People are living longer today than ever before. According to Statistics Canada, 21% of the population will be over the age of 65 by the year 2026. Medical advances mean that diseases that caused death in the past now just cause disability. That's the good news. But living longer costs money. Have you factored living longer into your retirement plans?

Many of us think the government will look after us in our old age. If you become chronically disabled or mentally impaired, your provincial government plan may cover only a portion of the care, assistance and supervision you may need.

If you do qualify for a full government subsidy, you will have to abide by their terms and conditions government nursing homes, government-regulated home care and only the benefits allowed within their parameters. The subsidy level for nursing home care is reviewed annually. If your income exceeds this level, you would be eligible for only a partial subsidy, or you could receive no subsidy at all on the cost of your accommodation.

Private nursing homes can cost more than $3,000 per month. Government nursing homes can cost less, but often have long waiting lists. Home care providers, which may include a private registered nurse, charge a rate of approximately $35 per hour. Less skilled care, like assistance with eating ore light housework, can cost at least $15 per hour.

With the demands of everyday living, few people are in the position to devote the hours per day it takes to care for a loved one, no matter how much they would like to do it.

We all plan on being healthy throughout our lifetime, but sometimes getting older can prevent us from doing things that we now take for granted. Part of planning for your golden years means considering the possibility that you'll need long-term care.

Long-term care insurance provides you with the service and support you need to maintain your day-to-day activities should a chronic illness or cognitive impairment keep you from being able to take care of yourself.

Long-term care insurance should be part of your financial future. With long-term care insurance, you can take control over the quality of your care, as well as eliminate many out-of-pocket expenses. It lets you receive the care you need in the comfort of your own home. It also provides comprehensive coverage for nursing home care, should you need it.

You can purchase long-term care insurance from age 40 up to age 80.

If you would like some more information about Long Term Care Insurance, please contact us . We'd be happy to help.