Most people buy health insurance and insurance for home, car and other property replacement. However, fewer people buy Long-Term Care insurance, either not thinking about it or hoping that their savings will be sufficient to meet any associated expenses.
In fact, Long-Term Care can be very expensive and deplete a lifetime of savings within a few years. – (Long-Term Care in nursing homes can cost an individual more than $40,000 per year.)
Long-Term Care is typically needed by the elderly, but it is also required by anyone with a debilitating illness or injury who needs assistance to perform what we consider everyday functions, such as feeding oneself, bathing and getting dressed. Another major area of concern for Long Term Care assistance is the ever increasing incidence of Dementia and Alzheimer disease.
Almost every Canadian as they grow older will need to confront the cost of Long Term Care, if not for themselves then for a loved one. The cost of Long Term Care is ever increasing and it has the potential to dramatically impact savings and severely deplete those assets for estate planning and inheritance residuals.
Most Group Benefits plans do not address Long Term Care expenses in any meaningful way. Usually there are limited funds available for Home Care. For many individuals Group Employee Benefits will end when they leave the company or retire. Everyone should consider purchasing Long Term Care insurance when they are in good health and especially at a younger age (50-65), since the cost will be lower. Also some plan options provide for premiums to be paid for only 20 years and the coverage remains in force for life. There is also a Refund of Premium on Death Rider where all premiums are returned upon death if no claims are made. Even if some claims are made, the death benefit will still be paid out less any claims made.
At Chappell and Stone, we are are dedicated to providing and comparing a wide range of policies from the major insurance carriers so that you find the best rates, features and benefits tailored for you.