Covering the costs of long term care without eroding your estate
Canadians are living longer and are facing the question of how to pay for long term care. Regardless of whether this care is provided in a facility or by an attendant caregiver, financial assets can soon be eroded when one is forced to pay for long term care. Statistics tell us that half of people age 65 or older require some form of long term care.
In Canada there is an insurance program to help cover these costs called “Long Term Care” insurance. This insurance is more costly for women than for men because women tend to live longer. Discounts are available when a husband and wife purchase the coverage together.
Who should consider this insurance? All those concerned about the high cost of long term care – this includes seniors as well as adult children who, often as caregivers, know first-hand the costs of long term care and the challenges to get the appropriate care when needed. “Above all, I find it is the children of elderly parents who become painfully aware of the high cost of long term care and therefore they best understand the full benefits of this insurance,” states Chantail Guest, of Dundee Private Investors in Stouffville. Guest observes further that “…it is precisely this age group (the children of elderly parents) who should get this coverage in place now rather than waiting for future years when premiums become prohibitive.”
“This article was prepared by Ken Prentice who is a registered Mutual Fund Representative with Dundee Private Investors Inc. (“Dundee Private Investors”), a Dundee Wealth Management company. This is not an official publication of Dundee Private Investors and the views (including any recommendations) expressed in this article have not been approved by, and are not necessarily those of, Dundee Private Investors.” Reach Ken at 905.642.9507.
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