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Long-term care insurance basics

Long-term care insurance makes payments to you if you need permanent care – whether in your home or in a long-term care facility.

​At some stage of your life, you may need to live in a long-term care facility or receive ongoing care in your home. This possibility increases the longer you live.

Long-term care insurance is designed to help cover this expense. It provides tax-free payments to cover the cost of long-term care if you become physically dependent and require in-home caregivers or relocation to a long-term care facility.

2 key features

1. Payments are usually a set amount

The coverage usually pays a pre-determined dollar amount (for example, $100 a day) for each day that you require care. This money is paid to you regardless of the actual cost of the care. However, some policies reimburse expenses rather than pay a set amount.

2. Coverage is available at later ages

Long-term care insurance is available at later ages (usually up to age 80) than many other types of insurance. However, the premiums will be higher the older you are when coverage begins.

Get the facts about long-term care

Before buying long-term care insurance, learn more about your long-term care options in Ontario.

 

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