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Yes, You Need Long-Term Insurance Now More Than Ever

Updated on Nov 01, 2013 insurance

Discussing long-term care insurance can cause a certain understandable discomfort among Canada’s senior citizens and their families. That conversation requires pondering the implications of a loved one’s declining quality of health and, in many cases, inevitable death.

Be that as it may, with a tide of aging baby boomers flooding increasingly into assisted-living facilities and experiencing aging’s inevitable impact of diminishing health and mounting health conditions, Canadian families can no longer afford – in any sense of the verb – procrastinating long-term care planning.

 

Demand outstrips supply?

 

As the generation that entered this world between 1946 and 1964 ages, the time could soon come when Canada may have more patients than beds to rest them.

By one estimate, Saskatchewan has 8,700 beds spread throughout 156 nursing homes and 17 hospitals across the province. Across Canada, 1,000 Canadians daily become senior citizens as it is, heralding a massive, inevitable influx to government-run or health-region-contracted nursing homes across the country funded by $620 million annually from taxpayers (subsidizing them around 80 percent) and an additional $130 million in income-based patient resident fees.

As demand stands poised to explode in never-before-seen numbers, many facilities face disrepair and the long-troubling waiting lists too common to Canada’s health care system. Sure, private facilities can pick up some slack as Level 3 and Level 4 long-term care patients places themselves in the government’s hands, but that sector accounts for around 240 care facilities housing 3,400 beds funded entirely by residents and their families’ fees.

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Meanwhile, federally run facilities’ sliding scale of fees can range from, say, a standard $1,032 per month for an individual with a $1,320-or-less monthly income up to higher-income residents paying that standard fee in addition to 50 percent of monthly income up to $3,184 – a maximum of $1,964.

There’s a disturbing lack of certainty in who will provide for the future well-being of Canada’s seniors, and who will foot the cost.

 

Don’t wait

 

With the taxpayer burden for federal facilities passed increasingly on to a younger generation, it’s time to talk with about long-term care insurance…now, not later. A long-term care insurance plan can pay daily, weekly or monthly benefits for as long as the policyholder can’t perform two more daily living activities or suffers from a cognitive condition requiring ongoing supervision. They benefits can continue throughout the policy’s duration even if the afflicted individual recovers, with premiums often waived during the claim. In many cases, the benefits can vary from $20 to $400 per day, depending on the policy, up to a usual maximum of $10,000. Coverage is often available for individuals aged 18 to 80.

It’s worth your while to contact Blue Umbrella Financial Services today. When you tell us about the burden of your or your loved one’s long-term care upon your family and your finances, we can put you into contact with our network of respected Canadian insurance providers eager to assist with financing your long-term care needs. Your initial consultation, of course, is always free of charge.

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