per month!  Alzheimer’s disease is the greatest risk.  Upon diagnosis, life expectancy is 10 years.  Caring for a loved one for 10 years could be financially devastating!