Long-term care insurance was first sold in the U.S. in 1987, with Canada following in the early 90s, and there is still a limited number of Canadians with long-term care policies. That is why we have seven reasons why you should consider buying long-term care insurance now.
1. Aging population – According to Statistics Canada, one in every seven Canadians is 65 and over.
2. Cost of care increasing in Canada. The Canadian government already spends $3.9 billion on Alzheimer’s and dementia.
3. Many long-term care policies have optional home care service – This is especially important when the average cost of a private room in a nursing home is $74,000/year.
4. The choice of home care or nursing home care gives the insured independence and control to be cared in a way he or she chooses.
5. This control prevents the insured from being a burden on his or her family.
6. The cost of long-term care coverage increases as people age and the likelihood of qualifying for coverage decreases.
7. The weekly or monthly long-term care benefit received is tax-free.
For more details visit our Long Term Care Quote Page or contact us at 1-866-899-4849.
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Who is the best company for Long Term Crae. Does BMO have a plan I have a life insurance with them
The best plan really depends on your date of birth,m, smoking status, the amount of coverage and the type of plan. BMO Insurance does not offer a Long Term Care plan.