The fact is people are living longer. Long Term Care Insurance Canada is a growing concern. Many people will need help with daily tasks as they age. Long Term Care Insurance in Canada is designed to protect an individuals independence and finances as they age and need care.
What is Long Term Care (LTC)?
Long Term Care (LTC) is any service that helps a person maintain their health and a degree of independence.
Long Term Care Insurance Canada is becoming more and more common. As our population ages, many seniors will have a time in their life where they will need help with routine tasks like bathing, dressing, and eating. LTC is also required for those with cognitive impairments like Alzheimer’s and Dementia.
Some seniors will have care in home; others will choose to go to a long term care facility or a retirement residence with some care. In home care can cost $20 – 40 per hour depending on the area and if it is from a Registered Nurse or Personal Support Worker. The cost of a retirement residence or LTC facility can range from $30,000 to 70,000 per year and higher. This depends on the facility and level of care required.
The two key types of places providing LTC are long term care facilities and retirement residences. The first are government subsidized and regulated facilities. The second is privately owned, for profit, “assisted living” homes where extra care can be obtained at an extra cost. The assisted living homes are in higher and higher demand as they are perceived as better quality. These are also much more expensive.
Considering that Long Term Care may be required for many years, it is easy to see that the costs can add up to a substantial amount. There is some government assistance, but those who have elderly parents have likely experienced disappointment in the level of the benefit provided. In fact, more and more Canadians have to pay the full cost of their long term care.
What is Long Term Care Insurance Canada(LTCI)?
LTCI provides financial assistance for an individual who is unable to perform certain Activities of Daily Living or who has a cognitive impairment such as Alzheimer’s.
Long Term Care Insurance Canada is designed with seniors in mind but younger individuals can qualify and benefit as well if they are unable to perform certain activities of daily living.
Financial Assistance from a LTCI policy helps pay home care or facility care related expenses. The financial assistance can come in three key ways:
Income plans – a monthly benefit is provided and can be used as desired by the insured
Reimbursement – qualifying expenses can be submitted to the insurer for reimbursement
Indemnity – An insured receiving qualifying treatment will receive a per diem
Long Term Care Insurance is growing in popularity as the baby boom generation recognizes that they will live a long life and that some years are likely to be difficult to do declining health.
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Always speak with a licensed insurance representative about your specific situation.
This site is general in nature and there may be errors or ommissions