Long Term Care Insurance When You Need It

Long Term Coverage can help protect your assets and provide security as you age

When one client suffered a stroke and another was diagnosed with cancer, the broker started recommending long-term care insurance to his clients. Long-term care insurance covers the costs of the day-in, day-out care for people with an acute or long-term illness or disability. Many policies only cover nursing home care; however consumers can now choose policies that allow for in-home, hospice, and assisted living care. Competition in the market has widened the options for the consumer.

Why Long Term Coverage For Everybody?

While many people buy long term coverage to protect assets, they also choose those policies because they don’t want to burden their families and want to make sure they get the best possible care for their money.

Canadawide, the cost of long term care can vary greatly from $35,000 to $75,000 a year. Long-term care polices, which are based on age, coverage level, and the applicant’s health, range from about $1,800 to $6,000 a year. Obviously where you live will affect these figures a lot. A long term care home in the country will cost less than in the city.

But Do I Really Need Long Term Care?

If you’re in an accident during your working years and you become immobile for instance, what happens to your family? Or if your relatives are unreliable or distant, who then is going to look after you?

Only about 3% of Canadians have long-term care insurance, but many, many more need it. Typically clients nearing retirement or with various illnesses, consider the coverage, because they don’t want to expose themselves to government care.

When Should You Buy Long Term Care?

However if families have a history of medical conditions, it is recommended that they purchase the insurance earlier while policies are less expensive, and they are healthy. Some people also purchase policies for their parents or relatives to perhaps lessen the burden on themselves.

Most brokers recommend long-term insurance to all clients, but the costs make most of them reject the idea. Clients without a lot of savings think Medicare will take care of them. Others believe that their families will take on the long term care themselves.

It takes life experience to show people who don’t want to accept the fact that they may get sick.
As your age increases, the insurance costs increase so now is the time to call your broker consider for Long-term Care Insurance.

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