Long-Term Care Insurance (LTC)

Today, we perform day-to-day activities with ease – getting out of bed, taking a shower, walking up and down stairs – but this can change… especially as we age.

Fortunately, these changes don’t often happen overnight, but are more of a gradual process. When building your retirement income plan, you should not overlook your future health care needs. Long-Term Care Insurance can help you protect this plan – helping you maintain your standard – and quality – of living as best you can.

What is Long-Term Care?

Long-term care services may be provided at your home, in a retirement home, at a long-term care facility or other assisted-living facilities. What you might expect to be included:

• Nursing care
• Therapy and rehabilitation
• Personal care
• Services at home (i.e. laundry, cooking, meal preparation)
• Personal assistance when you need it

How does Long-Term Care Insurance work?

LTC Insurance covers the cost of your care should you be unable to perform two of the six activities of daily living or be cognitively impared (bathing, eating, dressing, transferring, toileting, continence). Certain plans will cover you when you receive care within Canada or the United States.

Like Disability Insurance, LTC Insurance has a period of time called a waiting period or elimination period in, in which you must wait before your benefits are payable – usually 30 days, 90 days or even longer. Some plans limit the eligible expenses to a per-day maximum, but others are much more flexible and offer an income-style benefit – without the need to submit receipts. This means there are no restrictions on the type of service – including care provided by family members.

Key Features:

• Plan benefit amounts can range from $10 per day to as high a $10,000 per month.
• Plan benefits can be designed to pay you for up to one year, two years, five years or even an unlimited number of years.

Why is LTC Insurance right for me?

If you are planning for your retirement and want to protect your assets and/or your estate you should give strong consideration to a Long-Term Care policy. Your assets and savings can erode very quickly should you require long-term care. With an LTC policy you gain flexibility and control so you won’t have to rely on government or other assistance for your care. Ultimately, you gain control over your retirement should you require care in the future.

Learn more about Long-Term Care Insurance.
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