Why Long Term Care Insurance

In the event of a loss of independence and/or cognitive impairment one will have the means to select the appropriate level of care and avoid placing physical and financial hardship on the family. Above all it preserves your dignity. It allows you to remain in your own home rather than being placed in a facility, while maintaining everybody’s standard of living and protecting the family’s financial security.

There are 2 ways one qualifies for benefits: 

1) A monthly income or service becomes payable when the insured needs the help of another to accomplish at least two of the following activities of daily living (loss of independence):

(Transferring, Bathing, Dressing, Toileting, Continence and Eating)

Generally one loses their broader mobility skills first, which affects transferring and bathing simultaneously, followed closely by the loss of liner motor skills which in turn affects one’s ability to dress and feed themselves. The loss of self-toileting skills can be either a function of loss of mobility and balance or a consequence of the normal aging process.

2) A monthly income or service is also payable if the insured becomes Cognitively Impaired i.e. has a loss of ability to reason, perceive, think, reflect or remember.

People prefer to be cared for in their own home rather than being relegated to a facility. The cost for home care varies largely according to location and the type of care required. Today the cost for care can range from $400-$500 a week for minimal care such as assistance with bathing, light housekeeping, meal preparation and laundry to $1,200-$1,500 per week which might include skilled nursing care, specialized medication administration and wound management. The cost in the future is anticipated to increase in proportion to the demand. This brings us to a very sobering fact: The coming demographic with the avalanche of boomers will be unprecedented and will affect all levels of health care, both acute and long term.

Each one of us bears a responsibility to act as our own advocate and plan for our own care when the time comes. Many mistakenly believe the government will take care of their needs when the time comes. They could not be more wrong. Any government assistance covers only the most basic care in what are sometimes far less than desirable settings.

Simplified Long Term Care

Even though long term care insurance is the logical solution, this solution comes with its own set of issues. The conventional long term care products in the market place not only require full underwriting, they are difficult to obtain as over 50% of applicants are declined, and they are unfortunately much more costly and out of the reach for most Canadians.

We are pleased to provide a proprietary simplified issue (CARP endorsed) long term care plan, underwritten through Assumption Life or Blue Cross, that is easier to obtain and affordable. Underwriting consists of a short health declaration allowing for a 95% approval rate.

For more information on a specific issue or assistance related to the aging process and long term care please contact Helene S. Meyer at 647-886-4822.