Long-term care insurance, an insurance product sold in the 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.

Long Term Care Insurance offers:

A weekly benefit;

Flexibility and choice;

Peace of mind;

Quality care with worry-free dignity;

Separate premium rates for males and females;

Waived premiums while either spouse is on claim (or if one spouse dies); and

Optional return of premiums on death.

Indemnity Plans pay a scheduled amount when an eligible service is received from a licensed service provider. You must prove the service was received, but the amount paid is not an issue.

Income Plans provide you with a weekly income in the form of the benefit amount you purchased. This income may be used for whatever form of care you desire—including paying a family member or friend for care.

Does the policy have limitations on when and how you receive your benefits? Many LTC policies will payout only if you require facility care assistance.

The elimination period and/or benefit period which best suit your needs and budget. The elimination period refers to the amount of time which must pass before you begin to receive your weekly benefit, and the benefit period refers to how long you'll receive that coverage for. Those 2 variables combined with your daily benefit will help determine your monthly premium.

If there's a premium cap on the policy. Most long term care policies in Canada offer guaranteed premiums for only the first 5 policy years.

Features of Long Term Care Insurance

Provides money for in home or nursing home care.

Available for people aged 40 to 80.

Perfect for those approaching retirement age, who do not want to become a burden on their family.

Daily benefit available from $10 to $300 a day.

Having a policy is like having your own private medical plan. You can now afford the service you want, so you no longer depend on provincial health care.

At some point in their lives, 8 out of 10 people will require some form prolonged care.

The cost of care can easily be upwards of 40 to 60 thousand dollars a year, making long term care insurance a must for retirees.

Long-term care insurance covers virtually all of the expenses of long-term care, either in your own home or in a facility, for periods ranging from a few years to lifetime coverage. If you are between the ages of 30 and 80, you can apply for coverage. Depending on the level of benefit you select, you can receive up to $300 per day - tax free.

If you have further query please contact Canada Insurance Plan.