VIDEO: Long Term Care Insurance – Who will care for you

January 30th, 2012 | Author: Mitch Reynolds

Video: Who Will Care For You (Long Term Care Insurance)

Basics of Long Term Care Insurance in Canada and why you might need coverage

Our latest video is all about Long Term Care Insurance – who will care for you when you’re older? This short 4 and a half minute video explains how the Canadian healthcare system is not able to cope with the burden of caring for so many aging Canadians as the Baby Boomers begin to weigh on our healthcare system. A great deal of the financial costs for long term care and elder care will fall onto the individual and/or their next of kin (adult children).

It is the legal responsibility of children to provide the necessary care for their aging parents, or pay for the in-home or facility care required. Be sure you are not a major financial burden on your children and you have the finances at hand to pay for the care you want and need. The longer you can remain in the comfort of your own home, in familiar surrounds, the better. The cost of such in-home care can run up to $6,000 per month, and can destroy an RRSP nest egg in just a few years.

With Long Term Care Insurance you will have the tax free cash you need at hand to pay for your elder care, either in the home or in a long term care facility. If you’re concerned about who will care for you as you age watch this video about long term care insurance. We hope you enjoy it.

Transcript of Long Term Care Insurance Video

Who Will Care For You?

Have you thought about who will care for you as you age?

Life expectancy in Canada is one of the highest in the world. More and more of us will live long into our retirement. In the next 15 years, the number of senior citizens in Canada will double.

If you are a couple, there is almost a 50% chance one of you will reach age 90 or beyond.

Will your retirement plan provide income for 30 or more years after you retire?

If you are planning on your provincial Health Insurance Plan to look after you, you may be left without care.

It’s a matter of math. As more people age, the government will need to provide more health care, home care, and long term care facilities than ever before.

Fewer children are being born, so fewer workers are paying taxes to fund universal healthcare. Budgets will be limited, and many non-essential service will have to be cut.

If you can afford to pay for additional services on your own, you may have more choices, but be prepared to spend $3,500 -$6,000 per month over and above what your provincial government subsidizes for home care or Assisted Living Facilities.

It’s all too common we develop health problems as we age. The chance that you will need some form of long term care as you age is 1 in 2 for Canadians. And you can plan to spend at least 3 years needing long-term care assistance.

There are already 2 to 3 year waiting lists for a fully sponsored long term care beds across Canada.

So, will the burden fall on your children? It can be very hard to ask adult children to put their lives on hold to care for aging parents. Yet, in Canada, it is the legal responsibility of families to provide care for their next of kin.

At some point, you probably will need assistance beyond what your children can provide. People don’t go willingly into a long term care facility – it’s a last resort.

It boils down to this — the longer you can remain in your own home, in your own comfortable environment, the better.

But, will you be able to afford an additional $5,000 per month to pay for private home care? If so, for how long?? The average Canadian’s retirement nest egg would be depleted to zero dollars in about 5 years if they chose to stay home and pay for care.

Long Term Care Insurance can give you that option – getting the best care possible in the comfort of your own home.

What if you could buy a long term care insurance policy today that would give you an additional $2,000 to $9,000 per month in tax free benefits? What if premiums would cost you only about 5% of the benefit amount?

That is possible with Long Term Care Insurance. It is the best financial solution to the healthcare tsunami that will hit as Canadian boomers weigh on our healthcare system. And it can be the best, most affordable solution to you, if you plan early.

With all its benefits, Long-Term Care Insurance can be a very complex. Insurance policies have certain limitations. Benefits can be capped after reaching a certain dollar amount, or benefits may last only for a couple of years.

Will your insurance plan pay money directly into your bank account, or

will you have to submit medical claims to be reimbursed?

Will it cover only facility care, or is home care also included?

A Long Term Care Insurance policy has all sorts of options. And each will adjust your premium considerably – the better it sounds, the more it costs.

Life Guard Insurance has a network of professional brokers who will take the time to explain your options, and find the best possible policy and price for you.

We can help you plan for your healthcare and your peace of mind.

If you would like more information about Long-Term Care Insurance in Canada, please contact us at Life Guard Insurance.

The video was produced by Life Guard Insurance and posted by +Mitch Reynolds. If you found the video interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this video about Long Term Care Insurance – Who will care for you as you age? would be very much appreciated.