More Information about Long Term Care

Long Term Care Insurance

Long Term Care insurance is a relatively new product that provides a range of medical services designed for patients who require on-going care from medical professionals, like nurses and medical service aids. It is ordered by a physician and can be provided in either a long term care facility or in the patient's own home. Statistically we are now living longer but studies show that nearly half of today's population over age 65 will need some form of long term care. And while we typically think of long term care or nursing homes as being a seniors issue, younger people can need long term care as well. The cost for private, non-subsidized retirement homes ranges from $2,500 to $7,000 per month and while OHIP does cover part of the cost, there are often limits on the amount paid for Home Care and they don't cover the costs for private facility care. Those costs can deplete an estate that was intended to be left for future generations.

Long Term Care can be purchased as facility care and / or home care. The coverage is available in $ amounts / day. IE, $50/day and with varied benefit length options including lifetime. Future increases to benefit amounts can be prepaid, as well as a rider for return of premium if the insured dies without requiring coverage. These are some of the features of Long Term Care. A typical client is a business professional interested in protecting their estate or wishing to purchase coverage for their parent(s).