Financial Services: Long-Term Care Insurance Plans with LMBF
Long-term care insurance in Canada is styled as an income-behaving benefit that helps to cover the cost of assisted living if you are no longer unable to care for yourself in your old age due to a disabling or chronic condition. A long-term care policy is worth considering if you are uncertain whether your retirement income will last your lifetime should your health deteriorate unexpectedly or if you want the financial resources that will help you choose the right level of care that is appropriate for your circumstances. LMBF understands that long-term care insurance can be a tough decision for many families, and we’re here to help you. Start with a long-term care insurance quote today or discuss with our experts for advice.
Perks of Long-Term Care Insurance in Canada
Long-term care insurance in Canada can supply compensation for the costs associated with living at-home, in a nursing home, or general care amenities. Without long-term care insurance, a private nursing room could cost an individual and their families upwards of tens of thousands or even several hundred thousand dollars a year.
Assisted Living Facilities
The cost of assisted living facilities and in-home care can rank up to the several thousands, which can be difficult or strenuous for low-income individuals or individuals who don’t wish to exhaust their assets after their retirement. Long-term care insurance in Canada supplies coverage for a wide range of facilities.
- You need help covering assisted living facilities
- You want flexible coverage options
- You want to reduce the financial burden on your family
- You want coverage for out-of-pocket expenses after you’ve retired
- Can cover multiple different types of care - in-home or nursing home
- Covers the cost of assisted living
- May be tax-deductible if policy is tax-qualified and the policyholder itemizes tax deductions
What is long-term care insurance (LTC)?
Long-term care insurance (LTC) in Canada is a coverage plan that offers nursing-home equivalent care or home-care for individuals that are considered senior - i.e, 65 or older and have a disabling or chronic condition which requires them to have around-the-clock care. Long-term care insurance in Canada can cover the cost to hire private duty nurses, home caregivers, housekeepers, provide Alzheimer’s or dementia care, and assisted living expenses.
Our Long-Term Care Insurance Partners
Long-term care insurance in Canada can be a great asset to protecting the peace of mind of many retirees or to-be retirees who are looking for a means to reduce the potential drain on their savings and the financial burden to their dependents or adult children. However, insurance is a difficult world. LMBF has partnered with some of the best long-term care insurance companies around to help you navigate the complex world of retirement planning.