Long Term
Care Insurance

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Long term care insurance is a special type of insurance designed to cover the costs of providing basic care in the event that you are not able to care for yourself and not able to perform two or more of the activities of daily living e.g. bathing, eating, dressing, toileting, porting/transporting, etc. Once you qualify, an insurance company will pay the monthly benefit which may be based on the original subscription.

Why is long term care beneficial:

  • There is a possibility that most people will need to be supported at some stage of life.

  • Do not have a large pool of savings to get assistance

  • No family/support system to help out,

  • The awareness that savings and investments can deplete quickly once you need long term care. This is not your plan or choice.

Typically, once a claim is approved, an insurance company pays the money without the need for receipts. The benefit is provided tax free, and may not affect other benefits you may be entitled to. It is important to know that there are plans available with an inflation option and without, as well as there are different elimination time periods on the plan. As with all other insurance plans, the earlier you purchase this plan, the lower the premiums will be.