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Long Term Care
This product should be called Baby Boomer Insurance. Long Term Care (LTC) is a product that provides the funds for nursing care in the home or a facility when you are no longer able to care for yourself.
Retirement savings are quickly eroded against the cost of nursing assistance. We are living longer but our capacity for an independent lifestyle is not assured. Savings might survive one partner requiring care but how much will be left for the survivor? Most people would much rather remain in their home as they age versus moving into a nursing care facility. If you are healthy enough to take care of your partner, you will still need occasional support and days off to recoup. Caregivers can sometimes exhaust themselves and that is unhealthy for both the patient and the caregiver. Long Term Care insurance provides funds in either a reimbursement contract or a reserve that is accessed to pay for services like a Practical Nurse, Support Worker, Registered Nurse and room and board in a facility.
The cost of care is only going to escalate as the Baby Boomer generation moves into retirement. Purchasing a LTC contract gives you peace of mind that you will have the financial resources to make choices for care as well as ensuring that the estate you want to leave your family is not compromised.
For more information on Long Term Care Insurance, click here for a brochure from the Canadian Life and Health Insurance Association.