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BOOK AN APPOINTMENT for Long Term Care
Insurance
Who wants to live their
remaining years waiting to fill in a spot?
A survey found that 57% of
respondents were worried about their ability to afford either home
care or a health care facility in their retirement.
A vast majority (81%) of the
respondents do not have Long Term Care coverage and intend to fund
their health care costs from their retirement savings or income if
it becomes necessary.
We can't rely on government to
take care of us in old age. We are living longer, have fewer, more
mobile children to rely on, so we need to think about how we're
going to enjoy a good quality of life.
If someone is forced to pay for
long-term care out of their after-tax savings, there could be
considerable loss to estate value, and funds may be completely
depleted. A long-term care facility costing $4,000 per month
over 10 years adds up to nearly $500,000.
Long Term Care is a much more
established product in the U.S., partly because of the higher cost
of health care there. Canadians are not likely going to be
satisfied with the long-term care the public system
provides.
There is still a pretty big
need in Canada. The public health care system doesn't pay for all
your costs. It varies from province [to province] in how much the
government pays and the level of care you get. The problem in
Canada is if you rely solely on government, you don't really have a
choice in what kind of care you receive. You get what's
available and that's it. You get what's available in terms of
home care support, or you get what's available in terms of a spot
in a long-term care facility. For boomers, there is another
problem. Not only would the coverage help them, but many
also have elderly parents in need of care.
There will
be a 50% increase in the number of people over the age of 80 over
the next 10 years.
BOOK
AN APPOINTMENT for Long Term Care
Insurance
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