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Long-Term Care

It's not what you think!

Long-term care doesn't mean nursing home care. It starts at home. We can’t emphasize this enough. The need for long term care not only
changes the life of the person needing care but the lives of all the others who care about that person. Loved ones will have no choice but to provide care if other plans, professional caregivers and financing are not already in place.


Let’s take a look at the personal consequences of long term care - i.e., the
extreme toll the impairment can take on the physical and emotional wellbeing of loved ones providing care. For unpaid family members providing care, life is completely disrupted.

 

The Odds of Needing Care

Many are surprised to learn there is greater than a 50 per cent chance that
an individual who reaches age 65 will eventually require some type of formal paid care over his or her lifetime.1 As you would expect, the need for care is often influenced by the normal ageing process. The chances of developing dementia or Alzheimer’s disease increase with age. So do the risks of suffering a stroke, developing debilitating arthritis, diabetes and osteoporosis – some of the more common conditions that result in the need for long-term care. As you can imagine, it’s also important to consider family health history and the presence of chronic illness as this too can raise the risk of needing extended care.


While it can be tough to contemplate these possibilities, we also know the
future is uncertain; we can only guess at what will, and will not be. Having
a plan, should the unexpected happen, can provide the resources and tools needed to best manage and meet future lifestyle goals. Sometimes people feel that having a plan means the future is set; however, just the opposite can be true. By being prepared, it can help us have options and the independence we all want.

 

When assessing the possibility of your need for extended care, consider some of these well-established findings.

Three Questions

1.  Where do you want to live while receiving extended care? At home or at a facility?

2.  Who will be there to provide the care? Family members or a professional caregiver

3.  What will pay for it? Your own retirement savings or rely on the family?

I get it! 

Long-Term care planning is a complex process, and discussing it with your family is hard - so hard that might avoid talking about it altogether!

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Long-term care planning is not a luxury, it is a necessity!

A right plan that covers your needs and is affordable can provide freedom and peace of mind for you and your family!

Long-Term Options

Long-term care insurance (LTCI) is evolving. There are
many more products available today that are based on
innovative designs, all of which have the same purpose:
to fund a plan to protect those whom the client cares
about.


Generally, LTC insurance policies come in three designs.
 

• Individual or “traditional” LTC insurance policy
This is intended to cover just one person but many
policies offer a sharing provision and other couple’s
benefits if both spouses/partners apply.


• Linked-benefit policies (also called
hybrid, combo, or asset-based) As their name implies, in linked-benefit policies, extended-care benefits are linked to another underlying
product. That other product can be either an annuity or life insurance. Regardless of the type of product, the underlying benefit (e.g., the life death benefit) must first be spent on compensable services (care that the carrier specifically states it will pay for).


• Life insurance that accelerates the death benefit to pay for
extended care