Canadians are living longer lives thanks to healthier lifestyles and medical breakthroughs. Yet as we age, we may lose our ability to independently care for ourselves. Provincial health plans may cover some of the costs for long-term care, but the majority of expenses are covered by families, causing financial hardship. Consider these statistics:
The cost for a long-term stay at a government-subsidized nursing home can be over $2,000 a month.
Privately-owned retirement residence stay can cost on average over $3000 a month for a semi-private room and over $4000 for a private room.
Your provincial health insurance plan will not cover the full cost of care at home or subsidized facilities. Moreover, your provincial plan will not cover the costs of living in a privately-owned retirement residency.
Long Term Care Insurance covers what your provincial health plan does not. This coverage ensures that the cost of long term care does not impact you savings and retirement income as well as become a financial strain on your loved ones. Long Term Care Insurance can cover expenses such as:
care by a certified nurse
rehabilitation and therapy
personal care & home care services (assistance with daily activities such as: dressing, cooking, cleaning)
supervision by another individual
Please complete a short enquiry form to get a free, no obligations quote on Long Term Care Insurance.
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