Long Term Care Insurance Information
If you are researching long term care insurance companies in Alberta we’d love to hear from you.
If you are researching long term care insurance companies in Alberta we’d love to hear from you.
Long Term Care Insurance is a living benefit that provides financial protection in the event of disability, chronic illness, cognitive impairment or other age-related conditions that would prevent a person from taking care of themselves.
There are two types of Long Term Care Insurance.
Most Long Term Care Insurance plans include a waiting period between 30-90 days. Once an individual qualifies, they must satisfy the waiting period before the funds are released to the individual.
We recommend you consider buying a long term care insurance plan if:
The average cost of a one-bedroom suite in a long term care facility in Alberta ranges from $2,658.00 to $4,440.00 per month. Private home care costs in Alberta can range from $12 to $90 per hour for homemaking services, or personal/nursing care. These costs can add up quickly. For example, if you required placement in a private long term care facility at $5,000 per month, or needed long term home care for 5 days per week for four hours a day at $35.00 per hour, this would amount to $35,000 to $65,000 per year, depending on the type of care required.
Here are some of the factors that would affect your long term care insurance rates:
Benefit Strategies would be happy to provide you with a no obligation quote for long term care insurance coverage. We also offer critical illness insurance. Or, for more information about the best long term care insurance for you, please get in touch with our insurance professionals.