Nursing Home Financing
I'm not sure if this is the correct forum to post this question. This involves Nursing Homes in Canada.
Joyful Guy, are you still posting? If so, you may have the answers as I think you are also from Canada and I believe that Financial Advice is also up your alley.
It appears that if you have a good sound financial plan for retirement you might be all right. Or if you have nothing the government takes your Old Age Pension , Supplement etc, leaving you a small monthly amount, so in that circumstance things would still be all right. My question is for low income people who have worked hard, saved what they could but do no have other pensions. What can a person do to protect the savings that they do have as this would be depleted before one could be subsidized? With interest rates what they were a few years ago, one thought they were all right, but it is a different story now, as any savings are not earning much. For example, I am in my 70's. I have been very frugal and have saved what I could but I have a great fear that if it became necessary for me to reside in a nursing home that my savings might quickly be completely used. There must be some way to protect ones self, even at this age. Would it be through some type of insurance? For example could a policy be purchased with a single payment so that if savings were depleted that there would still be an inheritance for family? I certainly want to pay my own way. I do not others paying any portion for me, however I resent the fact that everything I have worked for could go to the government for long term care. Hopefully I will never need it.
Any suggestions out there? I would think there are many others who may be wondering the same thing, and if they are not, maybe they should be.