Long-Term Care Insurance
What is Long Term Care Insurance?
Long-term care insurance helps pay for care and services that support daily living activities as you age and your physical and mental abilities decline. This can include things like assistance with bathing, dressing, eating, and managing daily tasks.
Why should I buy it?
Security into retirement
Long term care insurance ensures that the costs of your medical conditions, disabilities, or disorders are covered. You may also be reimbursed for assisted living services.
Peace of Mind
By purchasing long term care insurance early on, you can rest assured that your savings will be protected and that you can experience life worry-free.
Access to Quality Care
Through long term care insurance, you will have more access to higher quality options and facilities.
Long-term care services are not covered by regular health insurance. The earlier you purchase long term care insurance, the higher the likelihood you will qualify for it and be reimbursed for your care expenses down the road.
How does Term Life Insurance work?
Coverage for Daily Living
As you age, your activities of daily living (bathing, eating, dressing,
toileting, transferring, and continence) may become increasingly
difficult as you age, or if you have chronic illnesses or disabilities.
Long term care insurance provides coverage for services that
assist with activities of daily living, preventing you from using your
savings for the same services.
Variety of Care Settings
Get reimbursed for care in a variety of settings, from such as in-home care, nursing homes, assisted living facilities, and adult day care centers.
Policy Term
Policies vary depending on your insurance provider.
Premiums
Pay premiums to keep your policy active.
Elimination Period
60-90 days before you can be reimbursed.
When should I buy it?
The best time to purchase long term care insurance is around age 50 – 60, when you are in relatively good health. The earlier you purchase the insurance, the lower your premiums will be, along with the higher likelihood of qualifying for coverage.
If you decide to wait until your conditions worsen and are unable to perform activities of daily living (bathing, eating, dressing, toileting, transferring, and continence), you may be deemed ineligible for coverage.
How much does Long Term Care Insurance cost?
The cost of premiums for long-term care insurance in Canada can vary widely depending on several factors, including:
- Your age and health status;
- The type and amount of coverage you choose;
- The waiting period before benefits kick in;
- The inflation protection and benefit increase options;
- The insurance company and policy provider.
Contact us now and we can help find out which policy is best for you!
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