There is a real chance that at some point in your life you may need to receive special medical care in your home or enter a long term care facility.
For most of us, we do not want to burden our loved ones with the task of providing constant care, thus, we may look to professional assistance for support.
Long term care assistance does not come cheap, and depending on the level of care you may want or need, the cost may not be paid for by the Ontario government health plan. As such, it’s important to consider an insurance plan that will provide financial aid- this is known as Long Term Care Insurance.
Long Term Care May Include:
- nursing care
- rehabilitation and therapy
- personal care (help with activities of daily living like dressing, eating and bathing)
- homemaking services (meal preparation, cleaning, laundry)
- supervision by another person
How Much Will Long Term Care Cost Me?
Long term care can be expensive. The cost depends on the amount and type of care needed and where it is obtained.Costs for home care such as nursing care and household and personal assistance can vary widely.
Costs in long term care facilities can also be considerably different, depending on location, extent of government subsidy and type of accommodation.
As of July 2008, the out-of-pocket accommodation fees payable by residents for Ontario government-subsidized long term care facilities, (nursing homes) are as follows:
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Furthermore, non-subsidized Assisted Living Facilities (ALFs) can easily cost more than $40,000 per year, when personal care is required.
How Does Long Term Care Insurance Work?
If you are unable to perform regular activities of daily living (such as dressing, bathing, eating) or you are cognitively impaired (Alzheimer’s disease), the insurance company will provide financial assistance.
Amounts and types of plans vary by insurance company, so it’s important that you discuss your options with an insurance advisor.
Allow us to help make sense of your options.