Here’s some facts about long term-care insurance:

What is long-term care insurance?

Long-term care insurance protects the insured and their family from financial hardship due to unforeseen medical and/or living expenses related to critical illness, which results in the loss of independence.

How much does it cost and how long would I need to pay?

The cost depends on several factors like your age, health, the insurance provider and the type of policy that you select. Some policies are set up with 20-year or lifetime periods. The actual term of the insurance will depend on the supplier and the policy.

Who’s eligible for this insurance?

Anyone between the ages of 18 and 80 is eligible. However, people in their 40s and 50s should consider including it as part of their retirement plan.

Under what circumstance would I receive a payout from this insurance?

During your retirement, the insurance would payout if you became sick with a chronic illness that prevented you from living independently. This is determined if you are unable to eat, dress, move, use the toilet or bathe by yourself.

What does long-term care insurance cover?

Once it’s been determined that you’re no longer able to live independently, long-term care insurance will help pay for:

  • Expert medical advice
  • The ability to live at home with in-home and/or respite care
  • Assisted living and long-term care facilities
  • Senior day-care

How is it paid out?

Long-term insurance pays a tax-free monthly benefit that can be used to pay for any type of service that you choose. There’s no need to submit receipts or wait for approval.

Which policy offers the most appropriate coverage?

For more immediate answers, please contact us.