PEI Long Term Care Insurance | 902 940 5927 | 1 844 940 5927
Long term care insurance provides individuals with a tax free benefit in the event that they would require assistance with 2 of the 6 activities of daily living. Activities of Daily Living include toileting, transferring, bathing, eating, dressing, maintaining continence. Depending on the plan purchased, the proceeds received from a long term care policy can pay
for care in a nursing home or facility, or to pay for home care within the
client’s residence. Long Term Care insurance plans can help prevent individuals from depleting their retirement savings or selling their home or other assets under duress due to unplanned medical care expenses.
There are several types of Long Term Care plans available. Some
policies pay a monthly amount to the client requiring proof of expenses; some will pay the monthly amount without proof of expenses; and some offer the client access to a pool of funds up to a policy maximum. The best way to determine the most appropriate Long Term Care for your needs is to contact one of our brokers familiar with these types of plans.
With long-term care insurance, you don't have to worry about becoming a burden on your loved ones if you lose your independence because of an accident or an illness like cancer, stroke or Alzheimer's disease.
It's the right choice for you if:
- You want access to the best healthcare available.
- You want to be able to afford to hire someone to help you.
Advantages and features
Pays a tax-free monthly benefit if you lose your independence due to physical or mental limitations following an illness or accident
You can use the non-taxable benefit however you want
You select the benefit amount, the payment period and the waiting period (or elimination period)
You can also benefit from other options like:
- Premium refund at death
- Cost-of-living increases