Protecting your financial independence
As we see new long term care facilities going up around Vancouver Island, it makes you wonder how much does long term care really cost?
While the range of care differs from each facility and different communities have different levels of care, the monthly costs can sometimes be expensive when you are looking around Vancouver Island for long-term care options. Research into costs led me to a website with the listings of “Home Choices” which is a comprehensive guide to home support and retirement communities on Vancouver Island. mySeniorSite is an excellent website for seniors specifically on Vancouver Island with health care concerns.
While the costs of long-term care can vary, the financial costs to retirees can be worrisome to their retirement plans.
How do you cover these costs? Some facilities are as much as $4000 per month or more. My experience is that the average retiree will have trouble affording an extra $4,000 per month plus the living costs of the spouse who remains at home.
An alternative does make it affordable for retirees called Long Term Care Insurance. This insurance will pay up to $200 per day or more when you have to go into a long-term care facility because you can no longer look after yourself.
Long Term Care Insurance also offers freedom of choice, from nursing home care to care in your own home, as your situation requires.
Many seniors are prepared to spend on health care. Spending it on long-term care may be an option to help protect their financial independence today.
Some areas to look at when considering long term care are Daily Benefit The cost of long term care is calculated on a daily rate. The amounts you receive from the insurance company can range from $50 to $300 per day or more. The benefit period is the length of time you will receive payments from the insurance company once your benefits begin. Most retirees can select a specific number of years (2 to 5) or a lifetime plan.
Home care insurance is an optional benefit This daily benefit reimburses the cost of home care for an insured person. A financial professional can help you project the cost of retirement housing and living expenses and help determine if long term care insurance should be part of your retirement income plan to protect your financial independence.