Long Term Care
Individuals now have the choice, on how to spend their Long-Term Care benefit payments.
Taking care of a terminally ill or an incapacitated loved one is becoming a reality for Canada 's disabled young people and more people entering their senior years. For most people there are great sacrifices - emotionally, physically and financially.
Total Long-term Care plan.
This long-term care product is an innovative financial solution to protect people's savings. It offers a tax-free monthly benefit payment, which is not dependent upon admission to any care facility. Additionally, the insured person has the freedom to use the benefit the way they deem fit without producing receipts; whether it's to pay for nursing care they receive at home or in a medical facility, or to help cover the expenses incurred by the person who looks after them. The objective is to allow insured persons to choose the type of care they need.
"All too often, seniors, and younger people who lose their independence, and their respective caregivers fall into debt or lose jobs because of associated costs or as a result of their commitment to their family member.
There is a large emotional and financial burden for all those involved in the care of a loved one. This new long-term care product relieves some of the stress by giving the insured person the independence to choose how they spend their monthly benefit. Also, there's less pressure on caregivers because they know the insured person does not have to rely solely on them for assistance.
The payment from the Independent Living, Total Long-term Care plan can be used to pay nursing care costs related to home care, assistance in a medical facility or help cover any expenses their loved ones incurred while taking care of them; without any effect on the benefit. The idea is to give each Canadian the choice in their care.
With Independent Living, Total Long-term Care , seniors can safeguard their savings so they can fulfill their retirement dreams or preserve their estate. This is not a reality for the majority of Canadians without long-term care insurance. According to the second annual Financial Security Health Survey, 59 per cent of Canadians said that they would not be able to afford the associated medical and hospital expenses resulting from a critical illness or accident, which are not covered by provincial healthcare programs.
A large number of Canadians across the country could face a future of financial uncertainty if all their resources are depleted because of expenses not covered by provincial healthcare plans. Living in a government-subsidized long-term care facility can cost up to $5,970 a month, depending on the individual's income and province of residence. Yet, half of those surveyed (51% of Canadians) incorrectly assume that all government plans would cover these costs.
The Independent Living, Total Long-term Care plan is available to Canadians between 18 and 80 years (age of nearest birthday). The benefit paid by the Company, which has a maximum of $8,500 per month, can be paid for a maximum duration of two years, five years or for a lifetime.
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