Securing healthy finances during long term illness
Thanks to better nutrition, fitness and health care, Canadians are living longer these days. As we age, however, our need for health care increases dramatically. At the same time, our government health care system has been off loading costs onto consumers. Government coverage, quality, and availability of care already varies, sometimes widely, from province to province and even city to city.
Can you afford to get sick?
With this in mind, there is good reason to wonder if your income from pensions, annuities, RRIFs and/or other sources would adequately cover the care you need during a long term illness. Fortunately, Long Term Care Insurance is now available in Canada providing a new avenue to afford the quality health-care you may require.
"Long Term Care Insurance alleviates the fear of burdening family or friends in the event of illness," says Murray Pituley, CA, Manager, Advanced Financial Planning Support at Investors Group. "This product covers the cost of in-home care providers, housing in institutional care homes, and even hospitals that may not be fully covered by government health care systems."
One less worry
In addition to protecting existing financial assets, Long Term Care Insurance offers a degree of financial independence and peace of mind.
"Maintaining an undepleted estate to leave to a surviving spouse or children is one less thing to worry about when dealing with a serious illness," Pituley adds. "Your Investors Group Consultant can provide detailed information about this relatively new form of insurance, and help you decide whether or not it is right for you."
Long Term Care Insurance offers:
- A weekly benefit;
- Flexibility and choice;
- Peace of mind;
- Quality care with worry-free dignity;
- Separate premium rates for males and females;
- Waived premiums while either spouse is on claim (or if one spouse dies); and
- Optional return of premiums on death.
Long Term Care Insurance options:
- Reimbursement Plans refund what you have already paid for eligible services. Receipts are required as proof of claim.
- Indemnity Plans pay a scheduled amount when an eligible service is received from a licensed service provider. You must prove the service was received, but the amount paid is not an issue.
- Income Plans provide you with a weekly income in the form of the benefit amount you purchased. This income may be used for whatever form of care you desire—including paying a family member or friend for care.
Investors Group offers the Sun Life Long Term Care Insurance Plan, which is the most flexible of these three options. No receipts are required for your insurance claim, and you need not worry about whether a service is eligible. This plan also offers periodic opportunity for inflation protection by increasing coverage without providing evidence of insurability. Contact your Investors Group Consultant today for details.
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This article, written and published by Investors Group Financial Services Inc., is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide professional advice including, without limitation, investment, financial, legal, accounting or tax advice. For more information on this topic or on any other investment or financial matters, please contact your Investors Group Consultant.
© Copyright 2007, Investors Group. All rights reserved. Do not reproduce without the express written consent of Investors Group.
