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About Long-Term Care Insurance

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.

Long-Term Care Statistics in Canada

Long-term care is an essential service that many Canadian families benefit from, but it comes at a high cost that may be unaffordable for many. For both government-owned and private long-term care and retirement residences, the cost of having a family member stay in these organizations can be well over a thousand dollars a month. Over time, this expense can be unrealistic for many families to continue to keep up with, meaning their family members may go without the care they need.

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. Are you willing to leave these costly expenses to your loved ones?

How Long-Term Care Insurance Works

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 your savings and retirement income as well as become a financial strain on your loved ones.

Your rates are typically determined by some basic factors, including:

  • Your age and overall health - the older you are and the more health issues you have will determine your premium amounts.
  • Sex at birth - your sex at birth will also help determine your rates. Unlike life insurance coverage, women often pay more than men when it comes to long-term care insurance because they generally live longer and therefore have a greater chance of needing long-term care.
  • The insurer and the amount of coverage - different insurers have different prices for their coverage. Also, the more coverage you need, the higher your premiums will ultimately be.

What Long-Term Care Insurance Can Help With

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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