There is a real 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. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be paid by your government health plan.
With the benefit that comes from long term care insurance, you may not have to withdraw from your savings, or fully rely on other sources of funding.
Two types of protection
There are 2 types of long term care insurance policies:
- One reimburses you for eligible expenses you receive on a given day, up to a pre-set maximum.
- The other type of long term care insurance is the income-style plan, which is more flexible. It offers the income when you require the care, without having to prove you had expenses.
Greater Assurance can help design the best plan to cover the expense including care received from family members.
Long term care may include:
- nursing care
- rehabilitation and therapy
- personal care (help with activities of daily living like dressing, eating and bathing)
- homemaking services (meal preparation, cleaning, laundry)
- supervision by another person
Care may be provided in the home, in the community (e.g. Adult Day Centres), or in a facility that provides long term care.
There are many things to consider when determining your long term care needs, including current income requirements, long term care costs in your area and other annual expenses. For example:
- Accommodation in a long term care facility can cost from $800 to over $5,000 per month depending on the room type and the level of government funding available in your province.
- Private home care service costs range from $12 to $22 an hour for homemaking and personal care to between $18 and $60 an hour for nursing care.*
- More than one-third of Canadians aged 45 - 64 who provided informal care to a family member or friend incurred extra expenses as a result of their caregiving duties.**
If you choose to receive care in your own home, you should know that home care services provided by the government vary according to the resources available in your community. You may receive a fixed number of hours of home care services, but if you need to purchase private care beyond what your province provides, the costs for homemaking, personal care and nursing care can vary depending on the type of care you need and the costs in your area.*
If you have a spouse, you’ll still need to have savings or an income to provide for that person while you cover your long term care needs.
If you have extended health or other benefits, you’ll need to understand exactly what they cover, and whether that coverage will end at age 65.
A Long Term Care Insurance Specialist can help
It’s important to have a realistic expectation of what your needs may be if faced with a condition that makes it impossible for you to care for yourself. A Long Term Care Insurance Specialist can offer you a clear understanding of long term care issues, costs in your area, and coverage available. Together, you can develop a customized plan that will ensure your future is protected.