We will all face with it in one way or other

Before we start on this topic, I would like to take a small quiz to test our reader on this subject;

Q) What is the average cost of Facility care in island of Montreal?

A) Depend on the availability the cost will be range from $1500.00 to $3000.00 a month.

Q) What would be the hourly pay for Registered Nurse and care giver that you need to provide you with health and personal care?

A) It is varies between $14.00 to $35.00 depends on their task and type of care

Q) What is the maximum number of days that your provincial Medicare Card allows you to stay at the hospital once you need the nursing and care giver help?

A) 90 DAYS

Q) What about out of province and country long term care facility.

A) Your Travel Insurance policy will not cover the care they will take care of the cost of transporting you back to your home or medical facility of your own resident.

Q) Dose your immediate family have enough time and financial back-up to insure the cost of medical facilities and care giver center that you might need, how about your RRSP and retirement pension plan, would you be ready to cash in years of saving and investment?

A) In most cases the patient have to liquidate his/her investment or their assets in order to cover the cost of home or facility care and in most cases the children's or siblings of the same family have no time to look after their parents

Definitions:
Long-term care insurance provides benefits to pay the cost of health and personal care services for someone who becomes unable to care for him or herself. To ensure a comfortable future, it makes sense to purchase long-term care insurance.

The basic coverage provides benefits to pay for health and personal care services for an insured person residing in a long-term care facility. You can also purchase additional coverage that would pay for home care provided in the comfort of the insured person's own home. Home care also includes help with everyday tasks such as cooking, cleaning and shopping.

Depending on the long-term care insurance plan selected, a policy could specify that benefits be paid for one year, two years, five years, or for the insured person's entire life.

Facility Care Insurance

This insurance provides a daily benefit for every day that the insured person requires health and personal care services within a long-term care facility.

Home Care Insurance

Home care insurance is an optional benefit purchased in addition to facility care insurance. This daily benefit reimburses the cost of home care for an insured person. Home care is defined as a medically necessary long-term care program, recommended by a physician and provided by a licensed nurse or health care worker in the insured person's own home( sources : RBC Insurance)

FACE THE FACTS 
Every Canadian Needs to Plan for His/Her Long-Term Care Time of Life! 

FACE THE FACTS! 

• Long-term care is not a sexy, glamorous or trendy issue -- it is a complex problem with the ability to devastate families emotionally and financially  
• Care-years planning is not considered a major component of lifestyle or retirement planning -- it is an urgent one that cannot be overlooked by adult Canadians in our turbulent, ever-changing environment  
• Long-term care insurance is not a frill, accessory or supplementary product — it is a ‘must-have' necessity element for anyone 40 years and older 

READ THE TRENDS!

• Over the next 25 years, 1 in 4 Canadians will be over 60--this population movement is influencing the design of everything around us  
• By 2010, 60% of boomers over 50 years old will have a surviving parent (versus only 16% in 1960)—our ‘Gucci' boomer generation will be able to demand, as they have throughout their journey due to their size, quality resources and services (for their aging parents)  
• The first round of Canada's 10 million Baby boomers will reach the age of 65 over the next decade, significantly swelling the masses of our senior population beginning in 2011—the need for care services will see a dramatic rise and will continue to increase for the next 4 decades during this age-wave  
• In 2016, Canada will experience a ‘phenomenon' never recorded before, we will have far more seniors than children (age 14 and under) in our country—the change will be visible in the economic and social fabrics of our provinces  
• 1 in 5 Canadians 45 years and older provides care to a senior at present—the care-issue will become even more ‘visible' over the next 3 decades peaking in 2035 when our provinces will experience the highest demand for care as baby boomers close- in on 75  
• One seldom mentioned fact is that increasingly in our country, parents and their children will be seniors ‘at the very same time'—since current research tells us that the health of those seniors providing care (whether an offspring or a spouse) is greatly at risk, the question will be where to turn for help and/or how to finance such assistance  
• Working-caregivers, who are juggling care responsibilities plus work duties, cost Canadian employers $16 billion per year—not only should caregiving be recognized now as an important workplace issue as 66% of informal caregivers are still in the workforce, but also it is destined to be less-silent in the near future with HR departments forced to deal with its impact (watch for the term ‘caregiver glass-ceiling')  
• Seniors are our country's fastest growing population group with the number of persons aged 65 and over expected to double from nearly 4 million in 2000 to almost 8 million by 2026 with the most rapidly growing age group the 80 year old and older— given that less than 10% of long-term-care in our country takes place in a nursing home, with most LTC taking place in a private home by family and friends as caregivers; given that maintaining one's independence within one's own home is ranked as a number one priority by seniors; and given that long-term-care expenses and time have a potentially crippling impact on a family, long-term care insurance will become a priority for adult Canadians 

CONFRONT THE CHALLENGES!

1. We don't believe we are growing that old  
2. We believe that our governments will provide the services we need for our loved ones and ourselves if required  
3. We think our spouses and our children will help take care of us  
4. We say we will worry about the problem when the time comes  
5. Bottom-line: We simply don't believe there is a need to plan, there is a complete ‘disconnect' on this issue -- we need to be educated about the risks we face

ACT ON THE OPPORTUNITY—NOW!

Develop a care-plan….no surprises when we are least able to deal with them!

(sources  Patty Randall Consultant, Speaker, Author ofLong term care in Canada)

Joseph Afshar or Layla Javadi at: 514-484-1867
First Canadian Financial Service