Protection That Lasts: Long Term Care Insurance

Life insurance at any age is important, but the older we get, having the right coverage grows in importance. Financial protection for later-life health concerns gets increasingly significant as time passes, and so making sure that you have plans in place to help you cover these expenses is crucial. The best way to ensure that you will not suffer from a lack of financial security as health issues arise later in life is through long term care insurance.

What is long term care insurance? Long term care insurance is a type of insurance product which protects you in the event that you require medical care or assistance later in life.  This assistance may include: in-home nursing care, rehabilitation or therapy, personal care or in-home services such as cooking and cleaning, or having another person there to watch over you and help you when needed.

Maintaining your independence is an important part of the aging process, and with long term care insurance you can be sure that this independence remains intact. If you suffer from an illness or medical condition that necessitates assistance, being able to manage it on your own is vital. Long term care assures that you do not become dependent on your family members and instead can use the money from your long term care insurance to pay for the services you want or need. The money may also be used to move into a long term care facility, thereby giving you the freedom and flexibility to keep your independence.

Long term care insurance benefits become payable when you become unable to perform two or more daily activities because of a decline in either a mental or physical capacity. These tasks include things like bathing and dressing, transferring (ex. from the bed or a chair) or feeding.  If you require assistance with these tasks, your long term care insurance policy can cover the costs.

As with any insurance product, long term life insurance plans differ, both depending on the insurance provider and based upon your own wants/needs. These differences may include the amount of coverage or the length of that coverage. In order to ensure that your individual plan is best suited to you, the best route to take when researching plans is to speak with an experienced insurance advisor. They will be able to walk you through all of the different benefits and plan options to make sure that you are granted the best protection to last.

For more information about long term care insurance and how it will protect you in the future, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit us online at www.wecoveryou.ca  

Long Term Care Insurance: What is it and How Will it Benefit You in the Future?

Planning for the future, whether by putting away savings for retirement or purchasing life insurance to help protect your loved ones, is incredibly important. Knowing what you will need for the future can be difficult, but proper and effective planning will allow you to relieve some of the stress that comes with getting older. One of the things that you can’t ignore when planning for the future is long term care and long term care insurance.

Once you have retired, you hope that your savings will be able to last and provide for you for as long as you need them to. However, this sometimes is not the case. What if your retirement planning did not plan for necessities such as long term care, either at home or, even more costly, in a long term care facility? How can you prepare for things such as this?

What is long term care insurance? Long term care insurance is a type of insurance that protects you in the case that you are no longer able to perform the types of activities that you enjoy on a regular basis, or if you require continuing supervision and care from someone.

What types of activities are included? Knowing how an insurance company assesses your ability/inability to perform your regular activities is important when contemplating purchasing long term care insurance. Things such as bathing, dressing and feeding are considered daily activities, and so if you are unable to complete these tasks without assistance, generally that is the point when an insurance company would begin to administer payments to you.

Long term care insurance plans cover all types of different services which you may require if you are no longer able to complete daily tasks on your own. These may include: in-home nursing care, therapy and rehabilitation, or personal and homecare services, such as assistance with bathing, dressing, cleaning and meal preparation.

If you and your family choose to have this care administered outside of the home, or if you choose to relocate to a live-in care facility, many of these services are also covered. This decision can be a costly one, so having long term care insurance can help alleviate many of these costs and get rid of some of the stress and tension that is unwanted in this situation.

What types of plans are offered? If you decide that long term care insurance is something that you feel is important for your future, it is a good idea to talk to an insurance advisor to discuss what options are available. Creating a customized plan allows you to take those things that are more important and leave out the things that are not.

When you plan for retirement you are often considering the costs associated with remaining in your own home and supporting yourself without the need for additional care. If however, you find yourself in a situation where these added costs are required, the impact to your retirement savings can be devastating, meaning financial strain for you and possibly your family. In order to protect those savings and have them stretch as far as you would like them to go, long term care insurance is an important consideration.

For more information on long term care insurance and its benefits, please contact Gary Mandel at Independent Financial Concepts Group at by calling 416-849-1653 or visit www.wecoveryou.ca

Long Term Care Insurance Planning For When You Need Private In-Home Care in Ontario

The idea of private in-home care during a major long term illness is far more attractive than an extended stay in an Ontario long term care facility. According to the Canadian Home Care Association, 35% to 50% of Canadians over the age of 65 will require some form of long term or palliative care.

Here are some statistics:

• About 50 thousand strokes occur in Canada each year. This is the leading cause of transfer from hospital to long term care.
• 1 in 11 Canadians over 65 is affected by some sort of dementia disease such as Alzheimer’s.
• 7% of Canadians age 65 and over reside in health care institutions.

Private home care services allow individuals to remain at home surrounded by family and friends. It allows them to continue to contribute to their community. This also makes it easier for families to continue caring for their loved one.

Receiving that care in the comfort of your own home can be a way to recover from a long illness. This can also include palliative care, but no matter what the reason might be, private home care in Ontario is costly. This is why, if you would prefer to have private home care should the need arise, you should begin long term care insurance planning today so that you can meet those costs.

The level of private home care coverage in Ontario that is offered by insurers differs. Some policies might offer less financial aid for private home care than for institutional care. When planning long term care in Canada, you should consider how much private home care would cost where you live. Since costs vary throughout Canada, it’s important to be realistic. Unfortunately, many communities have a shortage of qualified home care workers. If access to private home care is important to you, then you need to keep that in mind for your decision with long term care insurance planning. You want to ensure that if you need it, home care will be affordable to you.

To be able to afford the best long term care and minimize your costs, the sooner you start planning the better. Long term care insurance planning in Ontario begins with your Ontario Insurance Agent. Long term care in Canada continues to face increased pressure and quality of care has suffered as a result of low staffing and poor living conditions. This is not how you want to live once you retire and the best way to be in a position to afford in-home care is to start long term care insurance planning now. This will give you peace of mind, knowing that your long term care is covered.

For more information about long term care insurance planning for when you need private in-home care in Ontario contact Gary Mandel at IFCG by calling (416) 849-1653 or by visiting www.wecoveryou.ca