LONG TERM CARE INSURANCE

As the population ages, more and more people will experience the need for long term care. The expenses associated with these services are likely the biggest risk to retirement savings and should be an integral part of every retirement plan.

Canadians want the peace of mind of knowing that they will be able to afford the care they need without burdening their families with the costs. Long-Term Care Insurance provides a benefit that helps cover the cost of nursing home fees or attendant home care fees. Most plans generally pay a stated daily or weekly benefit once it is determined that the insured is no longer able to adequately care for himself or herself. Other plans offer a pool of money that allows a percentage draw periodically.