Long-Term Care Insurance provides a daily benefit, starting as early as the first day, if you lose the ability to care for yourself, and require the services of a long-term care facility or need care at home.
With Long-Term Care Insurance, two generations are protected: parents and children. It helps parents maintain their lifestyle and financial security by giving them the resources they need to remain independent, even in the face of a serious health setback that may require one spouse to care for the other. At the same time, it gives children an alternative to providing their parents with the care themselves.
Contact Roger Menard Insurance today for help in selecting the long-term insurance that can help you protect your home, savings and family assets and preserve your estate for your beneficiaries
Can you afford long-term care?
Long-term care can be expensive. Even if you choose to stay at home when getting the care you need, you may still have to pay for private nursing and for services such as shopping, cooking and cleaning.
While provincial health plans are fairly comprehensive, they cannot afford to pay the entire cost of care, even for those facilities that are subsidized. There are often limits on the amount paid for care at home — and provincial plans do not cover costs for private facility care.
Choose a plan that’s right for you
Long-Term Care Insurance offers flexible plan choices that can be tailored to your needs and budget — with a 10% discount when you protect two or more people living under the same roof.
Long-Term Care Insurance pays a daily benefit if the insured
- Loses the ability to care for him/herself, due to cognitive impairment or a condition that results in the inability to perform two or more activities of daily livingand
- Requires the services of a long-term care facility or professional assistance at home.
When selecting your plan, you choose benefits from $10 to $300 a day — and you decide for the maximum period benefits may be payable.
Add optional benefits for even more protection
- Home care benefit: Reimburses your costs for medically necessary services that are recommended by a physician and provided by a licensed nurse, authorized employee of a Home Care Agency, or private caregiver, in your own home or elsewhere.
- Return of premium: If you die while your policy is in force, Roger Menard Insurance returns all premiums paid less any benefits already paid, provided this rider has been in force for at least 10 years and no claim for facility care benefits has been made.
- Cost of living adjustment benefit: Ensures that while you are receiving long-term care benefits, your daily benefits are adjusted annually in line with the Consumer Price Index, to a maximum of 4%.
- Future Purchase Option: Allows you to buy additional long-term care coverage on specified dates, up to a maximum amount, without providing medical evidence of your health.
No premium increases for 5 years
Premiums for Long-Term Care Insurance are guaranteed not to increase for 5 years. After 5 years, premiums can increase, but the accumulated increase over the lifetime of the policy can never be more than 50% of the original premium.
No premiums at all when you’re collecting benefits
Your Long-Term Care Insurance includes a Waiver of Premium Benefit. That means you pay no premiums at all while you’re collecting long-term care benefits.
It’s easy to afford your premium payments
The LEAP Plan (Long-Term Care Easy Annuity Payment Plan) enables you to set aside funds in a term certain annuity, which then covers your annual premium payments for Long-Term Care Insurance. This is especially helpful if you find yourself unable to make regular payments, or if you want the peace of mind of arranging in advance for on-going premium payments.
If you decide not to use the LEAP Plan, your premium payments for Long-Term Care insurance are only required for a limited time — whichever is the longer of 20 years, or until you reach age 65. After that time, your coverage remains in effect, with no further payments required. (Note: This limited premium payment period does not apply to the Future Purchase Option Benefit, for which premiums are payable until the full option amount is exercised.)