Longterm Care

A challenge facing all people who can expect longer lifespans. But what will the quality be? Sometimes we do not ‘go peacefully into the night’, but hang on for a considerable period, at great expense. Long Term Care can be very expensive. Ask the caregivers. It is costly

  • Financially
  • Emotionally
  • Sometimes physically for the caregiver

"We are generally persuaded by the reasons we discover ourselves than by those given to us by others."

As the population ages, demand for care facilities and care providers will increase a lot. The scenario of diseases like Alzheimer’s filling up all the care spots leaving people out on the streets is not a pleasant one. Like all illnesses, the impact is not on just one person, but on several—the family members. So what happens when you can no longer look after yourself? Who pays?

This is where LTC (Long Term Care) Insurance can help. A plan is available which can be considered Disability Insurance for anyone who loses their independence. You contract for a daily benefit of $50 to $200 a day to pay for care when needed. If your situation at some point requires it, you won’t drain all your finances if something like Alzheimer’s or MS caused a serious long term medical problem.

My client, Lynn, told me the story of her mother. After her father died, her Mom decided to sell the family home in Toronto (for $750,000) and move to a smaller easier to maintain condominium. She appeared bright, if sometimes a bit forgetful after a few years. Lynn’s two sisters living back East finally realized the Mom was losing it and started to step in to manage her affairs. On inspection of the bank accounts, they were shocked to discover that Mom had no money left! She had been giving it away to any charity that had sent her a request over the years. A thank you note would prompt her to send another cheque. Alzheimer’s had confused the brain such that she had lost control and had quietly over several years given away $800,000 to $900,000. Mom now spends her time in a lovely facility in Toronto that cares for Alzheimer’s patients at a cost of $6,000 per month. Lynn said that thankfully her brother-in-law makes serious money with a major corporation. He said: “Don’t worry; I’ll look after it.” How fortunate. Lynn said that it would be beyond her to put out that sort of money for Mom’s care.

Are you approaching/planning for retirement? Consider Long Term Care. A small payment now could save a lot of heartache later. Let me explain in more detail how these plans work and see if this suits you.