The Health Care Crisis and Your Future
Canadians like to assume most of their health care needs will be looked after with little direct financial strain. But times are changing. With government cutbacks, insured health services are diminishing and there may be some nasty shocks in the years to come.
Even under optimistic scenarios, provincial health plans won't cover all the options you need to consider if you develop a long-term illness or suffer a disability.
Horizon Planning Group has an innovative solution. Long-Term Care insurance allows you to take control of your future needs, with the freedom to receive personal attention from care-givers in the comfort of your own home or to select a private care facility. A Long-Term Care plan can protect you against a drain on your financial resources and a strain on your family.
Potential Consequences of Not Planning Ahead
It's not easy to pay the difference between what provincial health plans cover and what people requiring long-term attention truly deserve. Think for a moment about how you would finance care in a private facility, with costs that can easily climb beyond $3,000 a month per person. Try to imagine how you would pay for home care services, which could end up costing even more. This is something to consider in your long-range financial planning to avoid facing unpleasant alternatives.
Without proper long-term care planning you may be forced to:
- Deplete your savings.
- Sell your house.
- Rely on your children to support you.
- Severely lower your standard of living.
- Let the government make your care decisions.
Horizon Planning Group allows you to take control of tomorrow. Long-Term Care gives you flexible options in case of medical need, enabling you to choose home care or facility care that can include private accommodations. Home care covers visiting nurses, therapists, adult day care and other needs beyond what governments pay for, including quality-of-life services such as cleaning and cooking.
Long-Term Care offers financial support and security to help individuals and families through difficult times. It is easy to qualify for benefits if a physician certifies that you require extended care because of injury or sickness, cognitive impairment, inability to perform two or more specified activities of daily living, or medical necessity resulting from chronic illness. Benefits vary according to the particular plan you have chosen.
Long-Term Care makes good sense as part of your basic financial planning. People are living longer, and post-retirement resources have to stretch over greater periods. Long-Term Care policies can be purchased up to age 80, and funds paid our are tax free. You can design your own plan, with the daily benefit and the length of benefits tailored to what you may need and can afford. A return of premium option is also available.
Long-Term Care provides substantial daily benefits for care in private or government facilities, or even at home. There are many plans to choose from and it is easy to qualify. Information on Long-Term Care is also available from your Horizon Advisor.