It is estimated that 40 per cent of seniors will, at some point, need long-term care to help them perform regular activities of daily living, be it going to the bathroom, dressing or eating.
All of that care is expensive--whether it involves a nurse conducting a residential visit or placement in a private nursing home. Most group insurance plans don't cover long-term care. Meanwhile, provincial health plans can help, but only to a certain extent, because they are often restricted by limited resources for home care and long waiting lists for facility care. As a result, the financial burden shifts to the affected individuals and their families, which can be a huge drain on savings that may have been earmarked for different purposes, such as children's inheritances.
For protection, it is prudent to purchase long-term care insurance. It can help cushion not just the financial costs of continuing care, but also the substantial emotional and physical burdens associated with it.
Getting older and needing long-term care can be a scary notion, so many people avoid thinking about it. The thought of losing independence and becoming a burden to family members is understandably unpleasant, and the idea of living in a retirement home can be particularly unappealing for many people.
Long-term care insurance directly addresses these types of concerns. It helps ensure that the care provided is tailored to a person's needs and delivered by professionals. It also offers the ability to choose from available care options so there's the flexibility to be cared for at home instead of having to move to a facility. This means family members do not have to fund the care or provide it themselves.
To receive long-term care benefits, a person must have an inability to perform two or more activities of daily living or there must be a significant cognitive impairment.
Generally speaking, the insurance is available for purchase by anyone between the ages of 18 and 80. There can be single-life or shared coverage for couples and coverage amounts up to $2 million are available. There can also be an additional option to purchase inflation protection.
Previous and existing health conditions don't necessarily disqualify clients from being approved for long-term care insurance.
Seniors are the fastest growing demographic in Canada and the Council on Aging of Ottawa estimates that 40 per cent of seniors will, at some point, need long-term care to help them perform regular activities of daily living, be it going to the bathroom, dressing or eating.
All of that care is expensive--whether it involves a nurse conducting a residential visit or placement in a private nursing home. Most group insurance plans don't cover long-term care. Meanwhile, provincial health plans can help, but only to a certain extent, because they are often restricted by limited resources for home care and long waiting lists for facility care. As a result, the financial burden shifts to the affected individuals and their families, which can be a huge drain on savings that may have been earmarked for different purposes, such as children's inheritances.
For protection, it is prudent to purchase long-term care insurance. It can help cushion not just the financial costs of continuing care, but also the substantial emotional and physical burdens associated with it.
Getting older and needing long-term care can be a scary notion, so many people avoid thinking about it. The thought of losing independence and becoming a burden to family members is understandably unpleasant, and the idea of living in a retirement home can be particularly unappealing for many people.
Long-term care insurance directly addresses these types of concerns. It helps ensure that the care provided is tailored to a person's needs and delivered by professionals. It also offers the ability to choose from available care options so there's the flexibility to be cared for at home instead of having to move to a facility. This means family members do not have to fund the care or provide it themselves.
To receive long-term care benefits, a person must have an inability to perform two or more activities of daily living or there must be a significant cognitive impairment.
Generally speaking, the insurance is available for purchase by anyone between the ages of 18 and 80. There can be single-life or shared coverage for couples and coverage amounts up to $2 million are available. There can also be an additional option to purchase inflation protection.
Previous and existing health conditions don't necessarily disqualify clients from being approved for long-term care insurance.
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