Long-Term Care – Money Freedom

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What is long-term care insurance?

Long-term care insurance is a specialized type of insurance designed to cover the costs associated with extended care services that are not typically covered by provincial healthcare plans or traditional health insurance. This care is usually required when an individual needs assistance with daily activities (such as bathing, dressing, eating, or getting out of bed) or requires supervision due to cognitive impairment (like Alzheimer’s disease). Long-term care can be provided in various settings, including your home, assisted living facilities, nursing homes, or adult daycare centres.

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Why is long-term care insurance important?

As life expectancies increase, so does the likelihood of needing some form of long-term care. The costs of these services can be substantial and can quickly deplete personal savings, putting a significant financial burden on individuals and their families. Long-term care insurance provides a crucial financial safety net by:

Protecting Your Savings: Preventing the erosion of your retirement savings and other assets that you’ve worked hard to accumulate.
Maintaining Independence: Giving you the financial means to choose the type and location of care you receive, allowing you to maintain as much independence as possible.
Reducing Family Burden: Alleviating the financial and emotional stress on family members who might otherwise have to provide care or bear the significant costs themselves.
Ensuring Quality of Care: Providing the funds necessary to access higher-quality care options that might not be affordable otherwise.
Preserving Your Estate: Ensuring that your wealth can be passed on to your heirs as intended, rather than being consumed by care costs.

Trusted by Families Across Canada

Priya R., Brampton

“I had no idea where to start with life insurance, but Money Freedom made the process simple and stress-free. They explained everything clearly and helped me find the right plan for my family.”

Samantha J., Markham

“Money Freedom’s customer service is excellent. They responded quickly to all my questions and guided me every step of the way. Highly recommend!”

Emily Chen

“From the first call to signing the policy, everything was smooth and professional. I’ve even recommended them to my friends and family.”

How does long-term care insurance work?

Long-term care policies typically pay out a pre-determined daily or monthly benefit amount once you meet specific eligibility criteria. These criteria are usually tied to your inability to perform a certain number of Activities of Daily Living (ADLs) or cognitive impairment:

Activities of Daily Living (ADLs): These typically include:
- Bathing
- Dressing
- Toileting
- Transferring (getting in and out of a bed or chair)
- Continence
- Eating
- Most policies require you to be unable to perform at least two of these ADLs without substantial assistance to trigger benefits.
Cognitive Impairment: If you suffer from a severe cognitive impairment, such as Alzheimer’s disease or dementia, that requires substantial supervision to protect your health and safety, you may also qualify for benefits.

Once triggered, benefits may begin after a waiting period (also known as an elimination period), which is a set number of days from when you qualify for care until benefits start. You choose the length of this waiting period when you purchase the policy (e.g., 30, 60, 90 days).

Key features of long-term care insurance policies include:

Benefit Amount: The daily or monthly amount you receive for care.
Benefit Period: The maximum duration for which benefits will be paid (e.g., 2 years, 5 years, or lifetime).
Inflation Protection: An optional rider that increases your benefit amount over time to help keep pace with the rising cost of care.
Return of Premium Options: Some policies may offer a return of premium feature, where a portion of your premiums are returned if the policy is not used.

Understanding the nuances of long-term care insurance is crucial. An advisor can help you assess your potential needs, explain policy options, and determine the right coverage for your future.