21 Jun 5 things to know about long-term care insurance
Chances are you’ve never considered the potential costs of long-term care. But as you get older, the odds of your needing that care will increase.
As time marches on, the onset of a chronic condition, degenerative illness or dementia could mean you or a member of your family will need constant care for an extended period, either at home or in a nursing home. And contrary to common belief, this care is not fully paid for by provincial governments.
In its consumer publication, A guide to long-term care insurance, The Canadian Life and Health Insurance Association (CLHIA) reported that depending on your province of residence:
- Accommodation in long-term care facilities typically costs from $900 to more than $5,000 per month, based on the type of room and the level of government funding available.
- Private home-care service can cost from $20 to $90 per hour for personal care or nursing care.
If you require extensive care, your costs could easily add up to between $35,000 and $65,000 a year. A 2013 CLHIA survey revealed that over half of respondents (52%) would not have sufficient funds to pay for long-term care if they needed it immediately. To continue to read this article by SunLife, click here.