As we reach age 65, the probability of needing some form of long-term care support increases.  A number of Canadians will look to government programs to fill this need.  Depending on your province of residence, and your level of income and assets, you may not be eligible for government programs or services towards these costs.

 

Costs associated with Long Term Care requirements continue to rise with reduced access to government medical services and increased needs due to the aging population.  Without proper planning, the cost of long-term care for you or a loved one may quickly deplete your savings, assets and retirement income. 

 

Long Term Care insurance provides a pre-determined benefit amount when an insured is unable to perform basic activities of daily living – eating, bathing, dressing, toileting, transferring, and continence – or for cognitive impairment.   Plan options are available relating to in home care and facility care.