Long Term Care
“For those over 65, 43% will, at some point in their remaining years, require long term care and spend time in a nursing home or long term care facility for an average length of stay of three to four years. One in five ‘will stay more than five years’. For a couple over age 65, there is a two out of three chance that at least one spouse will enter a facility at some point.” (The Council on Aging of Ottawa, 2008)
Long term care is not something we like to think about, because – let’s face it – the statistics are depressing. It is, however, something that should be considered; this can be done by examining family history, and gauging whether or not a long term care facility may be in your future.
At Integris Financial Planning Services we offer Long Term Care Insurance Policies to help with the financial costs associated with these facilities.
Our policies are designed to help a person maintain their level of functioning, with a major focus on caring if they need to enter a long term care facility, or have a need for care in their own home.
There are three basic coverages for long term care:
- Skilled Care (Professional) – This type of care is for conditions that require professional care from registered nurses or professional therapists, in a nursing home, or a patient’s home.
- Personal Care – This type of care is for individuals that require assistance with the Activities of Daily Living (ADL’s). This could include eating, bathing, dressing, toileting, and mobility.
- Supervisory Care – for individuals with cognitive impairment (such as Dementia or Alzheimer’s) and require supervision, protection, or verbal reminders for day-to-day activities.
With three different types of policies:
- Provide Coverage for 1, 2, 3, 4 or 5 years; or
- Provides a pool of money to draw from over your lifetime; or
- You can buy coverage that has an unlimited lifetime benefit.
The benefits of a Long Term Care policy can include unlimited lifetime coverage, inflation protection, and a waiver of premium protection when disabled, to name a few.
Speak with a Financial Planning Representative today for more details about our Long Term Care policies or book an appointment today.