Long Term Care Insurance

In Canada, a significant number of individuals over 65 are likely to require long-term care. Estimates suggest around 70% may need such care in their lifetime, highlighting the importance of including long-term care in retirement planning.

Few insurers offer dedicated long-term care plans in Canada. Some, like Manulife, RBC Insurance and Sun Life, provide long-term care coverage as a conversion option on other policies, such as disability or critical illness insurance.

Contrary to common belief, Canada's public healthcare system does not fully cover long-term care in nursing facilities. Provincial and territorial health plans may subsidize some medical and nursing care costs, but typically not the full expenses, especially room and board in care facilities. Individuals often bear a significant portion of these costs, highlighting the importance of planning for long-term care expenses.