LTC Global Canada
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Why Purchase Long Term Care Insurance?
Why Purchase Long Term Care Insurance?
Individuals acquire long term care protection for many different reasons. Here are
some of the most common:
1. Protect Retirement Income and Assets
One of the greatest concerns of Canadians approaching retirement is running out
of money while retired. With proper financial planning, individuals can protect
against the risks of market downturns, inflation and overspending. However, needing
long term care is something beyond their control. Costs of long term care can devastate
retirement plans and dreams. In a survey conducted by Market Probe Canada in 2007,
82% of the respondents indicated that they are concerned that the cost of long term
care could significantly reduce their retirement income and assets.
"Taking a small amount of money today, in order to protect against a potentially
large liability tomorrow, simply makes good financial sense."
2. Avoid Being A Burden on Family Members
There are numerous physical, financial, emotional and geographical requirements
that can make relying upon family members for your long term care needs very difficult.
For those family members who are in a position to provide caregiving, the obligation
can be very demanding as it involves mayor changes – physically, emotionally, socially
and financially. Studies have shown that there are major risks associated with being
a caregiver including a loss of privacy, restrictions upon social life, loss of
career advancement opportunities; feelings of isolation and loneliness and clinical
depression. A senior full-time caregiver has a significantly increased likelihood
of needing long term care later in life. Resentment and bitterness among family
members can arise over perceptions that care giving responsibilities are not being
shared equally.
"Long Term Care Insurance allows loved ones to care about you … not care for you.
It helps to maintain peace and harmony among the entire family."
3. Preserving Personal Freedom To Choose When & How Care Is Received
Waiting lists exist in many provinces for government subsidized nursing home beds.
At the present time, it may take 6 months to 2 years at some facilities. As our
population continues to age and the demand for long term care services grows, these
waiting lists are very likely to get even longer. When a bed does come available,
it may not be in a facility located nearby to where family members reside thereby
imposing additional hardships. Since it is the least expensive option, the waiting
list for ward accommodation is the longest. Without a long term care plan, family
members may be reluctantly forced into becoming full-time caregivers. Many seniors
spend money for outside help only as a last resort.
"The ability to pay for one's own care creates greater access to quality long term
care services. A long term care plan helps to preserve dignity, create options about
where care will be received, and provides control over decisions about care."
Get a long term care insurance quote for the U.S.