Thursday, September 03, 2015

LTCi Up North

Seems that we Americans aren't the only ones with a long term care problem. Our Neighbors to the North© have their own challenges:

"Three in five Canadians (63%) say their family is not in a good position (financially or otherwise) to care for older family members if they need long term health care, and it worries them greatly."

The problem is that, much like their counterparts here in the US of A, there's a perception that, absent more government spending, senior care (especially custodial) is going to fall on adult children, spouses and/or other relatives. One solution, of course, is Long Term Care insurance. But contrast the US vs Canadian experience regarding that:

"As of 2010, there were only about 385,000 Canadians with long-term care coverage and the life and health insurance industry paid out total annual benefits of $12 million ... There are over 10 million Americans that are protected by long-term care insurance"

Those were the most recent figures I could find, and I'm sure there are more Canadian LTCi policyholders by now, but the difference is startling. Seems like quite the marketing opportunity, no?

[Hat Tip: Co-Blogger Bob V]
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