Karen Henderson is our guest expert to talk about planning and paying for long term care.
Karen believes people do not want to think about the time when, as they age, become chronically ill, and may need long term care. Unfortunately, however, the reality is that according to Statistics Canada, about 50% of those who reach 75 will need long term care. More unfortunate realities:
- Too many Canadians think the government will look after them when they become ill and unable to care for themselves
- Three quarters of Canadians (74 per cent) admit they have no financial plan to pay for long-term care if they needed it
- The 2014 Sun Life Canadian Health Index found forty-seven per cent of respondents worried about needing more long-term care than they have the money for, while 45 per cent worry over about outliving their savings.
During our conversation, Karen helps us explore questions such as:
- Why should women be especially concerned about long term care?
- Why aren’t we planning for long term care?
- How much does long term care cost?
- How do I know if I will need long term care?
- How worried should I be about Alzheimer’s disease?
- How can I fund my long term care?
- What triggers a claim?
- Why would someone consider buying long term care insurance?