What is long term care insurance?

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What is long term care insurance?

It's estimated that 1 in 3 Canadians provide unpaid care for an aging relative.

Those who find themselves providing for their own family, while caring for older relatives, are known as the "sandwich generation". Chances are, you are already in this position, or soon will be. You may manage quite well on your own, but there will likely come a day when a more formal arrangement needs to be made.

As you explore options and costs of providing for elders in their home or at a facility, the cost of such care comes sharply into focus. Many of us have no idea that most long term care is not covered by government plans. How do we avoid a similar fate when our turn comes?

Along with planning for our own retirement, we need to consider eventual health care needs. Long term care insurance (LTCI) can help protect your savings and give you freedom to choose the type of care that's right for you.

Your financial plan should include provisions for every stage of your life. A financial advisor can help you prepare for the best possible future-- but not all advisors are qualified to offer long term care insurance. Check with your planning professional to see which designations that they hold.

At Deverall, Calma & Associates, we work as a team to provide the best possible advice for each and every client. Our resident LTCI expert is Mark Calma.

Mark holds an EPC (Elder Planning Counselor) and a CPCA (Certified Professional Consultant on Aging) designation. If care for yourself or a loved one is on your mind, perhaps it's time to chat?