Long-term care insurance helps cover costs when you need ongoing assistance with:
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An advisor can work with you to build a retirement strategy that protects your finances and fits your needs.
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Long-term care costs in Canada can vary significantly depending on the type of care and level of support required. Here are the main care options available:
Costs vary based on the provider, location, and the specific level and frequency of care needed. For the most current pricing information, it's recommended to contact care facilities and providers directly or consult with a long-term care advisor.
Care at home, in a retirement residence, or at a long-term care facility. You decide.
Keep your savings intact and preserve what you've built for you loved ones.
Income-style benefits mean no reimbursement forms.
Yes. When receiving benefits, you can use them however you need, including assisted living costs anywhere in Canada.
LTCI kicks in when you can't independently perform your activities of daily living or have cognitive decline requiring constant supervision. Disability insurance replaces income if you can't work. You might benefit from both - let an advisor help you decide.
LTCI kicks in when you can't independently perform your activities of daily living or have cognitive decline quiring constant supervision - not tied to a specific diagnosis. Critical illness insurance pays a lump sum if you're diagnosed with a covered condition. An advisor can help you determine if you need one or both1.
Not directly. However, legacy policies with reimbursement-style benefits may offer some tax advantages. Speak with a tax professional to learn more.
Chances are you’ve never considered the potential costs of long-term care. But as you get older, the odds of your needing that care will increase.
Have you been looking after an elderly or disabled family member during the pandemic? Here are some valuable tax credits that can put money back in your pocket.
The level of healthcare and personal assistance you need – and the cost to meet these needs – typically increase over time and go through 5 stages.
This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.
Reviewed by Liane Goulet
