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Taxevity Insurance

Long Term Care Insurance

If you can't look after yourself, who will? What if they can't?

Get cash to help cover the costs of your long term care (good for spouses and parents too).

Why long term care insurance?

How much does $5,000/month of long term care cost for a female age 58?

Four ways to pay

There are four ways to deal with the costs of long term care:

Public insurance: rely on the government
Self-insurance: pay out-of-pocket
Permanent life insurance
Long term care insurance

Each option has pros and cons. A combination often works best.

LTCi v1.0 print - Long Term Care Insurance (CARP 2015-02-24)

What long term care insurance covers

Long Term Care insurance typically provides money for you to use as you wish if you're unable to

unable to perform two more Activities of Daily Living (e.g., eating, bathing)
unable to take care of yourself due to mental incapacity (e.g., dementia, including Alzheimer's)

Some plans index benefits and give your money back if you don't have a claim.

More information

A Guide To Long-term Care Insurance (CLHIA, 2012)
Dementia numbers in Canada (Alzheimer Society of Canada)

What if you already have critical illness insurance?

Some critical illness plans include benefits for long term care. There are pros/cons.

Arrange a chat

For personal attention, arrange a chat.

Long-Term Care in Canada: Three-quarters say significant change is needed; only one-in-five believe it will happen - Angus Reid Institute55 per cent of Canadians say they would accept a tax increase to fund improvements in LTC July 26, 2021 – The gradual lifting of restrictions at long-term care facilities

The retirement issue no one talks about: the high cost of long-term careLong-term care is a considerable expense to prepare for, but some experts believe it will be affordable if you sell your house or if you no longer need to spend on other costs of life beyond your care

Project Big LifeHealth Calculators for a Big Life Powered by Big Data

Ontario had 33,403 hospital beds in 1990 and only 18,571 in 2016. The population didn't drop ...

Surge in patients forces Ontario hospitals to put beds in ‘unconventional spaces’ | The StarHospitals in Ontario cope with a surge in patients every year after Christmas. There has been something very different about this year’s surge.

Long-term care in the age of Covid, and beyond | Advisor's EdgeThe pandemic has made clients think about care options for themselves and their parents

COVID-19 has significantly increased the use of many technologies among older Canadians: poll/CNW/ - From Facebook to food delivery apps and fitness trackers, older Canadians have upped their use of many technologies and online services during the...

No place like home? Investigating Ontario’s home-care shortcomingsIt seems simple: keep patients at home when you can. Individuals prefer it, and it costs governments less. But home care is a massively underfunded, wildly complicated system, and it is faltering in the face of skyrocketing demand

Families sue Ontario long-term care providers over 'disgusting' neglectFamilies in Ontario are suing two major long-term care providers, accusing them of providing woefully inadequate care.

Planning tips from the Mayo Clinic

Long-term care: Early planning pays offLong-term care — Consider tips on choosing and paying for long-term health care.

When long term care staff are overworked, how good can the service they provide be?

Long-term care report details 'emotional abuse' by overworked city staffResidents of city-run long-term care homes have been subjected to demeaning comments by staff who are overworked and sometimes unsuited for the job, according to the full report filed by an indepen…

US Long Term Care Insurance has run into trouble. Canada is different. This article has a paywall but the video doesn't. | Wall Street Journal (Jan 17, 2018)

Millions Bought Insurance to Cover Retirement Health Costs. Now They Face an Awful ChoiceLong-term-care insurance was supposed to help pay for nursing homes, assisted living and personal aides. Now, though, the industry is in financial turmoil, causing misery for many of the 7.3 million people who own a long-term-care policy.

A rebuttal of the Wall Street Journal article | Forbes (Jan 22, 2018)

Why The WSJ Is Wrong About Long-Term Care PlanningA recent WSJ article on long-term care insurance pushes two important misconceptions and ultimately misses the mark. Long-term care insurance has had issues, impacting many people, but long-term care insurance still plays a valuable role in planning for incapacity and end of life care.

A view of long term care from the perspective a reinsurer (an insurer for insurers) | RGA (Dec 16, 2017)

Long-Term Care — Are We Fishing in the Wrong Waters?Globally, the insurance industry has spent quite a bit of time and energy building solutions designed to provide lump sums or income streams in order to help people who need to go into nursing homes.

Would the tax-free benefits from long term care insurance help fund better options?

Ontario health ministry keeps secret list of high risk long-term care homesNumerous Ottawa long-term care homes could be on a secret government list of facilities considered “medium risk” or “high risk” but it’s impossible to know how many or…

Would long term care insurance help fund better outcomes?

A surprising number of residents are bullied in assisted livingIt happens in retirement homes just as much as in any neighborhood, family or school.

This post explores some of the more reliable data about the odds and costs of long-term care, as well as some characteristics that make needing long-term care more likely.

Costs and Incidence of Long-Term CareHow likely is a person to experience a need for different types of long-term care? This is a challenging question and it is hard to find good answers based on empirical data. A commonly quoted number is that 97% of people will need long-term care services during their lifetime (though [...]

Should you buy long-term-care insurance?Weigh potential premium increases against the high cost of caregiving

Saskatchewan seniors knowingly served roast seasoned with hand cleaner | The StarStaff at a long-term care home say the seasoning happened by accident, but they decided to serve the roast after removing the outer portion.

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