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Long Term Care Insurance

Did you know that 1 in 5 Canadians provide for an elderly parent or close relative? Half of the Canadian population aged 65 and over has experienced loss of independence. Loss of independence can be defined as ones inability to perform at least two activities of daily living on their own. In preparation for such events as loss of independence, it is important to consider Long term care insurance. Long term care insurance will provide capital needed to cover expenses.

The average cost for a private room in a long-term care facility in Ontario is $2,028.49/month1. This cost along with the cost of hiring a health care professional could total well over $3,000/month, not including other living expenses.

The Solution - Long Term Care Insurance

Long-term care insurance guarantees the payment of a monthly benefit:

  • If the insured becomes unable to perform 2 of the following 6 activities of daily living without the help of another person: bathing, dressing, toileting, transferring, continence, eating
  • If the insured is suffering from a cognitive impairment endangering his health or safety (for example, Alzheimer's disease and other types of permanent senile dementia).
A 20-Pay option is available!

This premium payment option offers clients the comfort and security that no additional premiums will be payable after a 20-year period!

An extremely flexible product

To qualify for Independent Living benefits, the insured requires a doctor's diagnosis. The insured can use the Independent Living benefits as they wish and do not have to submit any receipts.

With Independent Living, the insured person chooses where to receive the care required. The contract doesn't require the insured to be admitted to a long-term care facility. The insured can continue to live in the comfort of his own home, if he wishes to do so. Plus, the amount of the benefit will not be affected if family members provide some of the care.

Assistance services included

With Independent Living, clients have free access to a full range of assistance services for expert advices.

As soon as the contract takes effect, your can get all the health, legal and daily living information you need.

In case of loss of independence, other assistance services that are of inestimable value are offered. Health professionals are available to answer all questions and help you and your family get through a difficult period. Health professionals can also visit at your home to evaluate needs and organize the health care services required.

Long-Term Care Facilities
Government Subsidized Facility

It is important to note that in many cases, admittance into a public long-term care facility is not only based on the loss of independence rather on the individual’s condition requiring several hours of care per day and that these services cannot be provided by the immediate family or friends.

Case study for a goverment subsidized facility - Life in a long-term facility for Tiffany’s mother

Tiffany’s mother suffered a serious stroke while she was shopping at her local grocery store. The damage caused some paralysis and left her totally incapacitated. Tiffany and her 2 brothers immediately attempted to locate a room in a private home in the New Market, Ontario area; however, they soon discovered that there was 3-year waiting list, and therefore, opted to place their mother in a public long-term care facility with a private room.

Tiffany’s mother is completely paralyzed and cannot communicate using speech or other methods of articulation. During her mother’s recovery, Tiffany decided to hire a companion to take her for walks in the park and even escort her to the local church.

Additional services included reading and talking to her as well as occasionally providing a bath and helping with rehabilitation exercises. All this care, which Tiffany and her brothers feel is essential to their mother’s well-being, cannot be performed by the long-term care staff as they are responsible to address the basic needs of all their patients.

As a result, Tiffany and her brothers share weekly bill of approximately $200 ($800 per month) over and above the costs associated with their mothers essential needs.

 

Private care facility

The average cost of accommodation in a private long-term facility varies from one facility to another and, naturally, so does the quality and type of accommodation and care.

  • Average cost for room and board ranges from $1,500 to $5,000 per month2
  • Average waiting period: 2 – 9 months (depending on the center and location)2
Home Care

The cost for home care varies greatly depending on the seriousness of the health problem(s) suffered by the individual that has become incapacitated as well as the number of chores that are provided by the caregivers.

Wikipedia Resource on Long Term Care Insurance

1Source: Provincial website, summer 2005: http://www.health.gov.on.ca/
2Source: Ontario Ministry of Health and Long-Term Care: http://www.health.gov.on.ca/

Long Term Care Insurance

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Customer Reviews

Funding a Buy-sell agreement with Life Insurance - by , December 22, 2011
4/ 5stars
I just got a long term care insurance for my parents, you gave me the thought of having to bath my parents should they need care that I could not afford. This is something that a friend of mine is actually having to deal with for her eldery mother. This is valuable coverage.
Alliance Financial Group
Investia Financial Services Inc.