Woman jailed for sex assault
Rescued after fall into river
Killer not happy with show
Facial recognition at border?
PM ups attacks on Poilievre
CRA will get the money: PM
Instagram fraudster jailed
11 Trump allies indicted
Ukraine uses new missiles
BoC officials split on rate cut
Big loss for Boeing 
Metro sales edged higher
Vees dominating Vipers
Warriors snakebitten in loss
Iginla off to Europe
Coachella fined $28K
Those are her nipples
Kanye to launch porn studio
The costs of an extended-care facility or in-home care can quickly deplete finances. Adult children may then be required to help pay the expenses, negatively affecting their finances, and perhaps their own family’s standard of living.
It’s best to purchase long-term care coverage before age 65 — the earlier the better. Not only will the cost of premiums be lower, purchasing coverage early will also eliminate the possibility that parents will later suffer health issues that could disqualify them from coverage.
Most insurers allow the purchase of long-term care insurance up to age 80 - although at this age you’ll have to carefully weigh the much higher costs of coverage versus the benefits.
If your aging parents are without long term care coverage, talk to them about why they might need it. If they’re not in a position to pay the premiums, it might be wise to share the cost or to purchase insurance on their behalf.
We can help you determine whether it makes sense to purchase long-term care insurance for your parent or another relative.
If you have any questions on this topic or would like a review of your current financial plan, please call 250-317-1495 or e-mail: [email protected]
This column is presented as a general source of information only and is not intended as a solicitation to buy or sell investments, or life insurance, and should not be taken as providing, investment, financial, legal, accounting or tax advice.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
