Long-Term Care

What is Long-Term Care Insurance?

Like disability, long-term care insurance pays a monthly tax-free benefit after a waiting period of anywhere between 30 days and 180 days. In order to qualify, you must be unable to perform two or more of the following daily living activities: bathing, dressing, toileting, transferring, continence, and eating.

Did you know that...

  • 25% of elderly caregivers are also seniors?
  • 57% of caregivers are employed?
  • 78% of care receivers continue to live at home?*

As we age, our need for care changes. The cost of this care can be staggering and public healthcare plans only provide limited coverage, with subsidies being decreased over time.

Long-term care insurance covers the costs associated with services such as:

  • Rehabilitation
  • Nursing care
  • At-home assistance

Features of Long-term Care

Duration. Depending on the plan, benefits may be paid for 2 years, 5 years, or the rest of your life.

20-Pay Option. With this payment option, an insured individual can be free of premium payments after 20 years while still receiving coverage for a lifetime.

Why should you get long-term care?

  • Provincial health plans won’t cover the entire cost of long-term care.
  • Many individuals will need several hours of care per day, which cannot be provided by a loved one.
  • Benefits can be used as the individual wishes, whether they choose to stay at home or enter a long-term care facility.

Source: Statistics Canada General Social Survey