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  Long Term Care Insurance  


Why you need Long Term Care Insurance

As people get older they will need long term care. Seniors may no longer be able to keep up with the maintenance required to maintain their own home. Some are less fortunate and are diagnosed with a serious illness. Your kids may not have the time to look after you as they are busy with their own lives. Will you have enough money to retire with dignity and maintain your life style?

You probably haven't given it much thought. The majority of Canadian's have no real plan. Canadian's assume the government plans are sufficient, they may have a company pension or they will start working towards saving for retirement. If this sounds like you we urge you to contact us to put a plan in place.

A study published in the economist magazine back in 2011 on entitlements such as pensions and health care stated that western governments can no longer afford to fund the generous benefits that we have become accustomed to. The problem can be summed up in the following: no one expected people to live as long as we are today; the cost of health care is skyrocketing; the majority of health care expenses paid by Provincial Healthcare Insurance Plans are for people in their golden years. Combine this with baby boomers that have started to retire and not enough workers to replace them to pay for their entitlements.  You have a recipe for cut backs in Health Care. 

If you are one of the more fortunate to have a company pension plan and feel secure, you are also at risk. Many pension plans in Canada are underfunded and some defined benefit pension plans are becoming insolvent. Simply put, nice to have don’t count on it. You need a financial advisor to work with to start saving and investing in your RRSP, tax free savings account, individual pension plan (IPP), whole life insurance policy, universal life insurance policy, and non-registered investment accounts.

If you are one of the unfortunate people that needs round the clock care due to health problems or an accident even the most basic facility will cost over $1600 a month. Fees for nursing homes are standardized across Ontario and are established by the Ministry of Health and Long Term Care. The Ministry of Health and Long Term Care provides funding for nursing homes; the amount paid by the residents for their accommodation is called a "co-payment". In Ontario there have been cut back in services for long term care facilities forcing seniors into costly private nursing homes.

When it comes to private retirement facilities like the ones you receive brochures, with a golf course, tennis court, and swimming pool, that is a whole new ball game. Be prepared to pay $4000 to $9000 per month depending on location and accommodations for private retirement facilities.

The cost for retirement homes for people who need extensive care is very expensive. The sooner you start a separate plan for long term care the less costly it will be. Take advantage of your age and good health. This is becoming as important as life insurance. We can customize a long term care insurance policy based on your individual needs and budget. The cost is based on your age, health, the amount of coverage, and how long benefits will be paid for.


Stone-Hedge Financial Group Inc. offers long term care insurance plans from insurance companies that can be tailored to your specific needs.


Contact Us for a Long Term Care Insurance Quote


The information provided on this web site is intended for general information only. It should not be construed as legal, accounting, tax or specific insurance and investment advice. Clients should consult a professional advisor concerning their situations and any specific insurance and investment matters. While reasonable steps have been taken to ensure that this information was accurate as of the date hereof, Stone-Hedge Financial Group Inc. and its affiliates make no representation or warranty as to the accuracy of this information and assume no responsibility for reliance upon it.

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