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What is Long Term Care Insurance?
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This is where you can find information about long term care insurance. You can view our other services at our sister site at:
Do I Need It?
Long Term Care Insurance is coverage you purchase before you have a health condition, so you will have it if the need arises. Injury or disease can happen to any of us - not just older adults. In fact, if you buy your coverage while you are still working, you can even have it fully paid up by your age 65, so you no longer need to pay premiums after you retire. Your benefits are ready and available when you need them. Some plans will even return most of your premiums you paid if you didn't need the coverage. This security can bring you peace of mind.
Long Term Care Insurance helps you with financial costs related to your personal care when illnesss prevents you from being able to care for yourself. This may be during a temporary situation such as following a surgery. Or it may be a permanent situation related to a chronic condition or aging. Some examples of expenses you might incur are:
Nursing services such as assistance with changing dressings which can cost $35 per hourCustodial care provided by a Personal Support Worker such as assistance with bathing or dressing which can cost $20 per hour
You may need these services provided to you in your own home. Or your condition may be one that requires 24-hour nursing care provided in a nursing residence. Long Term Care Insurance can provide you with the financial resources you may require regardless of whether you remain in your own home or if you need facility care.
Government Sources -
Aren't They Enough?
While provincial government programs provide some basic care through the Community Care Access Centres, the reality is cutbacks have limited their ability to fully meet the needs of individuals who require assistance. Budgeting constraints have resulted in more reliance on informal caregivers to provide loved ones with the care they need. Often support is limited to several hours per week, whereas the individual may need daily support.
Having an additional source of dollars helps to make the job easier for informal caregivers by enabling them to bring in the extra resources required. This may be in the form of mobility aids, other special tools that help to support the individual, or people resources such as licensed specialists and personal support workers.
Today, almost half of Canandian workers have caregiving reponsibilities that impact their time or financial resources. A study reveals that almost 50 percent of Canadians have concerns about personally becoming a burden to their family when they get older. Canadians are amongst the healthiest of nations according to the World Health Organization. We can expect to live not just past our 80th birthday, but more of us will count ourselves amongst the growing number of centurions who reach age 100! But studies reveal that people after age 65 have a 50% chance of some day needing long term care. We will live longer lives, because technology and medical advances enable us to live with chronic conditions that once were fatal.
Long Term Care Insurance is available to meet this demand. It's coverage you buy while you are healthy, so it will be there if and when you need it. Waiting until signs of deteriorating health appear, can mean you will no longer be eligible to buy it. Waiting until you are older, will make the cost go higher. Where to begin? Learn more here, then get a quote from an Elder Planning Counselor!
Statistical Sources:
CARNET, 1998
Ipsos-Reid, 2000
LIMRA MarketFacts, Summer 2001
New England Jounal of Medicine
Doesn't the Government
Pay For Nursing Homes?
The provincial government currently covers the healthcare components associated with long term care residential fees, but the accommodation costs must be paid by the individual. These costs can add up quickly -
Standard Accommodation ("Ward Level") costs more than $1500 per month, and Preferred Accommodation such as a Private Room costs $2100 per month. Click on 'rates' to get more details on current costs to you. If you cannot afford to pay the Standard Accommodation Rate, under today's guidelines you can apply for a rate subsidy. But this subsidy is only available at the Ward level. As a result, there is a high demand for these rooms resulting in lengthy wait times for access. The government is trying to solve this problem by sharing across municipalities, so your loved one may be assigned to a centre further than you would like.
Having access to additional dollars through Long Term Care Insurance can bring greater choice during a difficult time for all.
Long Term Care Insurance in Canada
Long Term Care Insurance in Canada
