Long term care insurance helps pay for the support you may need as you age, so your savings last and your family isn’t left to cover the costs. It can help pay for care at home, in a retirement residence, or in a long-term care home. As a result, you protect your assets and gain peace of mind.
Provincial programs cover some long-term care, but rarely all of it. For instance, you may face waitlists, limits on home care hours, or accommodation fees. Many families end up paying the difference themselves. For background on what public health coverage includes, see the Government of Canada’s overview of Canada’s health care system.
Policies usually pay in one of two ways. Some reimburse your actual care costs up to a limit. Others pay a fixed weekly or monthly amount you can use however you need. Typically, benefits start once you can no longer manage everyday activities, such as bathing or dressing, on your own.
It’s best to apply in your 40s or 50s, while you’re healthy. Premiums rise with age, and health changes can make coverage harder to get. Some people also use critical illness or life insurance with living benefits to cover future care, so we’ll compare all your options.
Our experienced consultants can help you with every step:
Don’t leave your future care to chance. Contact Nova Star Insurance Consultants today to discuss your options. The first conversation is free, with no obligation.
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