Canadians are living longer than ever before, which is great news. But as we reach age 65, the likelihood of entering a long term care facility or needing to receive special medical care in your home reaches 43%. With the rising cost of care and the coverage gaps that exist in provincial health insurance plans, the expenses can easily add up to thousands of dollars:
- Out-of-pocket costs for a long-term stay at a government-subsidized nursing home can reach as high as $2,161.71 per month.
- The average cost for a room in a privately-owned retirement residence is $1,527-$4,774 per month for a semi-private room and $1,600-$7,750 for a private room.
Provincial health insurance doesn’t cover the full cost of long-term care received at home or even in subsidized facilities. No coverage is provided for privately-owned retirement residency.
Without proper planning, the cost of long-term care may quickly drain your savings, assets and retirement income. Long-term care insurance helps to fill the gap in provincial health insurance plans, while also allowing you to reduce the burden on loved ones and maintain more control over your future. Long Term Care insurance can help you with expenses such as:
- nursing care
- rehabilitation and therapy
- personal care (help with activities of daily living like dressing, eating and bathing)
- homemaking services (meal preparation, cleaning, laundry)
- supervision by another person
Please contact our office to discuss your options.