LTC coverage in Canada can
The Canadian Medical Association sounded an alarm in 2010 that Canada needs 2,500 new long-term care facilities in the next 21 years to cope with the increasing shortage of beds for patients who need full-time assistance with basic daily requirements. Even now, waiting lists for government-run or private LTC facilities in most provinces are getting longer.
Private LTC insurance can help your family cope, and keep a loved one at home as long as possible. It’s important to learn about the different types of LTC coverage. Here are some key things to keep in mind:
- Private LTC policies can cover facility care only, or “comprehensive” care, which includes in-home care, assistance for modifying the insured person’s home and purchasing certain equipment needed for home-based care.
- Comprehensive coverage can also provide assistance for training home-care givers, and for having a qualified person give the care giver a needed break from time to time.
- A comprehensive policy also provides the above benefits if the insured person is in a nursing home, assisted living facility, or adult day care program.
With a private LTC policy, planning up-front is critical. You need to decide whether to choose a benefit that pays an average amount per day of care—no matter how long that care is needed—or a set number of years that your policy will provide benefits. You also need to choose an “elimination period,” which is the number of days before your LTC policy’s benefits begin.
These need to be informed decisions. I can help you sort through the different options, and weigh the value of a private LTC policy, given your family’s financial situation.
Todd Bouchard FIC, BBA