| 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). |
