Long Term Care Insurance for CARP Members
CARP members: According to the Canadian Life and Health Insurance Association, over 70% of people over age 65 will ultimately require some long term care. Daily care is required when you are physically or cognitively dependent as a result of an accident, illness or aging.
With reduced government health plan coverage for long term care programs, monthly expenses may reach thousands. Perhaps that’s why it’s predicted that the average Canadian will soon spend more time caring for their elderly family members than raising their children. Long term care insurance is the logical solution. And MyDignity has a smarter approach.
- Unsurpassed Experience: Our program partners MyDignity have offered long term care insurance for more than 36 years. They will assess your unique situation, explain all of your coverage options, then shop the market to find the best solution and value for your needs and budget.
- If you lost the ability to care for yourself, a tax-free income benefit would give you the freedom to choose the type of care you want in a facility or the comfort of your own home. That’s a smarter approach to long term care insurance.
- While coverage is available up to age 80, lower rates are typically available to age 65.
Long Term Care Insurance for CARP Members helps protect your savings and independence, and allows you to choose where you want to receive care. Talk with MyDignity, and start planning for the day you can no longer care for yourself.
Long Term Care Facts and Stats
The Future Co$t of Long-Term Care in Canada
National Institute on Ageing White Paper
- According to the 2016 interRAI clinical assessment data employed in this study, the aggregate proportion of home care hours that those age 65 plus in Ontario receiving longer duration home care services are:
- - 8% from private-pay
- - 17% publicly-funded, and
- - 75% informally provided unpaid by friends and family.
- Surveys and focus group studies by the Society of Actuaries (SOA) over the past 20 years have consistently found that the biggest financial concern among seniors is not having enough income to pay for the expenses typically associated with advanced age: the costs arising from long-term care and health care, as well as lost purchasing power on account of inflation (SOA, 2016).
- “Baby boomers are strongly advised to take a long, hard look at their own personal circumstances and plan ahead, to the extent that they have the health and financial means to better protect their future and possibly more vulnerable selves.”
Improving the Accessibility, Quality and Sustainability of Long-term Care in Canada
Canadian Life and Health Insurance Association Inc. Report on Long-term Care Policy
- According to Statistics Canada, the chances of requiring long term care are one in ten by age 55, three in ten by age 65, and five in ten by age 75.
- About 50,000 strokes occur in Canada each year, with stroke being the leading cause of transfer from a hospital to long-term care.
A Guide to Long-Term Care Insurance
Canadian Life and Health Insurance Association Inc. Consumer Information
- Looking forward over the next 35 years as baby boomers age, the cost of providing long-term care to Canadian boomers will be $1.2 trillion, and only half of that amount is covered by current government programs.
Make an Informed Decision
As CARP’s recommended insurance provider, we have a responsibility to help you make an informed buying decision. No matter which insurance product you require, or provider you choose, our best advice is to educate yourself before you buy. That’s why we offer information that will help you review programs “apples-to-apples”.
Long Term Care Insurance
Protect savings, secure independence, preserve dignity
Of the Canadians age 65-plus who will ultimately require some form of long term care, when given a choice, most prefer to remain in their own homes for as long as possible. A move to a care facility is often due to needing intensive care or due to the high cost associated with home care.
Daily care is required when you are physically or cognitively dependent as a result of an accident, illness or aging. Monthly expenses can reach into the thousands of dollars. Personal long term care insurance is the most logical and thoughtful solution, as government assistance is limited at best.
Two policy types with tax-free benefits / income:
- (1) REIMBURSEMENT POLICIES repay expenses incurred up to your designated limit. These policies are the least expensive, and the most effective and efficient.
- (2) INCOME-BASED POLICIES provide income if expenses are incurred or not. They’re a more costly policy, more difficult to obtain and prone to rate increases.
When should one start to think about long term care insurance? If you will be 65-plus within 20 years and are concerned about protecting your assets, income and savings, or are unsure of the support you’ll have in the future, the time is now.
And if obtaining coverage is a concern for you due to cost or health issues, consider a simplified acceptance plan that is both affordable and easy to obtain, with no medical underwriting.
Regardless of the long term care insurance policy one may choose, it is an integral component of a solid financial strategy. Long term care insurance provides you with the freedom and control to choose how you wish to be cared for. No one wants to be a burden on the ones they love.
GREAT RESOURCE: Read the “Guide to Long Term Care Insurance” online on the Canadian Life and Health Insurance Association website: www.clhia.ca.
A FINAL WORD: The McLennan Group urges you to be certain the program selected is right for your needs. Always read the fine print and ask questions before you buy, because insurance without proper coverage is like having no insurance at all. Remember, your protection is our priority.
Insurance policies administered by MyDignity Inc.
The Long Term Care Insurance Plan for CARP Members is administered by MyDignity Inc. and offered by The McLennan Group Life Insurance Inc. Product may not be available in all provinces. Terms, conditions, limitations, exclusions and termination provisions apply, see policy or a MyDignity representative for details. Life and Health Plans offered by The McLennan Group Life Insurance Inc. Auto & Home and Pet Programs and Small Business Liability Insurance offered by The McLennan Group Insurance Inc.