Resource Guide for Family Caregivers
Long-term care insurance

Because of the potential costs associated with the deterioration of health, families may want to consider long-term care insurance as an option. Long-term care insurance, which has been available for decades in the United States, covers the expenses of long-term care, either at home or in a facility.

As with all insurance, it is necessary to obtain long-term care insurance before actually needing it. The optimum time for obtaining long- term care insurance is at or near retirement. Alternatively, if you know that you have an aging relative or parent for whom you are going to ultimately be responsible, it may make sense to check out long-term care insurance as a way of helping to offset potential costs down the road. Depending on how much a person can afford to pay for premiums, coverage can range from a few years to a lifetime and benefits can range from $10.00 per day to $300.00 per day. Typically long-term care insurance is activated when it can be medically shown or certified that the person needs help with at least two daily functions, such as walking, dressing, bathing, eating, personal care and so forth.

This type of insurance is still relatively new in British Columbia, so if you are interested, you may have to call around to find either a financial planner or an insurance company/broker familiar with long-term care insurance.