Long Term Care

It is no longer possible to turn on the news without being reminded on a daily basis that the Canadian health care system is already in a state of crisis. Those who have family or friends on long-term care waiting lists know that the situation is becoming desperate. The shortage of long-term care beds is so severe hospital acute care beds, already in short supply, are occupied by those awaiting transfers to long term care facilities.

With growing pressure from an ageing population, the system simply cannot handle the increasing burden. Consider this:

In 1900, 7% of all adults were over age 65
Currently, 17% are over age 65
The number of Canadians aged 80 and over will double in the next 20 years - and triple in the next 40 years
The number of seniors in Canada has increased by one million in the last decade
By 2020, there will be as many seniors as children!
With an ageing population comes the increasing costs of geriatric medical care. Currently we are spending $3.9 billion each year on Alzheimer's and dementia. By 2031, the number of Canadians afflicted with some form of dementia will more than double, to 750,000.

Our medical system is already unable to deal with the overload, and we are seeing drastic cuts in funding for residential long-term care. This shift towards "less costly" community-based care has dramatically increased the demand for home care, but at the same time the average number of home care hours you might have received a few years ago has dropped from over 20 hours per week to just 2-4 hours per week!

Again, those of us who have elderly parents and friends might be forgiven for feeling somewhat cynical about the current debate surrounding two-tier medical services. When it comes to long- term care for our loved ones, it is readily apparent that a two-tier system is already well entrenched. In short, the services are available, if you can write the cheque.

So...what are the chances that you will need long term care? It's true, we are living longer - in fact, in 1996, life expectancy at age 65 was 18.4 years, 5 more than in 1941. But the other side of the coin is that of those 18 years, on average, 9 are relatively healthy, and the other years include 3 years each of slight, moderate, and severe disability. In fact, it is estimated that at least 40% of all people over 65 will need some form of long-term health care services.

Traditionally, we have counted on the government to provide for our medical needs, but when it comes to long-term care, you can expect the following from our medical system:

  • long waits, up to three or four years
  • outdated and overcrowded facilities
  • an annual financial assessment, to determine the level of subsidy received
  • no choice of location
  • reduced services

Unless you have medically trained family members, who are willing and able to drop everything and tend to you around the clock, you could find your retirement savings liquidated in a few short years if you elect to pay for private home care or facility care. Consider the following:

Current home care costs about $30 per hour, and up to $50 per hour for some services
Even a government facility in Ontario will cost you at least $1500 per month, in addition to the subsidy Private facilities range from $2500 to $7000+ per month! And don't forget, this is the cost per person, not per couple.

Fortunately, there is now available in Canada insurance to cover the ongoing expenses of long term care. Available in the United States for decades, this coverage has recently been made available in Canada. Those of us whose practices consist largely of seniors know that it is long overdue.

Long-term care insurance covers virtually all of the expenses of long-term care, either in your own home or in a facility, for periods ranging from a few years to lifetime coverage. If you are between the ages of 30 and 80, you can apply for coverage. Depending on the level of benefit you select, you can receive up to $300 per day - tax free!

We can help you find the right plan for you to protect your assets, give you the independence you deserve and give you choice. The choice to stay at home, the choice to get the care you need, when you need it and the choice to get the care where you want it. The protection long term care insurance provides give people the confidance they seek as they reach retirement age.

Those of us involved in financial eldercare believe that long-term care insurance may be the most significant financial product you can own. For ourselves, and for our loved ones, Long Term Care Insurance may be the only thing that stands between us and the loss of our lifestyle, our independence, and our control over our health and finances.

As one senior put it so eloquently, "Most people want to choose where they go, instead of having to go where they are taken..."


Jan's Story


Jan's StoryJan's: Story A Love Lost to Alzheimer's

Jan Chorlton was a promising television reporter working with CNN, ABC, and even "CBS Sunday Morning." She was lively, daring, one of those people who celebrated life. But at only 40 years old, the subtle changes of lapses in memorybegan. Barry Petersen reports. Watch CBS News Video



Below is a list of all the other types of insurance we can provide.  Please click on the links below to find out more about what we offer.