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In recent years, Long term care insurance has become very popular in the Canadian marketplace. As the baby boomers begin to enter retirement, the demographics of the Canadian population are changing. According to Statistics Canada, 21% of the population will be over 65 by the year 2026. In addition, due to improvements in diet, exercise and education, people are living longer then ever before. As a result, people now more then ever are going to need to prepare for their post-retirement lives.

Government and Private Pensions

Although company pension plans were very popular in the past, the workforce has changed considerably in recent years. No longer are individuals working for the same company for 20, 30 and 40 years. People have become more transient and entrepreneurial. As a result, fewer people can rely on the large company pensions our parents did in the past. We are now forced to fund our own retirement through RRSP’s and non-registered savings.

Government pensions (i.e. CPP and OAS) are available to all eligible Canadians, however, on their own they are not enough to fund the type of care many individuals would like to receive for the latter part of their lives.

As a result, the responsibility is on the individual now more then ever before to save for their future retirement and long term care needs.

Is Long Term Care expensive?

Long term care can be very expensive and as demand for senior services increases, so will the costs associated with it. Currently, many private nursing homes can cost well over $3,000 per month. Government nursing homes, on the other hand, can cost less but many of them have long waiting lists.

In-home care is not cheap either. The cost of a qualified home care provider can range from $15 - $40 per hour depending on their qualifications.

Long Term Care Insurance – The solution

Although no one ever likes to plan for long term care, the fact is it is a reality of life. As a result, Long Term Care insurance should be a part of everyone’s financial plan. If one day, you are unable to properly look after yourself, Long Term care insurance gives you the choice to receive the care you need in the comfort of your own home or a nursing home.

Please contact us for more information on how you can purchase this product. It is readily available to those between age 40 to age 80.




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