Many people believe that the availability of reasonable long term care costs in Canada is gradually diminishing. As the population ages, and public financing for facilities like a nursing home dry up, consumer's out-of-pockets costs may increase. These factors have lead to the introduction of long term care insurance Canada, a relatively new type of policy that can help Canadians meet the financial demands of long term care, or LTC.
Many people assume that LTC is covered by their Provincial health insurance, or their supplemental plans. This is not the case however. Another cause for concern for Canadians is the reduction of health care services offered by the Canadian government. While some provinces, like Ontario, run community health centers that can provide long-term in-home nursing care. However, this is not offered in every community and is by no means universal. Even in towns with facilities, the amount of services offered by the community health centers is decreasing, and waiting lists for care are growing longer.
While these are all reasons why long term care insurance Canada is on the rise, you should refrain from buying a policy until you know what kinds of care are available in your area, and how much they cost. This long term care review can help you discover some of the options. For example, nursing homes are subsidized by the province, keeping costs reasonable. If you think you would prefer an assisted living facility however, costs are much higher. A few phone calls to local nursing homes and other kinds of care facilities will let you know what these services cost in your region.
None of the major American long term care insurance companies. like CNA, John Hancock, MetLife or Genworth (formerly GE) offer policies in Canada. Long term care insurance Canada providers include Clarica, JKS Financial Services, RBC Insurance and Manulife Financial. Before you buy a policy, be sure to get several different quotes on premiums, and to choose a reliable long term care insurance company that is committed to its LTC products.
Long term care insurance Canada means that whether you live in Ontario, Alberta, Manitoba, Saskatchewan, or any other province, you can receive care when you need it, without worrying about out-of-pocket costs. Talk to a local insurance broker or agent to find out if long term care insurance Canada is right for your situation. To examine all of your possibilities, get a free long term care insurance quote today.
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