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.
Long term care insurance helps you maintain dignity and quality of life in a facility or at home.
Personal finances & retirement can be negatively impacted by a deteriorative illness.
Helps to support your caregiver both financially and emotionally during a stressful period.
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.
Long Term Care is designed to help with the financial burden of home or facility care. This means that it can help you to:
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