long term care insurance
Why the Need for Long-term Care Insurance?
Long-term care insurance covers the insured in the event of prolonged physical illness, a disability, or a cognitive impairment like Alzheimer’s. This type of insurance is designed to help one live and maintain their lifestyle as it is now with their activities of daily living.
A person with a disability or illness will often need constant care and those who have cognitive impairments will need supervision. Long-term care insurance can help pay for these everyday expenses by using the insurance company’s money.
Personally owned Long term care insurance has been around in Canada for several years now. Simply put, LTC will pay the insured a weekly or monthly income if they cannot do 2 of the 6 aids to daily living which are: Bathing, Dressing, Transferring, Toileting, Continence and Feeding.
What You Can Do with the Benefit Payments?
The need for long-term care plays out in stages – first for someone to come into your home to care for you, then transitioning your care to a long term facility when it is required.
Hire an experienced person to come into you home on a regular daily schedule so that you can stay at home but not be a burden to your spouse or family
Stay in your home until you decide that you would be better served in an extended care facility
You have control – you can choose the home you want in the neighborhood you want.