Long Term Care Insurance

Provided through WCS Financial Services/BridgeForce Financial Group, one of the largest Canadian owned and operated Managing General Agency.

Long term care can be defined as any service that helps a person maintain their health as well as a degree of independence.

Buying long term care insurance provides financial assistance for an individual who is unable to perform basic activities of daily living (ADL) such as dressing, eating, bathing, toileting, transferring and maintaining continence. It can also include someone with a cognitive impairment such as Alzheimer disease. Long term care is often required due to aging, illness or injury.

long term careFinancial assistance from long term care insurance comes in three forms:

  • Income plan – this is a monthly benefit and can be used in any way by the insured person
  • Reimbursement – here the insured person is repaid by the insurer for all qualified expenses up to a daily or monthly maximum amount
  • Indemnity – the insured person receives a per diem for qualified treatments

Regardless of the type of long term care insurance you choose, it is best to have a policy that allows both ‘home care’ and ‘facility care.’


Long Term Care Options

There are three options for people needing long term care:

  • In-home care – the person requiring the care remains in their home and receives care from various sources such as a family member, friend or health care provider (nurse or personal support worker)
  • Long term care facility – while being government subsidized and regulated facilities can be lacking in adequately meeting the needs of certain individuals
  • Retirement residence – this is privately owned and funded and provides a high level of care provided you can afford to pay for the services


Reasons to have Long Term Care Insurance

Consider these reasons for having a long term care insurance policy:

  • Ensuring your dignity so that you don’t have to rely on family or friends to help with your personal care
  • Ensuring your spouse can maintain their quality of life while caring for you
  • Ensuring you get a high level of care from qualified care givers
  • Ensuring your enjoyment of retirement by not having to worry about funding future long term care costs
  • Ensuring the financial integrity of your estate by not depleting your savings to finance your long term care

The cost of long term care insurance varies by company as well as the limitations, elimination periods, riders and premium caps. To get a quote on how affordable long term care insurance can be, just contact Jacqui McFarlane.

And while you’re at it, you may also want to consider the merits of disability insurance and critical illness insurance. If you’re a business owner, check out key person insurance.