Long Term Care Insurance

A valuable optional add-on to Critical Illness policies that enables you to maintain your independence when you can no longer care for yourself.
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What is long term care insurance?

Many Canadians believe that full-time care in a long-term care facility will be fully paid by government health care programs. Unfortunately, long-term care is not covered by the public health care system.

Long-term care insurance provides financial protection should you lose independence and be unable to care for yourself.

Loss of independence may be due to a chronic illness, disability, cognitive impairment (such as dementia); or age-related conditions preventing you from managing a number of the activities of daily living without assistance.

Long Term Care insurance is designed to help you cover the cost of care services you may need in any environment (i.e. in the home or in a facility).

Historically, Long Term Care was available as a standalone product, but is now only available as a valuable optional add-on for Critical Illness policies.

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Maintain dignity

Long term care insurance helps you maintain dignity and quality of life in a facility or at home.

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Protect finances

Personal finances & retirement can be negatively impacted by a deteriorative illness.

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Caregiver support

Helps to support your caregiver both financially and emotionally during a stressful period.

How does long term care work?

In the event that you should suffer a cognitive impairment, or are unable to complete two (or more) activities of daily living (ADL's), following a waiting period (typically 30-90 days) your long-term care insurance will begin to pay a benefit.

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Activities of Daily Living include:

  • Bathing
  • Dressing
  • Transferring
  • Toileting
  • Continence
  • Eating

Benefits are paid one of two ways:

  • An income-style benefit, which offers a pre-determined monthly benefit amount. Or,
  • A reimbursement-style benefit that reimburses you for eligible expenses incurred up to a pre-determined maximum.
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How does Long Term Care benefit you?

Long Term Care is designed to help with the financial burden of home or facility care. This means that it can help you to:

  • Bring care into your home so that you do not need to downsize or move to a facility right away
  • Lessen the burden on caregivers and family both financially and emotionally
  • Manage your care and expenses if you have an unexpected severe accident, at any age, that results in your needing substantial assistance from a family member or care-giver
  • Help ensure your retirement income lasts for your lifetime if your health deteriorates.
  • Maintain dignity and quality of life if your health deteriorates.

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