Ltci Revised June 15 2009
- 1. Presented By: Larry Waldron Long Term Care Insurance Specialist Long Term Care Seminar
- 2. Think about your day You get out of bed. Go to the washroom. Have a shower. Get dressed. Eat breakfast. And you’re ready to go.
- 3. But we’re all vulnerable to accidents and illnesses that can change the way we live. We take these everyday activities for granted
- 6. Care provided to individuals who are unable to look after themselves as a result of accident, illness, aging or deteriorated mental abilities What is long term care?
- 7. May include: Nursing care Rehabilitation and therapy Personal care (help with activities of daily living like dressing, eating and bathing) Homemaking services (meal preparation, cleaning, laundry) Supervision What is long term care?
- 8. May be provided in: The home The community (e.g. adult day care) A facility What is long term care?
- 9. What if the future is not as you expect? At some point after age 65, more than 40% of men and 70% of women are expected to develop either a a cognitive impairment or need help with two or more activities of daily living for at least 90 days Cohen, Marc A., Maurice Weinrobe, Jessica Miller, and Anne Ingoldsby. "Becoming Disabled After Age 65: The Expected Lifetime Costs of Independent Living," AARP (American Association for Retired Persons) Public Policy Institute, 2005.
- 10. If you need care Where do you want to receive care?
- 11. If you need care What quality of care do you want to receive?
- 12. If you need care How will your family cope, financially and emotionally, with caregiving?
- 13. If you need care Do you want to use your savings and investments for care?
- 14. Long Term Care Facility: Costs differ widely by province Typically, accommodation costs at least $2,000 a month for a private room Waiting lists can be long (one or two years) Is this where you want to live? Long term care costs
- 15. Retirement Homes: Accommodation can cost over $5,000 a month Personal care services may be in addition Long term care costs Costs are based on an informal survey and are subject to vary.
- 16. Home Care: Depends on level of care required and costs in your area Example: 2 hours nursing care 3 days / week at $40 / hour 2 hours personal care 7 days / week at $20 / hour 3 hours homemaking 4 days / week at $20 / hour Total = $3,293 / month Long term care costs Costs are based on an informal survey and are subject to vary.
- 17. How long will savings last? Assumptions : $200,000 initial savings 6% rate of return Initial $2000 monthly cost of care indexed to 2% inflation No tax on withdrawals
- 18. If an accident or illness changes your life… If you or a loved one needs help with everyday activities . . . Do you have a plan?
- 19. What planning can be done? Talk about it Powers of Attorney Funding Options
- 20. Two kinds of powers of attorney Property Can make financial decisions on your behalf For example, have the authority to write cheques, manage your bank account, and manage your property Personal care Can ensure that you receive appropriate treatment and care
- 21. Importance of powers of attorney Wills have no power while a person is alive Without powers of attorney, your personal and financial affairs may be handled by the public trustee or by a person appointed by the courts Consult a lawyer for assistance
- 22. Funding options for care Pay for it out-of-pocket, using your savings or assets Use insurance
- 23. What is long term care insurance? Helps cover the costs of long term care services Benefits are payable when you are dependent*: Require assistance from another person to perform 2 or more of the 6 activities of daily living (bathing, dressing, feeding, toileting, transferring, continence), or Require continual supervision because of deteriorated mental ability *Refer to your contract for more detailed definitions
- 24. Sun Long Term Care Insurance Income-style plan Most flexible Provides an income when you require care Can be used to cover the cost of any type of service including care received from family members
- 25. A plan that’s right for you You choose: Benefit amount How long the benefit will last Waiting period before benefits are payable Premium payment period
- 26. A plan that’s right for you Optional benefits: Inflation protection Return of premium on death
- 27. Additional benefits Waiver of premium Spousal waiver of premium Extended term insurance
- 28. What are the chances that . . . We will live long lives with no need for medical intervention or long term care? Our health care system will be able to cover all costs?
- 29. Be prepared, no matter what the future brings. Think long term.
- 30. The Joys of Aging by Julie Andrews
- 31. Maalox and nose drips and needles for knitting, Walkers and handrails and new dental fittings, Bundles of magazines tied up with string, These are a few of my favourite things.
- 32. Cadillacs and cataracts, and hearing aids and glasses, Polident and Fixodent and false teeth in glasses, Pacemakers, golf carts and porches with swings, These are a few of my favourite things.
- 33. When the pipes leak, When the bones creak, When the knees go bad, I simply remember my favourite things, And then I don’t feel so bad.
- 34. Hot tea and crumpets and corn pads for bunions, No spicy hot food or food cooked with onions, Bathrobes and heating pads and hot meals they bring, These are a few of my favourite things.
- 35. Back pain, confused brains and no need for sinnin’, Thin bones and fractures and hair that is thinnin’, And we won’t mention our short shrunken frames, When we remember our favourite things,
- 36. When the joints ache, When the hips break, When the eyes grow dim, Then I remember the great life I’ve had, And then I don’t feel so bad.
- 38. Thank You