Long Term Care Insurance
Long term care insurance provides financial security in the event you require home care or a permanent stay in a nursing home. It pays individuals a weekly tax-free benefit in the event that they can no longer complete 2 of the 6 activities of daily living. Those activities include bathing, dressing, eating, maintaining continence, toileting, and transferring (ask your advisor for more details). Long term care in a facility or home care does not come cheap and may not be covered under your provincial government health plans. Without the necessary funds to take care of you, it can have a devastating effect on your savings and or/force your family members into debt and stressful situations with unforeseen medical expenses.
Here are some factors to consider:
- Within the provincial health care there is NO coverage for private facilities and only a small allowance for home care.
- Expenses for private nursing, cooking, cleaning, and shopping will be your responsibility.
Long term care insurance can be set up to pay a tax free benefit for home care, for facility only, or both. There is also an elimination period/benefit period which refers to the amount of time that one must wait before receiving the benefit. The benefit period refers to how long in years the benefit will be received. There are also riders which can be added to the policy. These would include cost of living adjustments/ inflationary measures and return of premiums at death.
I can assist you in structuring your long term care insurance to meet both your financial and future needs.
*Refer to “Are you financially prepared to get older,” under articles of interest for more information.
To find out more: Click on “Book a free Consultation” in the top right hand corner.