 “Long-term
care” insurance covers health care costs when a patient suffers cognitive
impairment or requires continued assistance with bathing, eating, dressing,
or other personal care. The cost of long-term care insurance increases with
age. Generally, the insured will purchase the policy between the ages of 40
and 80. The coverage can be for simple in-home care but may include provisions
for facility care. Residing in a private Canadian nursing home can cost $3,000
to $6,000 per month. Policy benefits can reach about $500 daily. Some include
indexed inflation protection.
Look for policies renewable for life that will include coverage
for skilled care, intermediate care, rehabilitation centres, and nursing homes.
Ask if conditions such as Alzheimer's are covered and if extended care at
home is an option.
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