Long Term Care
Long term care may include:

  • nursing care
  • rehabilitation and therapy
  • personal care (help with activities of daily living like dressing, eating and bathing)
  • homemaking services (meal preparation, cleaning, laundry)
  • supervision by another person

Care may be provided in the home, in the community (e.g. Adult Day Centres), or in a facility that provides long term care.

There is a real chance that at some point in your life you may need to enter a long term care facility or receive special medical care in your home. This type of care does not come cheap, and depending on the level of care you may want or need, the cost may not be paid by your government health plan.

With the benefit that comes from long term care insurance, you may not have to withdraw from your savings, or fully rely on other sources of funding.

Two types of protection

There are 2 types of long term care insurance policies:

  1. One reimburses you for eligible expenses you receive on a given day, up to a pre-set maximum.
  2. The other type of long term care insurance is the income-style plan, which is more flexible. It offers the income when you require the care, without having to prove you had expenses.

Do I need long term care insurance

The need for long term care insurance is driven by the importance to you of ensuring you will have the money to pay for care if you can no longer care for yourself.

It's easy to take abilities for granted, and there are no guarantees in life. Long term care insurance can help reduce the uncertainty about your ability to pay for care.

One less thing to worry about - With long term care insurance, you have:

  • more choices about the quality and amount of care you receive
  • more choices around where you receive care and by whom

 

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