Friday, 22 July 2011

Long Term Care Insurance in Ontario: What to Consider

Long Term Care Insurance in Ontario: What to Consider

You have spent the majority of your life working hard to achieve your personal and financial goals. After many years on the job, you are closer to retiring on a tropical beach. Unfortunately, the reality is that most of us have a very good chance that our or our spouse’s health will change during our retirement years, and will require nursing or long term care. Are you prepared with protection for your retirement stability?

What is Long Term Care Insurance?

Long term care insurance in Ontario is a type of insurance developed specifically to cover the costs of long-term care services. Services may include in-home assistance with daily living activities, as well as care in facilities and retirement homes.

Long Term Care Facility

Provincially subsidized long term care facilities in Ontario cost approximately $2, 800 per month, but often have long waiting lists and are only able to house you when a bed is available. These select facilities may also be a long distance away from your friends and relatives. Privately ran long term care facilities may cost in the range of $5,000 to $10,000 per month! If you are diagnosed with Alzheimer’s disease, your life expectancy is 10 years. Without long term care insurance in Canada, caring for a loved one for this time could be financially devastating.

Start Planning for Long Term Care

When discussing insurance options with your broker, prepare a short list of questions before arriving. Finding a knowledgeable broker with experience dealing with the type of insurance you need can help you in the long run, so remember to take your time when finding the most appropriate broker for your needs.

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