In the recent survey of Statistics Canada, number of people who are more than 100 year old and living are close to 5000. The aging population of Canada and their medical and lifestyle needs can be well taken care of with the help of Long Term Care protection Plan also commonly known as Lifestyle Protection Plan.
Many adults believe that they do not need any long term care insurance. As per their belief, they can rely on government benefits, long term care centers and other personal savings but sadly that is not the case. The long wait for assisted living facilities is increasing.
The long term care insurance does not guarantee all the expenses of the old age to be covered but it can supplement the cost of living in a nursing home or private nurses or day care. As the cost of the health care is rising very fast, it means the money saved before the retirement will turn out to be worth less and people can buy less treatment. Planning for old age is definitely the most stressful work and one cannot rely on the public health systems or personal savings to get the same. With the help of the long term care insurance plan, one gets the guarantee that a certain amount will be paid to the insured for each day of the care.
The gap between the coverage needed by severely ill individuals and available coverage through Government of Canada can be filled up by any long term insurance plan. Many of these insurance plans have inflation protection benefits so that the insurer gets more benefits year. This will put a check to the shrinking value of the amount paid. The main reason why the people should go for the long term care insurance is that the demand for care facilities and home care will be extremely high and the burden to support the family members will increase continuously.