Have you planned for the potential risk of long term care?
You spend a lifetime working to acquire the better things in life – a home, a prosperous retirement, and even savings for a rainy day. Long term care costs can be high, and can threaten the financial security you've worked hard to achieve. Have you planned for the potential risk of long term care? Long Term Care Insurance was created to protect you, should you require extended care in the future. Long Term Care Insurance provides you with the financial assistance you may require to maintain your quality of life. Benefits can be used for the services and support required to maintain your day-to-day activities should a medical condition or cognitive impairment keep you from being able to take care of yourself. The need arises from a stroke, Alzheimer's, Multiple Sclerosis, or simply from aging. It provides a daily benefit that can be used to cover the cost of having a care provider come to your home, or for you to stay in a nursing home. Why you need Long Term Care Insurance
If you suddenly need Long Term Care, financially you would have 3 choices:
- Trust that you will get the care you need through your provincial health system.
You may think that provincial health plans have generous long term care benefits; however, you must have an income below a certain amount in order to qualify for a full or partial government subsidy of accommodation costs in a long term care facility. There is greater and greater pressure in place on publicly funded health care and social service providers. This may mean an increasing number of services will require out-of-pocket payments – substantially more than today. Can you afford to pay the difference, or even the full cost, especially on a fixed income?
- Tap your own wealth and quickly deplete your assets.
Private nursing homes can cost more than $3,000 per month. Government nursing homes can cost less, but often have long waiting lists. Home care providers, which may include a private registered nurse, charge approximately $35 per hour. Less skilled care, like assistance with eating or light housekeeping, can cost at least $15 per hour. There may also medications and treatments that are required. How long will your hard earned assets and savings last?
- Buy a Long Term Care Insurance policy.
Long Term Care Insurance can provide you and your family with financial security and peace of mind should you need extended care. Long term care insurance allows you to take control of your future and maintain your financial independence.
Long Term Care Insurance gives you a choice
Given a choice, most people would rather have a family member or a friend provide the long term care needed, but that isn't always possible. No one wants to be a burden when they can no longer take care of themselves. With the demands of everyday living today, no matter how much they would like to, few people can devote the hours per day it takes to care for a loved one. A nursing home or home care may be your only other option.
- Nursing home care: Long Term Care Insurance gives you comprehensive coverage so that if there is a need, you have the option of nursing home care. You can choose the best facility to meet your unique needs. Private nursing home care can charge a substantial monthly rate; however, with long term care insurance you choose the daily benefit amount necessary to meet your future needs.
- Home care: Long Term Care Insurance provides benefits so that you can stay in your own home and receive the care you need – services such as visiting nurses, therapists and home support services so you can enjoy the comfort of your own home.
Plan for the future
You can purchase long term care from age 40 up to age 80. Give yourself the opportunity to live with dignity and not be a burden to your family or drain on your assets. Long Term Care Insurance should be an important part of your financial strategy. Let our advisors at East Kootenay Community Financial Services Ltd. help you protect yourself against the future.To find out how prepared – or unprepared – you are, take this short quiz.
- Can you enter your home and access every important room without climbing any stairs?
- If a caregiver stayed in your home, would you and your spouse still have enough privacy?
- Do you have Long Term Care Insurance? If yes, does it include 100 percent of the benefits available for at home care, as well as inflation protection?
- Do you have $500,000 to $1,000,000 per spouse set aside that you are willing to spend on care?
- Have you put your desires for care, at home, or in a location of your choice in a legal, written document?
- Have you discussed your planning with your family, and do they know where they can quickly find your important papers?
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