How common is the need for long term care?
- About 50,000 strokes occur in Canada each year* – and stroke is the leading cause of transfer from hospital to long term care.
- 1 in 11 Canadians over 65 is affected by Alzheimer’s disease or a related dementia.**
- 7% of Canadians age 65 and over reside in health care institutions.***
- An additional 28% of Canadians 65 and over receive care for a long term health problem but do not live in a health care institution.***
Will the retirement nest egg you’ve built be adequate to cover long term expenses? Why risk putting your retirement, assets and estate at risk or becoming a financial burden on your family when there is an effective alternative: Long term care insurance.
Long term care insurance pays out benefits when you require nursing home care or – and this is important – care in your own home. This type of insurance generally provides benefits related to physical or cognitive impairment, including: medical care, home care, daily care in an adult day care center, 24-hour care in a long term care facility, the services of a registered nurse in your home, homemaker services, respite care to allow a caregiver a needed break, or any other costs that may arise during the period of impairment. With long term care insurance, you will not have to rely on your family for financial help or hands-on care – giving you and those you love the opportunity to spend quality time together in a financially stress-free environment.
A long term care insurance policy can help protect you, your family and your assets from the financial impact of health care services by providing cash when you need it, for as long as you need it.
* Canadian Institute for Health Information, 2003
** Alzheimer Society website, 2009
*** Statistics Canada, 2002