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.

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)

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.

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 [...]

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