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.