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Long Term Care

Long Term Care insurance is an important risk management tool for long term financial planning.

Long term care (LTC) provides assistance and support for people who cannot look after their personal needs by themselves; for example people with a prolonged physical or chronic illness, disability or cognitive disorder. Long term care differs from traditional medical care as it is designed to assist a person to maintain his or her level of functioning, as opposed to care or services that are designed to rehabilitate or correct certain acute medical problems. In other words, the focus of long term care is on caring, rather than curing. Long term care settings can include your own private home or various types of facilities such as adult day care locations, assisted living facilities, or nursing homes.

The natural reaction of most Canadians is “Doesn’t my Provincial Health Care plan pay for this?” What most people don’t realize is that provincial health plans only pay the health care cost, such as nursing and medical care. Depending on the province, for long term care services provided in a facility, you are still charged for “room & board”. And in many cases provincial health plans do not provide enough services to fully meet your care needs — which means you are left to to fund the shortfall in services yourself.  And that can be a financial strain for you and your family.

Fortunately, there is specialized long term care insurance available to help you cover the ongoing expenses of long term care. Contact Us to speak with one of our licensed Account Executives regarding your long term care insurance needs.
 

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