Long Term Care Insurance

Long Term Care Insurance provides for the day-in, day-out assistance you need when a serious illness or disability renders you unable, physically or cognitively, to care for yourself for a lengthy period of time. Long-term care can be provided at home or at a nursing facility, assisted living or alternative care facility.

Long-term care needs can occur at any age. A long-term care policy can prevent work interruption to care for aging family members. Having a long-term care policy may help you avoid draining your financial resources at the expense of your standard of living.

Canadians require long-term care services, with more than one-third of all costs coming out of the families' pockets. Here are some other eye-opening statistics:

• The average daily rate for nursing home care is more than $125. The average nursing home cost is approximately $50,000 per year.
  
  
• The average daily charge of assisted living is about $60 (or $22,000 per year), and home care costs for the chronically disabled are about $15,000 per year.
  
  
• Over 48% of Canadians age 65 and older will enter a nursing home at some time during their lives.
  
  
• Doctors and hospitals are under tremendous pressure to get patients out as quickly as possible. Patients often go to a nursing home to continue the recovery period.
  
  

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