WHEN TO BUY LONG TERM CARE INSURANCE IN CANADA


– Well, I think that we both are signed up for short-term disability and then long-term disability So that would help a little bit

(smooth music) – Hi, this is Taayla Mark with Engrace Financial Solutions and you are watching Street Smarts with Taayla Thank you so much for joining me I so appreciate your attention And if you like this video, please give me a thumbs up, subscribe, and I'd love to come back and talk with you every month on financial planning This time we are talking about long-term care and I want to share a story, a personal story, about my family that relates to this product

Grandma was the perfect example of how long-term care insurance could have worked for her Grandma really took care of herself She exercised, she ate the right food, she had a positive attitude, and we always joked that Grandma walked faster and has more energy than here seven granddaughters In her mid-80s, Grandma became forgetful It was the early signs of dementia

She managed to stay in her own home for four years, but during that period, we needed to give her 24/7 support And eventually we had to move Grandma into a long-term care facility She lived in that facility for two years and during that period, we hired a nurse to give her the extra attention, because, unfortunately, Grandma eventually forgot how to move on her own The family struggled with the costs of her care Even though Grandma was financially stable at the beginning of her illness, money and assets were quickly used up in order to support her

As a financial planner, I knew that the best product for Grandma to have was long-term care, because it provides a monthly income for the care of her while she was at home and while she was at the facility If you're unable to work due to a situation, how many paychecks can you comfortably miss before things get a little dire? – Probably none Yeah Just like right now, I'm going through a little bit of medical things So I

My, not everything is covered under my insurance So I have to pay out-of-pocket for a lot of things So I probably wouldn't be able to miss any

– Unfortunately, the best time to get long-term care insurance is when you're younger and healthy If you're in your 50s or 60s, you should run to submit your application for long-term care insurance, because the longer you delay, the harder it is to get the coverage and the premium becomes unreasonable With today's advancement in medicine and technology, it is possible to outlive your savings If that is one of your concerns, ask your financial advisor about long-term care or leave some questions on the comments below and I would love to share with you some more Engrace Financial Solutions: Financial Success Made Simple

Source: Youtube


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