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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

Flexible Care

Flexible Care

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

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.

  Reasons to need long-term care insurance
  • 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
  Ways that long-term care insurance may benefit you
  • 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.

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Looking to Get Started on Your Long-Term Care Policy? Get Started With a Long-Term Care Insurance Quote in Canada Today.

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Long-Term Care Insurance in Canada: Some Frequently Asked Questions

A: Long-term care insurance costs in Canada are dependent on the age of the insured, their gender, existing health conditions, family medical history, etc. - but it is generally cheaper the younger the insured is when purchased. Policies may range between $1,000-$3,000 a year to purchase, but these costs can vary by the thousands the older the insured purchases their policy.

A: The best time to begin shopping for long-term care insurance is between the ages of 45 and 55, roughly around when you might begin laying out your retirement plans to protect your assets from the potential burdens of expensive healthcare requirements. Similar to life insurance, the younger you purchase long-term care insurance in Canada, the cheaper it is.

A: Long-term care can be expensive, especially if you do not have the support of an adult child or a caregiver. Without a long-term care policy, many retired Canadians would be faced with upwards of several thousand dollars’ worth of costs that could quickly deplete a family’s savings. Long-term care insurance in Canada is purchased by those who want to spare their families the burden of their care costs, or for those who want to protect their assets.

A: Most policies will cover the care of individuals with Alzheimer’s but if you already have the disease, you will likely be unable to purchase a long-term care policy. Depending on the coverage purchased, long-term care insurance in Canada may also be able to extend coverage to household care for Alzeheimer’s and dementia patients.

A: It depends on your needs, existing savings, and whether you will have long-term support from family members should you need it in your senior years. Long-term care insurance can be a great asset to helping retirees and folks who need regular assistance and care and reduces the burden and drain on the savings of their family members.

A: LMBF is partnered with some of Canada’s best long-term insurance companies and can help you get a quote from top-rated insurance carriers. The “best” long-term care insurance company is subjective and depends on your needs, but we can help you find a plan that is tailored to you from one of our many quality carriers.