Long-Term Care Insurance is still fairly new on the market and a lot of folks do not know that it even is available or what it covers. Even those who have heard the term do not always know when benefits are paid, how they are intended, and who qualifies or needs coverage. Many people don't think about this kind of coverage until it is much too late to get a reasonable rate and higher benefits. They delay untill they are past retirement age and closer to needing to cash in the benefits instead of investing earlier and maximizing options. It is becoming more of a common practice for people to start thinking about what will happen 30, 50, or more years ahead. Many people invest in RRSPs, stocks and bonds, and other types of investments to prepare for the future. Many people think this will pay for living expenses and leisure activities once retired. Things don't always go according tp plan.
What occurs in the unfortunate incidence of an automobile accident and you require help with your daily living activities? Or, you get to a point in your elder years that you need home care, as you age? You may decide you would rather live in you home for as long as possible and would need to have enough for personal home care. Some senior citizens enjoy assisting living facilities that provide 24 hour nursing care, but still let you be as independent as you can. There are also those unfortunate instances where nursing home facilities are needed to tend to varying degrees of disability. Long-term care is intended to provide you help with these services due to a long-term illness or disability. The average cost of these types of care can cost around $40-$100 thousand per year and often more. It is a very quick way to deplete your saving and social security benefits. If you think OHIP or medical benefits will help, you should think again. Even if and when you qualify, your savings is now gone and they will only pay up to 50% of the cost. Someone has to come up with the rest. Long-Term Care insurance can assist with these costs in the unfortunate case you require nursing care.
Who should think about Long Term Care Insurance? If you think you will not qualify for OHIP or Canada Pension Plan help due to a large saving, assets, or high income, this is a plan for you. You do not want to end up having your children pay for these expenses while you occur them. And have thise expenses carry on well after your death. It will keep you the ability to leave your loved ones something rather than scooping all your assets. Also if you can afford to pay the premiums you will likely not qualify for assistance so would truly benefit? If you currently have continuing health issues or have a family history of a long-term illness you would be much better applying now than waiting. It will be too late to get a policy after you have already developed a long-term illness or disability. If you think at any point you might fall into any of the categories you might want to consider getting a plan earlier to be safe and covered. You can purchase a policy from many large insurance companies. As always contact our office for a no cost no obligation quote. Or call if you would like to know more. There is no question not worth asking. Call our Waterloo office at 1-800-878-1952 Ext 0 or email bhconrod@consultant.com. We would be excited to help you learn more.
This coverage will help provide nursing-home care, home-health care, personal or adult day care usually for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs. Long-term care is usually very expensive, which is why most people need insurance. For example, on average, nursing facilities providing skilled care charge $150 to $300 per day, or over $80,000 a year or more. Even custodial home care at three visits per week, can cost over $9,000 a year. Most LTC insurance policies will cover only a specific dollar amount for each day you spend in a nursing facility or for each home-care visit. Thus, when considering an LTC insurance policy, read the policies carefully and compare the benefits to determine which policy will best meet your own needs.
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