Long term care is assistance and support for people who cannot look after their personal needs by themselves; for example people with a prolonged physical or chronic illness, disability or cognitive disorder.

Long-Term Care Insurance

Long-term care insurance , an insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Types of long term care:

Skilled care is generally needed for medical conditions that require care by skilled medical personnel, such as registered nurses or professional therapists. Professional care can be provided in a nursing home, but may also be provided in other settings such as the patient's home with help from visiting nurses or therapists.

Personal care helps a person perform ADLs, which include assistance with bathing, eating, dressing, toileting, continence and transferring.

Supervisory care is required for those who are cognitively impaired.

Benefits

Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day.

Many individuals may feel uncomfortable relying on their children or family members for support, and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family.

Premiums paid on a long-term care insurance product may be eligible for an income tax deduction. The amount of the deduction depends on the age of the covered person.

Business deductions of premiums are determined by the type of business. Generally corporations paying premiums for an employee are 100% deductible if not included in employee's taxable income.

Long term care insurance policy

*  Limitations

*  Elimination

*  Premium cap

*  Cost of living adjustment

If you have further query please contact Canada Insurance Plan.