We would like you to consider what you will do when you are old and may no longer be able to care for yourself.  If you are married and your spouse is still alive, your partner may be able to provide care for you. We have often found however, that this puts a tremendous burden on our partner.

While our basic medical needs are covered through our provincial plans, any disabling condition that requires personalized medical care is not covered. We have a choice of hiring a private nurse to visit us or to be admitted to the facility that can provide full-time care.  We start to have improved choices to make when we have a lot of money available to us.

Financially the question arises, where will these funds come from?  You could use your retirement savings, liquidate other assets, sell your home but these are not very attractive options. It would be better if you had money to draw on only if you required it for this particular need. That money would protect your other assets and your family.

Whether you have private in-home care or move into a long-term facility either one is expensive.  You can see that at a cost of between $3000 and $10,000 per month it does not take long to drain retirement savings.  Because of improved medical services we are all living longer and the possibility of us having a chronic illness or cognitive impairment during our senior years has become much more likely.

In response to this growing need for financial protection the insurance industry has developed long-term care insurance.  This insurance provides a daily benefit to cover the costs of specialized home health services as well as facility care.

Long-term care insurance is available for people between the ages of 40 and 80.  It is a valuable and important product to consider as you move into pre-and post-retirement.  You have spent many years by that point to save for retirement and it is unlikely that you wish to spend those hard-earned dollars on your own health care. You may also discover that your savings will not last long enough should you require long-term care. You may also wish to have the assets that you have accumulated pass on to your family rather than a health care institution.  Long term care insurance protects your assets, your family and gives you the dignity of positive choices for your own care.

To get more information about long-term care insurance please call 604-589-4884 or write to us at Ayoba@telus.net.

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 overburdened, 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 ages 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.