When we think about our retirement plans, we tend to picture positive activities like travelling and spending more time with the people closest to us. If we’re in good health now, it can be difficult to picture the problems that inevitably arise as we age into our retirement.
Long-Term Care Insurance provides coverage on out-of-pocket expenses for care at home or at a facility. For some, that means dealing with an unexpected health event or accident, and for many of us it will mean chronic health problems that make daily activities very difficult without help from a friend or family member. Long-Term Care Insurance provides the peace-of-mind that your out-of-pocket expenses for care will be covered in the long run.
Long-Term Care Insurance policies can vary from reimbursing you for eligible expenses to providing a monthly stipend. Services typically include:
- Nursing care
- Rehabilitation and therapy
- Personal care (help with activities of daily living such as dressing, eating and bathing)
- Homemaking services (cleaning, laundry, preparing meals)
- Caregiver services
To lock in the best premiums, it’s always advisable to apply for coverage as early as possible. This is primarily because it’s difficult to be approved when you have existing medical conditions. Moreover, a longer waiting period before benefits kick in can also lower your premiums.
Most people look forward to the independence that comes along with retirement. The financial independence most people seek depends on how well they set themselves up for unplanned hurdles. As you plan for your retirement, it’s important to not only factor in your income. Future healthcare needs can become a key factor in your retirement, and Long-Term Care Insurance can help you maintain your standard of living as much as possible.
If you would like to learn more about Long-Term Care Insurance and the options available to you, please feel free to contact me.
With Disability Comes Debt: Why Employees and Self-Employed Individuals Need Disability Insurance
Ninety-six per cent of Canadians believe that a disability could occur at any time. More than three quarters of Canadians also believe that missing three months of work due to a disability would cause serious financial jeopardy. Are you aware of how much Disability Insurance Coverage you have? Are you self-employed and do not have a Disability Insurance policy?
Given the fact that one in three Canadians will experience a period of disability lasting longer than 90 days during their working lives, Disability Coverage is a key piece to have in any person’s Insurance portfolio.
Here are some steps you can take to prepare yourself for a possible period of Disability in your future:
Forecast your spending to ensure you have enough coverage. Most Canadians are accustomed to budgeting. Try forecasting your estimated spending and ensure that your Disability Insurance policy will provide enough coverage for your spending habits.
Understand the terms. When will you receive your payouts? What’s covered by your policy and what will you have to pay for out-of-pocket? If your employer offers Disability Insurance, make sure you fully understand the terms of your policy. If you’re self-employed, or you don’t receive Disability Insurance from your workplace, speak with an Insurance Advisor about opening a policy.
Stay healthy. There are some disabilities that we simply cannot protect against, but there are many that we can. Exercise, eat right, and quit smoking, and you can lower your chances for future health issues, while increasing your quality of life.
Disability Insurance coverage can be affordable and invaluable at a time when you need it most. Contact me to explore the options available to you.