Who’s responsibility is it to take care of you and/or your loved ones once you are no longer able to take care of yourself?
Most people believe that it will be the government’s responsibility and that they will be there to take care of them. This however may not be the case. With today’s large number of baby boomers the impact on the government’s resources will be too great and the truth is that there just won’t be enough money to go around.
The next best option is to rely on family; however nobody wants to be a burden on their family. Unfortunately, we all cannot afford the cost of a private home care nurse or private facility so we are often left with no choice but to rely on our families.
What if you could secure your future now?
Long Term Care insurance provides you with piece of mind knowing that you won’t have to rely on your children or other family members to take care of you, once you are no longer able to take care of yourself.
As most of us are living much longer these days, there is a real chance that at some point in your life you will need to enter a long term care facility or receive special medical care in your home. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be covered by your government health plan.
Long Term Care Insurance provides a monthly payment should you suffer a loss of independence.
Loss of independence occurs when you are unable to perform at least two of the six daily living activities:
- Bathing
- Dressing
- Toileting
- Transferring
- Eating and continence
- Deterioration of one's mental capacities threatens his/her health or safety
With Long Term Care insurance, the monthly income benefit may be used at your discretion without having to provide receipts for the care received. LTC insurance allows you to stay in control of your life by providing you with the ability to:
- Receive the health care you need and deserve
- Remain in the comfort of your home for as long as possible
- Select a care facility that is the most appropriate for your needs (public or private)
- Replace the lost income of a natural caregiver providing homecare
- Protect your assets and your estate from early depletion due to high healthcare expenses
- Maintain your family’s standard of living
It’s important to know that LTC insurance is not only for when you become a senior; disability or illness can affect you at any age.
Long Term Care insurance policies are customized to each individual depending on the amount of coverage needed, the duration of the coverage period required, and the length of the waiting period desired.