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Importance of Long Term Care Insurance

Long Term Care Not in Your Plans?

Montreal GazetteIllness in old age need not leave you broke. A long-term-care policy can help you preserve your assets.
Read the Montreal Gazette Article.

"You can't stay home without it"

Consider this...

  • Nearly 1 in 2 people will need long term care at some time after reaching age 65.
    Source: New England Journal of Medicine, 1994
  • Right now 37% of Canadians, age 85 years of age and older, live in an institution.
    Source: Government of Canada: Canadian Seniors A Dynamic Force
  • Why will so many need Long Term Care? We are living longer. In 1900, 7 out of 100 adults were over age 65. Currently 17% of the population is over age 65.
    Source: LIMRA – 1992, LTC in Canada
  • The number of Canadians aged 80 and over will double in the next 20 years and triple in the next 40 years. This will have a substantial impact on health care.
    Source: LIMRA – 1992, LTC in Canada

What are your chances of needing Long Term Care?

  • One in ten by Age 55
  • Three in Ten by Age 65
  • Five in Ten by Age 75
    Source: statistics Canada: Health Expectancy in Canada

People are living longer with conditions like:

Alzheimer’s Parkinson’s Cancer
Arthritis Stroke Lung Disease
A Longer Life Expectancy Than You May Think!
Life expectancy according to age

Age Life Expectancy
  Male Female
At Birth        74.6  80.9
40 76.8 82.2
50 77.7 82.8  
60 79.4 84.0
70 82.5 86.0
80 87.2   89.4 
90 93.9 94.9
Source: Statistics Canada

Canadians have a real need for Long Term Care protection

You are responsible for the cost of Long Term Care

If you reside in a hospital for 45 days or more and you do not require active care...you are considered to be receiving LONG TERM CARE.

In most provinces the Provincial Health Care Plan does not cover the cost of your stay and you are responsible for the expenses.

And Long Term Care is Expensive!

Government Facility
Private Room: $1,275 per month
Semi-Private Room: $1,066 per month 
Ward: $ 792 per month
   
Private Facility $1,000 to $6,000 per month
   
Home Care Professional nursing care from $21 to $35 per hour
  Home care aid from $12 to $18 per hour

Governments are no longer able to provide health care services to the standards to which we have grown accustomed.

Why?

  • High Government deficits
  • Escalating health Care Costs
  • An Aging Population

Where will the money come from to cover the costs?

  • Your savings?
  • Equity in Your Home?
  • Your Children or Other Family Members?
  • Depleting your income or other assets?

The Female Issue

“We know that 80% of the caregiving to the elderly that takes place in the home is done by women”

The average Canadian woman spends 17 years taking care of her children and 18 years taking care of her parents.

Imagine what happens if that caregiver also has a full time job.
She may...

  • Turn down promotions.
  • Have difficulty concentrating.
  • Miss work sometimes.
  • Suffer from anxiety or depression.
  • Give up her vacations.

Sources: Myrna I. Lewis, Community Medicine, Mt. Sinai medical School, N.Y. and “Trading Places”, Newsweek, 7/16/90

Care giving: The Hidden Costs

Care giving: The Hidden Costs

Source: Health Action Forum of Greater Boston, 1989

  • 9 of every 10 Long Term Care disabled people are cared for by family and friends...not in institutions.
  • Few families have discussed the options or feelings of giving and receiving care should the need arise. Have You?
  • A majority of people fear becoming an emotional burden, financial liability and interfering with the private lives of others when asked about long term care options.
  • The hidden costs of LTC include: anxiety and guilt; lost family work; postponed vacations; impact to social lives; and lack of privacy.

Why Consider Long Term Care Insurance?

  • Transfers the risk as a means of protection from sudden disaster.
  • LTC Insurance is a logical addition to your overall plan of risk protection.
  • Helps you maintain independence.
  • Helps you maintain control of your life and estate.
  • Can help you afford the level and type of care you want or need.
  • Premiums are easier to budget than long term care expenses.
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