LTC Global Canada

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Five Long Term Care Insurance Myths

Five Myths About Long Term Care in Canada

1. The Government Will Pay For It

This is one of the biggest misconceptions Canadians have regarding long term care. Unless you have minimal income and are willing to transfer all of your income and assets over to the government, the costs for facility care and home care are significant and likely to increase substantially in the future.

2. It's Better To Wait Until You Are Older To Purchase Long Term Care Insurance

People should consider purchasing long term care insurance in the late 40's and early 50's. The longer you wait, the more expensive the long term care insurance premiums. As well, you run the risk of having a health problem which would disqualify you for coverage in the future.

3. Long Term Care Insurance Is Too Expensive

Even if you can't afford all of the coverage you require, there are ways to make it less costly e.g. increasing the "elimination period"; decreasing the daily benefit amount, etc. The key to remember is that some insurance coverage is better than none and that it is essential that the coverage that is obtained is affordable now and in the future.

4. My Spouse And/Or Family Members Will Take Care Of Me

Providing long term care can be physically and emotionally demanding. Spouses who provide care can often burn-out and have a significantly increased likelihood of needing long term care in the future. In some cases, a partner doesn't have the strength to help their spouse to get in and out of bed or into a bath. As well, when it comes to bathing and toileting, individuals often prefer to obtain professional assistance in order to maintain their dignity. Younger family members often underestimate the amount of time and effort involved in providing long term care and often have limited time because of other demands placed on them with their work and family commitments.

5. I Will Not Need Long Term Care

Ask any person currently in a long term care facility or receiving home care whether they thought they would need long term care sometime in the future when they were thirty or forty years old and most would respond saying "No, I never thought this would happen to me". Ironically, the better your health, the longer you are likely to live. And the longer you live, the greater the chance that you will need long term care at some point in your life.