Nobody wants to get old. But, as the saying goes, it’s better than the alternative. The good news is that you have choices about how you want to age. And by making the right choice now, you can significantly improve the quality of your later years.
Have you thought about what your future will be like if you’re not able to take care of yourself? Have you planned for long term care such as nursing care or home care services?
Putting a plan in place to deal with this possibility is a life choice that makes sense. Our government programs for long term care are not as comprehensive as programs for health care. And Canadians have told us that they don’t want to be a burden on their families and, overwhelmingly, they want to do the responsible thing.
Long Term Care Insurance can be a solution to help you pay for long term care and services, which means you may not have to rely on your family for financial help or hands-on care – or both. It gives you and those you care about the opportunity to spend quality time together.
What is Long Term Care Insurance?
The term “Long Term Care Insurance” insurance may be a new term for you. While life insurance pays a benefit to your beneficiary when you die, Long Term Care Insurance pays a benefit to you while you’re still alive. It provides a benefit that helps you pay for home or facility care if you’re unable to care for yourself.
Long Term Care Insurance provides a monthly Care Benefit if you become functionally dependent and satisfy a waiting period. Functional dependence means that you require substantial assistance with two of six Activities of Daily Living or substantial supervision because of cognititive impairment, such as Alzheimer’s disease. The six Activities of Daily Living are:
- Bathing
- Eating
- Dressing
- Toileting
- Transferring
- Maintaining continence
Your advisor can provide you with more details on what we mean by functional dependence, the Activities of Daily Living and cognitive impairment.
If you are considering purchasing long term care insurance, contact us today.
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