What Is Long Term Care Insurance

While none of us has a crystal ball that will enable us to see what our future holds ,growing older is a fact of life. So it should come as no surprise that care at a Victoria BC long term care or at home could well be needed in the future for anyone of us.

In Canada governments are facing ever increasing long term care costs given the increasing percentage of citizens entering their senior years. These statistics may have you considering investing in long term care insurance and wondering just what it covers that could make it a good option. When you’re active and healthy it’s hard to imagine that things can change quickly, especially as we age. Long term care insurance can provide peace of mind should you become unable to care for yourself due to an accident or ageing.

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Long Term Care Insurance Advantages

Brings care into your home so that you do not need to downsize or move to a facility right away
Lessens the burden on caregivers and supports your family financially if you’re going to be live a long time with them should you need care
Manage your care and expenses if you have an unexpected severe accident at any age that results in you needing substantial assistance from a family member or caregiver

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Most plans will have a waiting period and in order to receive benefits under your plan individuals must be unable to perform 2 out of 6 activities of daily living which are: bathroom, dressing, eating, maintaining continence, toileting and transference. Long term care insurance will save individuals from depleting their savings and/or forcing their family into debt due to unforeseen or unplanned medical expenses.

Many long term care facilities in Canada do receive public funding, however most charge co-payments or extra fees that are not provided under the long term care plan. The cost of long term care at home or within a facility is high which makes long term care insurance good option.