Long Term Care Insurance
There is a growing concern in Canada that our health care system is being cut back so drastically that we will never again enjoy the level of services enjoyed in the past. We are all familiar with the statistics: by the year 2031, seniors will make up 22% of the population, compared to 11.6% today.
Long-term Care Insurance is relatively new in Canada. Currently only a few companies are marketing it. While it appears this product may not be a priority for younger people, those ages 40-45 and older should give it serious consideration.
Proper retirement planning must take into account not only the need for income during the retirement years, but must also build in proper insurance for those risks that might deplete retirement investments more rapidly than expected. A long term care requirement would reduce the assets available for income and therefore reduce the standard of living that the retirement planning process had envisioned.
Long term care insurance provides you with the financial assistance to maintain your quality of life. Benefits can be used for the service and support required to maintain your day-to-day activities and remain in your own home. Tax free benefits give you a choice and allow you to take control of your future needs and maintain your financial independence.