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Long Term Care Insurance

Main features

  • Long term care insurance enables the insured persons to receive an extra revenue in case of a sickness, an accident, or a disability bringing a lost of physical or mental independence.
  • This insurance covers the costs that are not reimbursed by the provincial health insurance plans.
  • The insured person receives a monthly tax free income when he will no longer be able to accomplish two of the six daily activities (bathing, dressing, toileting, transferring, eating and continence) or suffer a cognitive impairment that could be threatening for his health or his security.
  • Many different types of replacement income presently exist on the market:
    • INCOME type: allows the insured to receive a monthly allowance, no matter if the insured receives special cares or not and no matter where he receives his special cares. Possibility to use the allowance as he wishes.
    • INDEMNITY type: the insured receives an income only if he has received special cares that are outlined in the policy contract.
    • REIMBURSEMENT type: the insured receives a reimbursement only for the special cares that he received and for which he can present the receipts.
  • A few optional warranties are generally offered like the return of premiums at death or the reavaluation of the replacement income in function of the inflation rate.
  • According to the chosen contract, the allowances can be paid during 2 years, 5 years or even for the lifetime of the insured.

Major advantages

The long term care insurance enables the insured to benefit from an insurance allowance while he is alive. Such an allowance allows the insured person to keep a certain quality of life by giving him the possibility to compensate for the needs related to a lost of independence, including:
  • having the freedom to choose the level of care desired;
  • the wish to remain in his own home as long as possible without being a burden for his family and friends;
  • the costs related to a stay in a establishment subventionned by a government program or in a private specialized facility;
  • replace lost income of family/friends providing the insured with tender loving care;
  • specialized medical care;
  • etc.
Warning: The above text is of general nature and is intended for explanatory purpose only. Each of the products described above has its own specific features. Moreover, only the product contracts contain the complete terms and conditions as well as restrictions and exclusions to which they are subject.