Instant Insight | October 4, 2016

Submitted by Emily on October 17, 2016 - 2:00pm

Desjardins Insurance provides the most flexible long-term

care (LTC) solutions on the market

With life expectancy on the rise and the increased chances that we will require specialized assistance, 74% of Canadians admit they have no financial plan to pay for long-term care if they needed it according to a survey conducted on behalf of the CLHIA.

Here are the two biggest misconceptions about long-term care to help you start the conversation with your clients:

Misconception #1: It won’t happen to me. A person’s independence can be altered unexpectedly either through a sudden injury or the onset of an illness or disease which may include:

Dementia: Fifty-six thousand Canadians with dementia are being cared for in hospitals even though this is not an ideal location for care. By the year 2036, it’s expected that 25% of the population will be over 65 with almost 1 million Canadians afflicted with dementia.

Alzheimer’s disease: 1.1million Canadians are aﬀected directly or indirectly by this disease.

Cancer: 63% of Canadians diagnosed with cancer are expected to survive for 5 years or more after the diagnosis. Many of them will require assistance in daily activities during and after cancer treatment.

Misconception #2: The Government will provide for me. Many Canadians mistakenly think that long-term care is covered by the public health care system. The truth is:

Only a small part of the costs are covered by health programs. This means that your clients (or their families) will have to incur a significant portion of the cost.

In the next 35 years, the cost of providing long-term care to Canadian baby boomers is expected to exceed $1.2 trillion, and only half of that amount is covered by current government programs.

A long-term care facility can cost up to $6,700 per month, depending on the room type, services required and the province/area of residence. Even in government-subsidized facilities, a waiting period of several months is common.

Desjardins Insurance has two solutions that guarantee a monthly benefit in the event of a loss of independence:

Independent Living: It is the most flexible long-term care solution on the market with highly competitive rates!

Life with LTC Advance: An affordable hybrid coverage combining both life and long-term care insurance.

Loss of independence: If the insured becomes unable to perform 2 of the following 6 everyday activities without the help of another person—bathing, dressing, toileting, transferring, continence, eating—or suffers from a cognitive impairment endangering his health or safety (for example, Alzheimer's disease and other types of permanent senile dementia).

Learn more about LTC insurance here or call us for more insights on how you can approach your clients with these solutions!