It's easy to take our ability to perform day-to-day activities for granted. But this can change, especially as we age.
For This reason, it’s so important to consider your future healthcare needs as you build and review your retirement savings and income plans.
There is a fifty percent chance that at some point in your life, you may need to enter a long-term care facility or receive special medical care in your home due to accident, illness, deteriorated mental abilities or aging. This type of care can be very costly, depending on the level of care wanted or needed. In most instances these costs may not be covered by your government health plan.
If you don't have insurance and require care, you either spend down your assets to pay for it or ask family and friends for financial assistance. When these out-of-pocket resources are not available or are insufficient, then you must think about an alternative and lasting solution.
It should be noted that a staggering number of Canadians will be over 65 in the coming years and the demand for care facilities will be huge and the cost burden to support elderlies will continue to rise. Despite the alternatives such as government aids, those in retirement will find there is a great deal of peace-of-mind that comes from having traditional long-term care insurance of their own.
You are likely to access a quality care quickly, when you have long-term care insurance, because you know you'll have the funds to pay for it. You will have the ability to choose how and where (might be overseas) you receive this care or stay home and get the "services you deserve." Those without substantial resources of their own, or those who did not acquire long-term care insurance, simply won't have as many choices.
- To access long-term care benefits you must require assistance performing two out of the six Activities of Daily Living (ADL). These activities are bathing or using the toilet independently, personal hygiene like brushing teeth and combing hair, walking, feeding or dressing oneself. A long-term care policy pays a monthly Income benefit of up to $10,000. The money is yours Tax-Free and you decide how and when to spend it as you wish and do not need to show proofs.
First, let's talk about whether long-term care insurance makes sense for you.
Second, start applying for this insurance long before you would need coverage. You can't predict the future but if you wait until you're well into retirement and already have medical issues, you may be turned down or the premiums are too high to make it a smart or feasible option.
Long term care insurance preserves your dignity and independence and at the same time enhances the financial well being of your family.
Contact us for a complimentary consultation with NO obligations.