Long Term Care Assisted Living

What is Long Term Care Insurance?

Long-term care insurance (LTC or LTCI), an insurance product sold in Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

When Do I Receive My LTC Benefits?

Generally there are two types plans that cover payment either in a long term care facility or payment while you recieve care, continuing to live in your own home. You may also buy combined coverage.

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Insurance Glossary

Locked-in Registered Retirement Savings Plan (Locked-in RRSP): Funds transferred to a RRSP from a RPP that continue to be governed by certain provisions of the relevant pension legislation. At maturity, the locked-in RRSP must be converted to a life annuity or, where permitted by the province, to a LIF or LRIF. The individual does not have access to the funds other than as income, and thus, the reference to "locked-in".



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