Long-Term Care Planning
Protecting your independence and financial security through comprehensive long-term care planning strategies.
Planning for Long-Term Care Needs
Long-term care refers to a range of services that help meet both the medical and non-medical needs of people with chronic illnesses or disabilities who cannot care for themselves for extended periods.
Important Note: Traditional Long-Term Care Insurance is no longer widely available in Canada, with very limited exceptions. However, this doesn't mean you can't plan for potential long-term care needs.
The Reality of Long-Term Care in Canada
- The average cost of a private room in a long-term care facility in Canada ranges from $2,000 to $6,000 per month, depending on the province.
- 75% of Canadians have no financial plan in place for their potential long-term care needs.
- The average length of stay in a long-term care facility is 2-3 years.
- Government subsidies for long-term care vary by province and are often based on income testing.
Why Plan for Long-Term Care?
Planning for potential long-term care needs is an essential part of a comprehensive financial plan. Without proper planning, the costs of long-term care can quickly deplete your retirement savings and impact your estate plans.
At View360 Insurance Advisory, we help you develop strategies to address these potential costs while protecting your assets and maintaining your dignity and independence.
Did You Know?
According to Statistics Canada, by 2036, seniors will represent 23-25% of the total Canadian population, and the number of Canadians aged 80 and over will double.
This demographic shift will significantly increase the demand for long-term care services, potentially leading to higher costs and longer wait times.
Get Expert Advice
Our advisors can help you navigate the complex landscape of long-term care planning and develop strategies tailored to your unique situation.
Schedule a ConsultationAlternative Solutions for Long-Term Care Planning
While traditional Long-Term Care Insurance is no longer widely available, there are several effective strategies to help protect yourself and your assets from potential long-term care costs.
Critical Illness Insurance with a return of premium rider can provide a lump sum benefit if you're diagnosed with a covered condition. This benefit can be used for any purpose, including long-term care costs.
Certain permanent life insurance policies offer living benefit riders that allow you to access a portion of your death benefit if you require long-term care, helping to cover these expenses while you're still alive.
We can help you develop a dedicated investment strategy to build a fund specifically for potential long-term care needs, using tax-efficient investment vehicles and appropriate asset allocation.
We can help facilitate family discussions and develop a coordinated plan that outlines roles, responsibilities, and financial contributions for potential care needs, supported by appropriate legal documents.
Our Long-Term Care Planning Process
We follow a comprehensive approach to help you prepare for potential long-term care needs.
Assessment
We evaluate your current financial situation, health status, family history, and personal preferences regarding long-term care to understand your specific needs and concerns.
Strategy Development
Based on your assessment, we develop a customized strategy that may include a combination of insurance solutions, investment approaches, and family care planning to address your long-term care needs.
Implementation & Review
We help you implement your long-term care plan and conduct regular reviews to ensure it remains aligned with your changing needs, health status, and financial situation.
Take the First Step Toward Long-Term Care Planning
Contact us today for a complimentary consultation to discuss how our long-term care planning strategies can help protect your independence and financial security.