Long Term Care Insurance More Valuable Than Ever

On October 8th 2009,  the Minister of Health announced new rates for residential chronic care, beginning in January, 2010. While they emphasized that some rates will go down,  those paying the higher rates will be paying close to 25% more. The new rate structure will ensure clients with the lowest incomes continue to pay the lowest rate in Canada for care.

Set up of Tax Free Savings Accounts (TFSA)

The Canadian government introduced Tax Free Savings Accounts (TFSA) as a new way of saving money without paying tax on the interest earned on the savings. The concept is that you can contribute up to $5,000 each year and not pay tax on the interest earned.

Out of Province Medical Insurance

A few years ago when I was vacationing in Santa Fe, New Mexico, I accidently fell down the steps of my travel trailer and broke my arm. Unfortunately, the break required an operation and in that one event I discovered how important it is to have Out of Province Medical Insurance. The care for the broken arm cost US$11,412 and my BC Medical Plan reimbursed me for only C$636.