Long Term Care Insurance

About Long-Term Care Insurance:

Canadians are living longer than ever before, which is wonderful news; however, as we reach age 65, the possibility of entering a long-term care facility or needing to receive special medical care in your home rises dramatically. With the rising cost of care and the coverage gaps that exist in provincial health insurance plans, the expenses can easily add up to thousands of dollars:

  • Out-of-pocket costs for a long-term stay at a government-subsidized nursing home can reach as high as $2,161.71 per month.
  • The average cost for a room in a privately-owned retirement residence is $1,527-$4,774 per month for a semi-private room and $1,600-$7,750 for a private room.

The full cost of long-term care received at home or even in subsidized facilities is not covered by provincial health insurance plans. No coverage is provided for privately-owned retirement residency.

Without proper planning, the cost of long-term care may quickly drain your savings, assets and retirement income. Long-term care insurance helps to fill the gap in provincial health insurance plans, while also allowing you to lessen the burden on your family and maintain more control over your future. Long-Term Care insurance can help you with expenses such as:

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