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Many Canadians believe that full-time care in a long-term facility will be paid by government health care programs.  The truth is that the government health care programs may cover only a small part of the cost of a nursing home or other specialized residential care facility, or non depending on the circumstances.  This means that you or your family will have to pay a significant portion fo the cost associated with a long-term care situation out of pocket.  

What is long-term care insruance

Long-term care insurance provides financial protection should you become unable to care for yourself because of a chronic illness; disability; cognitive impairment, such as dementia; or other age-related conditions preventing you from managing a number of activities of daily living without assistance.  It can cover stays in nursing homes and chronic care facilities or the services of a caregiver in your own home.

There are two types of long-term care insurance plans:

  • one reimburses you for eligible expenses that are outlined in your plan that you may incur on a given day, up to a pre-determined maximum.

  • The other is an income style plan, which offers a pre-determined monthly benefit amount.  with this style you will receive a regular benefit that can be spent in any way you choose.  you can use it to pay a professional in a residential facility or home care or you can pay someone in your own family to care for you.  

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REGULATED BY MUTUAL FUND DEALERS

ASOCIATION OF CANADA

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www.mfda.ca

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Mutual Fund Disclosure:

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and/or fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. 
Insurance Disclosure:

Subject to any applicable death and maturity guarantee, any part of the premium or other amount that is allocated to a segregated fund is invested at the risk of the contract holder and may increase or decrease in value according to fluctuations in the market value of the assets in the segregated fund. A nominee account is one in which an investment is held in trust for an individual by a corporation or entity other than the individual. A segregated fund policy held within a self-directed plan is one example of investing in a nominee account. A segregated fund held in a nominee account may not offer creditor protection. Please read your Information Folder carefully and seek professional advice before investing. Commissions, trailing commissions, management fees and expenses may be associated your insurance contract. 
*Insurance products and services provided through Carte Risk Management Inc., Carte Financial Services Inc., Custom Benefits Inc., Financial Horizons, and Great West Life. 
**Mutual funds provided through Carte Wealth Management Inc.

Copyright 2019 © Blue Harbour Financial Inc.

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