Long Term Care Insurance

Preparation and peace of mind

WHAT IS IT?
Long-term care insurance encompasses a range of medical services designed for patients who require on-going attention from medical professionals, such as a nurse or medical aide. Ordered directly by a physician, this care is provided either in the patient's home or at a medical facility.

WHAT DOES IT COVER?
The coverage is available in daily amounts to cover costs for: care from a nurse, medical services aid, and personal support worker, for cooking, cleaning, and shopping. There are also provisions for training a loved one to care for you.

WHY IS IT VALUABLE?
Statistics show nearly half of today's population over the age of 65 will need some form of long-term care (New England Journal of Medicine) - which can be expensive, even in Canada. While government subsidies do exist, they partly depend on your province of residence and on your income. In most cases, to qualify for a full or partial government subsidy, you need to have an income below a certain level. Add to this the aging baby boomer population and therefore an increase in need for care, the chance of receiving the care and attention you want and need decreases.

INCORPORATING IT INTO YOUR FINANCIAL GOALS
What income will you use to accommodate your lifestyle during this time? Faced with the sudden need for long-term care, many are forced to surrender their retirement savings or other assets. Instead of liquidating your estate, consider the value of long-term care insurance.

Visit your Rice Financial advisor for more information on this and other investment and insurance opportunities.