It’s no secret that people are living longer than ever before. We are approaching a norm of living past the age of 100. This means that increasingly people need to plan for long-term care.
The Truth About Long-Term Care in Ontario
Long-term care is not covered by OHIP. Many people are shocked to find this out. The government is not required to cover assisted living. They help out from time-to-time, but their support only covers a small portion of the costs. Families often have to dip into their savings to cover the expense of caring for a loved one.
What is long-term care insurance?
The chance that you will need care in your lifetime is higher than most people want to think about. But chronic illnesses like Lupus or Multiple Sclerosis strike often seemingly from out of nowhere. Car accidents leave people disabled every day. Alzheimer’s and Dementia are also things to worry about.
What if you could have financial protection in case you become unable to care for yourself? Long-term care plans cover the costs of nursing homes and chronic care facilities, or the costs of a home care provider.
Two Types of Long-Term Care Insurance Plans
Type 1 - Reimbursement Style Plan
The first type of long-term care insurance plan is one that acts much like a traditional benefits program. They reimburse expenses that fall under the eligibility requirements.
Type 2 - Income Style Plan
The second type of long-term care insurance plan is one that acts like an extension of your income. They offer a pre-determined monthly amount.
It is common to have a waiting period before you can use your benefits.These waiting periods usually range between 30 and 90 days.
Home Care Ottawa will work with whatever insurance plan you have.
We also have financing options to help you care for your loved one. CLICK HERE to learn about our financing options.