NB Nursing Home Costs

NB Nursing Home Care Costs Money.  Have you protected your assets?

Now that the dust has settled couples earning less than $60,000 a year will benefit from the 2015 provincial policy. Couples earning $30,000 will save $117.19  and at $50,000 save $57.28 a month. Individuals won’t be affected.

 

The only assets affected by the current Provincial Nursing home care policy are liquid financial assets. Tangible assets, like the family home or principal residence are exempt, RRSPs and RRIFs aren’t up for grabs yet. Cottages, boats and vehicles will be left out of the calculations this time. This policy has changed several times since I started Financial Planning in 1991. Do you really believe it won’t change again?

 

Most New Brunswick voters won’t be affected by this policy because their income is low enough to stay under their radar, so the political question becomes: Should they (most NBers) have to pay for affluent people who don’t insure their assets?

Long term care insurance policies have been on the market in Canada since the 1990s so why don’t more people own their own Long Term Care Policy?

  1. A) Many have lower income levels and probably won’t need it.
  2. B) Many more haven’t heard of it.
  3. C) Some only think of investments and returns rather than focusing on financial planning.

What happens if a millionaire’s house burns without insurance? Do taxpayers pay to replace it?

What happens if you smash your car without insurance?

The government legislated that you must buy car insurance with public liability to protect others. They don’t require you to buy life insurance, disability insurance or long term care insurance, that’s your choice.

Submitted by: Gordon Hughes CFP, Gordon can be contacted at Smart Choice Life (506)454-3346 or toll free at 800-471-0411 or email [email protected]

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In 1997 the NB Gov’t decided that people who could afford it would  pay for their own nursing home care up to forty some thousand a year.

In 2006 the NB Gov’t reduced the amount you could pay to $113 a day. Temporarily reducing the need to plan financially in the minds of the public.

In 2015 the NB Gov’t increased that daily cap from $113 to $175 a day.

In ????  Will the next change bring a demand for more money? Could they raise the cap to $233 a day? Or will they begin to access RRIFs, cottages etc. the next time?

Today the average cost in 2015 is $233 a day which translates into $80,045 a year!

Will your wife/husband be drained of assets after paying for your care? Plan ahead it’s easier, and more effective  than waiting until you are trapped. Prior to 2006 all assets were fair game – even the family home was at risk. What will the future bring?

WARNING: Transferring assets to children has real risks.    (Read More)

Contact us with your name phone and email for a better solution- protect your assets for your spouse and/or family – tell us which is the best way for us to contact you and is daytime or evening better [email protected] (506) 454-3346, 1-800-471-0411

SOLUTION FOR SENIORS: There are legal and appropriate ways to protect assets for most people but it takes planning. If you wait until you require nursing care it could be too late.  Our solution is only available through a Life Insurance company – Banks and Investment companies don’t have access to these products. Call today 800-471-0411 or email [email protected] Don’t delay call today!

A DIFFERENT SOLUTION FOR YOUNG AND HEALTHY PEOPLE: There is a product called a  ‘Long Term Care Policy’ which is the most economical way to deal with this issue.   Call us for a FREE quote. 506 454-3346 

 Remember we are brokers and we work with several companies.  Agents work for only one company. Some life insurance companies don’t even sell long Term Care Insurance!