Long term care insurance

From Financial Consumer Agency of Canada

Long term care insurance can provide coverage if you become unable to care for yourself and need assistance to manage daily living activities.

Long term care isn't just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness.

Many long term care facilities and home-care services receive public funding. However, most also charge co-payments or extra fees for additional services that aren't provided under the long term plan.

To qualify for benefits, most plans state you must be incapable of performing two or more activities of daily living by yourself, such as bathing, dressing or eating.

To receive benefits, you have two options:

  • be reimbursed for eligible expenses that you may have on a given date, up to a pre-determined maximum
  • receive pre-determined monthly payments

You'll typically have to wait 30 to 90 days after becoming disabled before you get benefits. Some additional conditions and restrictions may apply.

The Canadian Life and Health Insurance Association provides information on the different types and costs of long term care.

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