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Posted: 14 Jun '16

Why Have Long-Term Care Insurance?

Long Term Care Insurance from Vistaplan in Edmonton

Thinking ahead to long-term care when you feel fine and it seems like you'll never need it can be difficult, but not planning ahead can have devastating effects on your retirement savings and the people who care about you. In fact, one year in a long-term care facility costs about $60,000, or $5,000 per month per person. A 12 month stay has the potential to erase over a decade of saving. This is why you should have long term care insurance because investing in it can protect your savings and help you maintain your Edmonton lifestyle.

The Case for Long-Term Care Insurance

There are six basic activities of daily living (ADL) which a need for long term care are established:

  • Bathing yourself
  • Ability to feed yourself
  • Dressing on your own
  • Transferring, or walking
  • Using the toilet unassisted
  • Continence (ability to control your bladder or bowels)

For the purposes of qualifying for benefits from your Edmonton long-term care insurance, if you require substantial aid or are unable to perform two to six of those tasks, you are considered functionally dependent. Considering the labour involved in many jobs in the Edmonton area, it is not a stretch to think after 20-plus years of work, your functionality may be compromised.

Long-Term Care Insurance with Real Options

Our population in Canada is aging and it's no surprise that long-term care options are becoming more limited. With waitlists at most top-rated facilities, there is no guarantee you will have a space when one is needed. Many insurance plans do not cover contingencies and only pay for an approved facility. Having long-term care insurance that provides solutions and allow you to remain in your Edmonton community in the event care is needed. Once qualified, the benefit is yours to use as you see fit. Some possibilities include:

  • A long-term care facility
  • Home care so you are not displaced
  • A private arrangement with a caregiver of your choice; family, friend, etc

Protect Your Investments and Your Loved Ones

Whether it's accumulated injuries from a lifetime of working in Edmonton, or a sudden, debilitating illness, not having financial resources for long-term care can devastate your retirement goals, put family members in a position to have to provide care, or leave you without the care you need. As with most insurance plans, planning ahead can save you considerable money over the long term. Contact us at Vistaplan to discuss a plan that suits your situation perfectly.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.