We typically have insurance for our home, car, life and maybe the cottage but have you heard about long-term care insurance? While many reports indicate that most people fail to factor the cost of long-term care into their retirement financial plan, it can be very costly. Is it more beneficial to have a separate investment account to pay for long-term care? How long do you plan to be in a long-term care facility – can one even plan such a thing?
We found an article in the Globe and Mail written by Augusta Dwyer that looks at the pros and cons of long-term care insurance. At the end of the article there is a handy little calculator that lets you choose your province of residence and see what the cost would be of care from standard to private. Follow this link to read the article and be sure to let the calculator do some work for you.