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.
Contact Sukhinder S Gill today for a quote or to arrange a review of your insurance needs.