If you can’t look after yourself,
who will? What if they can’t?
Long-Term Care Insurance
(good for spouses and parents too)
The costs of quality long-term care can erode a lifetime of savings. Would tax-free cash help? You decide how to spend it.
Four ways to pay for your long term care
There are four ways to deal with the costs of long-term care:
Public insurance: rely on the government
Self-insurance: pay out-of-pocket
Permanent life insurance: access the cash value via tax-free loans
Long-term care insurance
Each option has pros and cons. A combination often works best.
Note: some critical illness insurance plans include benefits for long-term care.
What long term care insurance covers
Long-Term Care insurance typically provides money for you to use as you wish if you’re:
Unable to perform two or more Activities of Daily Living (e.g., eating, bathing, dressing, toileting)
Unable to take care of yourself due to mental incapacity (e.g., dementia, including Alzheimer’s)
Some plans index benefits and give your money back if you don’t have a claim.
Here are videos:
- What is long-term care insurance? | Sun Life
- How much does $5000/month of long-term care insurance cost? | Question an Actuary 7
Here are articles:
- Four ways to pay for your long-term care | slides
- Dementia numbers in Canada (pdf) | CLHIA
- Long-term care in Canada | Angus Reid Institute
- The retirement issue no one talks about | The Globe And Mail
- Elder life calculator | Project Big Life
- Insurers hit policyholders with steep rate increases | The Wall Street Journal
- Why the WSJ is wrong about long-term care planning | Forbes
- Long-term care: are we fishing in the wrong waters? | RGA
- A surprising number of residents are bullied in assisted living | MarketWatch
- Costs and incidence of long-term care | Forbes
- Saskatchewan seniors knowingly served roast seasoned with hand cleaner | Toronto Star
- Long-term care in the age of Covid, and beyond | Advisor’s Edge
- Families sue long-term care providers over ‘disgusting’ neglect | CTV News
- Long-term care report details ’emotional abuse’ by overworked city staff | Ottawa Citizen
How might long term care insurance help you?
To find out, reserve a private consultation.