The company provides Canadians with Consulting & Brokerage services associated with funding the cost of “PRIVATE” health care, during their retirement years.
These are the costs associated with assisted living: in home or through facility care.
About Long Term Care
Today, baby boomers and seniors alike face complex issues as they transition into their retirement years.
More than ever before, Canadians are finding themselves requiring some form of health care assistance during their retirement years. One of the reasons is that we are living longer. This is very positive as medicine, diet and lifestyle continue to help push life expectancy further out. The unfortunate part about this is that a larger number of us will require some form of care or assistance during our retirement years. Whether this be receiving care in your own home, or moving to a facility.
STATISTICS... Over age 65
- For a couple over age 65, there is a 2 out of 3 chance that at least one spouse will enter a facility at some point during retirement.
- For a single person, 1 out of 2 will, at some point in their remaining years, require assistance in either their home or a facility
- Average length of stay is 4 years.
- 1 in 5 “will stay more than 5 years”.
With the cost of care today, this can have a devastating impact on your retirement and/or the estate you leave behind.
Many of us think that when we get to this point of requiring care, our families will look after us, and in some cases, this is true. The unfortunate part of this is the reality of what that actually looks like. A few questions you should ask yourself:
• Do I really want to place the burden on my children?
Depending on the level of care you require, this could be a full time job for them. They could come to resent you.
• Do you want to age with Dignity?
You need to be aware, that if you do need care in the future, the things you will need help with are:
Clothing, Toileting, Bathing, Feeding, Transferring, and Continence
• Do you really want your children or grandchildren to see you naked?
Many people today are making financial arrangements to ensure that when they need care, the money will be there to hire a professional.
This eliminates the resentment, and or guilt your family may face, should they be called upon to look after you. It also helps preserve your dignity at a time when it is most needed.
Cost of LTC
Depending on where you live in Canada, the cost of private health care can range between $2800 - $9000 per month. This of course depends on the amount of care required, the quality of the facility and the area you live in. Metropolitan areas, generally will cost more than smaller communities.
Today, the costs of home care will vary, again based upon the number of services the health care provider performs for you and the length of time spend in your home.
These costs can be devastating to your retirement savings and other assets you have accumulated. Chances are you had these assets earmarked for other things, like travel, helping your children/grand children or your favorite charity.
The question then becomes, how to pay for these costs with the least amount of disruption to your plans. What are your options?
Paying Long Term Care Costs
If private home or facility care is what you want for you and your spouse, then the most important thing now is determining how you will pay for it.
The cost of Private care in Canada today ranges between $2800 and $9000 per month per person.
Essentially there are three methods to pay for this care.
The first is to pay for these costs yourself or self fund. The second is to transfer the risk by purchasing an insurance contract, while the last is to use a combination of the first two.
Self funding is fairly straight forward. If you have been fortunate enough to have accumulated sufficient assets, you can pay for the costs of care yourself. This is however, the most expensive method and can also have a devastating impact on the assets you had planned to have transfer to your family or charity upon your death.
Transferring the risk through purchasing an insurance contract is the most cost effective method of funding future care costs. The contract can be set up to pay for all or a portion of the future costs, should you need it. This method can also help you to preserve and maximize your estate for your family and or charity.
The combination of self funding and insurance can provide the best of both worlds, if it is not important to maximize your estate.
If you are interested in receiving more information regarding these options and associated costs, contact us at: