Long Term Care Insurance provides financial support should one should find themselves, a spouse or a parent becoming physically disabled or cognitively impaired.
Monies needed at the time of a disability are a growing concern as our population ages. Canadians are getting more and more concerned about the cost of care should they need assistance with the activities of their daily living. Many have gone through their savings and have lost time at work to take care of their parents, a family member or a disabled spouse.
About 1.4 million Canadians, older than 45, combine full time employment with care-giving. Canadians who find themselves in the role of care-giver say it can turn their lives upside down both financially and emotionally . . . not to mention the one that requires the care.
Long Term Care insurance can help mitigate many of the costs of care such as professional care-giving, grocery shopping, housekeeping and medical supervision. It provides a benefit for each day you are unable or need assistance to perform the usual activities of daily living such as eating, bathing and dressing (ie: when recuperating from a surgery or illness) or may be suffering from a severe cognitive impairment. Individuals can apply for coverage from ages 40 to 80 years old and the benefits are tax free.
Don’t be deterred by the name, the need for long term care can hit anyone at any time. Statistics show that 19% of people receiving care services are working age adults.