Long Term Care Insurance

What

is it?

A means of financial protection that becomes available if you are unable to care for yourself and require assistance with at least 2 of the 6 activities of daily living.1

After a waiting period, long term care contracts provide assistance in one of two ways; either you will receive a monthly benefit based on your coverage or you will be reimbursed for eligible expenses that are outlined in your plan.

Whether you choose to move to a facility that provides the services you need or you hire help and make changes to your home - long term care plans allow you to choose the type of assistance you feel is best for your needs.

Why

is it important?

Being injured or ill is difficult on its own - not being able to work and bring in an income can make the situation feel overwhelming.

Most people have faith in government programs and rely on them to be available if they need help. While there is protection afforded by the Canadian government, there is no guarantee that eligibility requirements will be met or that sufficient funds will be available when you need them.

Having an independent contract with an insurer guarantees; how long you will wait before receiving benefits, how much you will be eligible to receive and how long you will receive benefits for.

By removing the unknowns, you will be able to properly plan your retirement knowing that the help will be available if you need it.

Things to keep in mind

Family and friends are often able to provide assistance if the need arises but some conditions may persist for long periods of time. While they may be happy to help, there is a certain amount of stress and anxiety involved in caring for a loved one. These informal caregivers are asked to make large sacrifices and likely lack the training or know-how to confidently provide the care needed.

  • 1. Activities of daily living include:
    • bathing
    • dressing
    • toileting (going to and from the toilet)
    • transferring (moving from a chair or out of bed)
    • maintaining continence (controlling bodily functions)
    • eating