Long term care insurance (LTCI) is coverage designed to protect a person’s needs short or long term if you became unable to care for yourself due to aging, an accident, an illness, or deteriorated mental abilities.
The average cost for a retirement home or care facility is over $30,000 per year. Average cost for personal care in your own home can range from $30/hour to $45/hour. Who will pay for that care? Your provincial health plan may not cover everything.
You can use the money from a long term care benefit any way you want to provide you with the care you deserve. It pays you a weekly benefit ranging from $150/week up to $2300/week. You choose the benefit that best suits your needs.
If you answer YES to any of these, you have a need for coverage:
Are you concerned your retirement income might not last for your lifetime if your health deteriorates?
Would you like to choose the level of care that’s right for you?
You would prefer to stay in your own home with personalized care?
You want to protect your wealth from being eroded by the cost of care.