The Importance of Long-Term Care Insurance

It is easy to think that you will never need long-term care insurance and many people – especially young people – believe that this need will never apply to them.

However, Statistics Canada has indicated that one in ten Canadians will require long-term care by age 55, with that number increasing to three in ten by age 65 and maxing out at a staggering five in ten by the age of 75. With life expectancy increasing due to medical advancements, the need to have a comprehensive long-term care insurance policy is more important than ever.

Yet it is surprising that many Canadians do not know that purchasing long-term care insurance is possible. And the younger population in Canada believes that they have ample time to get coverage; they are in no hurry to buy in while they are still young and healthy. But that is precisely the time to buy in!

Long-term care insurance is available for purchase once the purchaser is 30 years old, and this is the prime time to begin planning for the potential loss of mobility and the need for 24-hour care.

The Dangers of Being Unprepared

There is a very big downside to not planning well for your potential long-term care needs. In Canada, if you are found to be mentally unable to make your own decisions regarding your care – due to dementia, Alzheimer’s or some other debilitating illness – the government can intervene and make healthcare decisions on your behalf.

They can auction off all of your belongings – including your home – and use the money to pay for the care they deem you need, which may be nothing that you would prefer, as often they will find you the cheapest care possible.

And every time the government writes a check for your care or re-evaluates your medical needs, they write themselves a check, dipping in to the funds that should be available to give you the highest quality care you can afford. Sadly, the only way your loved ones can take over the decision making is to hire a lawyer and fight for committeeship over your health care. This is a costly and lengthy process, often costing your loved ones upwards of $20,000.

All of this can be avoided if you have a long-term care insurance policy. These policies cover the following options in long-term care providers:

• Home nursing care
• Adult day care
• Semi-assisted living facilities
• 24-hour nursing facilities
• Hospice care

Every other type of insurance benefits your family in some way; long-term care insurance is just for you, the purchaser. However, it cannot be underestimated the peace of mind this coverage provides for your loved ones, especially if you have a condition that has rendered your decision making difficult or impossible. Turning again to Statistics Canada, 11% of the Canadian population over the age of 65 has Alzheimer’s or another neural disease rendering decision making impossible. For assisted living options and guidance visit https://peachtreehillsplace.com/.

That makes it all the more crucial to have your decisions in writing and the financial ability to back them up by using your long-term care insurance. And long-term care insurance is fail safe as well. If you have not used the benefit by a certain age you will get all of your premium payments remitted to you, helping to feather your nest egg a little more luxuriously.

Morgan National Can Help!

There are a lot of agents who sell long-term care insurance policies, yet they are not as current on the latest in products and trends in the marketplace. Morgan National employs only experts who will craft a long-term care policy specially designed for you and your particular needs, at a reasonable cost and competitive rates.

Call Morgan National Corporation today for more information regarding your options in long-term care insurance policies, at 1-866-595-3533 or visit our long term disability and disability policy page  to learn more about these specialty policies. Your loved ones will be grateful that you have eased their financial burdens and you will have the peace of mind that comes from having an umbrella of protection afforded to you by Morgan National.