Did you know that the 65+ have become the fastest growing segment of the population. Believe it or not, the next fastest growing segment is 100+. There were almost 6000 centenarians in 2011 which is almost double of what is was over a decade ago and the number is growing fast. Your chances of living to 100 years old are better than ever. Generally, improved health care and medical advancements like life saving early cancer treatments, as well as adopting better lifestyles with diet and exercise have marked a significant change in our lifespan.

Despite the fact that living a long life is wonderful, Canadians are not sufficiently prepared financially to pay for their future long-term care needs. A longer life can also mean a greater need for medical and personal care, which can translate to significant unplanned out of pocket expenses that the government can’t pay for. As the population ages the demand for care facilities and home care is growing fast and the costs will continue to rise. Long-term care is not covered by the public health care system other than to provide some assistance; they cannot afford to pay the entire cost of care. Current government health care programs may cover only a small part of the costs for a nursing home or other specialized care facility, or perhaps none at all depending on the circumstances.

Based on a study conducted by the Canadian Life and Health Insurance Association, three quarters of Canadians (74%) haven’t considered the need for long-term care in their retirement planning and have no financial plan to pay for it. Like any risk management insurance, it is hard to envision that at some point in our lives our health status could change and could require specialized, ongoing care from someone else. An unexpected illness or injury could result in the need for constant care for anyone at any age.

Long-term care insurance provides financial protection in a situation of a chronic illness; disability; cognitive impairment, or conditions preventing you from managing a number of the activities of daily living without assistance. The inability to perform two acts of daily living and/or the need for constant care could put you in this situation. Such activities are bathing, dressing, feeding, toileting, transferring body positions and continence.

It can provide a daily expense reimbursement, or an income-style plan that allows you to spend the money as you wish. These benefits are generally paid after a waiting period between 30-90 days. There are various solutions available to meet your long term care needs. Act now and preserve the dignity, independence and financial well being of your family. You can also potentially get all your premiums back if you never make a claim.

Accidents/Injury and Illnesses are a fact of life. The chances of it occurring only multiply as we get older.

Contact Us for more information about how this could work for you.

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