Long
Term Care Plan
Author:
Ivon T. Hughes
A
recent study found that 47% of Canadians are concerned about becoming a burden
to someone when they get older, but only 49% had ever heard of long-term
care insurance.
As
brokers, we understand the value you place on maintaining financial security
and independence. As independent advisors, we are highly committed to providing
quality products and services that safeguard clients in the event of sickness
or injury.
That's
why, in addition to individual disability income protection and critical
illness insurance, we offer Long Term Care Plan that gives you a monthly
benefit and a variety of services to help better prepare for and cope with
the realities of a long term care situation.
Long-term
care is personal care or supervision that is needed by an individual of any
age for an extended period of time. It involves providing substantial assistance
to an individual who is unable to perform two or more of the daily living
activities or supervising someone who is cognitively impaired. When an individual
is cognitively impaired, they have suffered a severe deterioration or loss
in cognitive functioning or intellectual capacity causing confusion or disorientation.
Long-term care includes a range of support services for individuals with
degenerative conditions, prolonged illnesses or cognitive disorders that
affect their physical and mental ability to care for themselves.
Long-term
care services may be needed during an extended period of disability, as part
of a recovery from an accident or illness, or simply as a result of the aging
process. Care can be received in many settings including nursing homes, assisted
living facilities or an individual's own home.
Many
Canadians assume that the health care system will cover all of the costs
of long-term care services. However:
-
Long-term care is considered custodial care requiring supervision - rather
than medical care - and is not fully covered by the government.
- The reality is that individuals and families pay for significant portions
of long- term care costs.
A
Long Term Care Plan can be a valuable addition to your insurance portfolio.
- While traditionally targeted to elderly individuals, long-term care insurance
is ideal at any age, from those planning their financial portfolio to families
planning for their futures or those of their parents.
- Long-term care insurance can reduce the financial impact of an extended
disability on your client's life savings.
- Plans can help pay for long-term care costs not covered by the health care
system.
Most
plans allow you to control the use of your benefit dollars. There is no need
to submit receipts, or pay for items or services and then wait for reimbursement.
The monthly benefit will be available upon qualification.
Qualifying
for the benefit is simple and straight forward… once the client meets
the definition of need (inability to perform two or more daily living activities)
and after the elimination period you can receive your monthly benefit. How
and when the dollars are spent is your decision.
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: info@trustco.ca
Web: www.hughestrustco.com
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