What is the long term care insurance?
Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living. Part of planning for your older ages means considering the possibility that you’ll need long term care. By living independently, it is reasonable to have a plan for need to care. The long term care (LTC) insurance designed for people around and above 50 years old and is another version of individual disability insurance.
How is paying benefit of Long term care insurance (LTC)?
Canada’s and especially Ontario (Toronto) population is aging and also are facing increasing health care costs. Long term care insurance will pay individuals a weekly tax free cash benefit when insured become qualified for benefit of LTC.
What is the qualification of Long term care insurance?
In the event that insured would require assistance with two of the six activities of daily living habits, he/she is qualified to receive weekly tax free cash benefit of insurance. Once a change of health occurs, long-term care insurance may not be available. Those activities include bathing, dressing, eating, maintaining continence, toileting, and transferring.
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What will happen for those who needs long term care?
Long term care insurance provides you with the financial assistance to enable to maintain your quality of life. Benefits can be used for the services and support required to maintain your day-to-day activities should chronic illness or cognitive impairment keep you from being able to take care of yourself. Long term care insurance provides you with the service and support you need to maintain your day-to-day activities.
What is the advantage of long term care insurance?
By increasing life expectancy these days, fear of dying soon has been replaced by the consequences of living too long. With long term care insurance, you can take control over the quality of your care, as well as eliminate many out-of-pocket expenses at the time your income has decreased and your cost has increased.
What statistics about long term care (LTC) in Toronto GTA?
Age is not a determining factor in needing (LTC) long-term care. In Toronto (GTA) about 65% of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 35% of those receiving long-term care today are between 18 and 64.
