Related Topics:
Choosing the life insurance policy | Product descriptions | Disability income insurance | Critical illness insurance | Annuities | Segregated funds

Several insurance companies offer Long Term Care coverage that provides daily benefits ranging between $20 to $300.

Typical coverage
Covers costs incurred for nursing facility care, home care, home health care, adult day care, and respite care (up to 14 days each calendar year) that are included in a written plan of care prepared by the insured's physician, a home support agency or a home health care agency.

Types of services
The plan of care may include: extended care, home health aide services, home management services, home-based hospice/palliative care, intermediate care, occupational therapy, personal care, physical therapy, respiratory therapy, respite care, services of a nurse and speech therapy.

Benefit Triggers
To qualify for benefits, an insured must receive a comprehensive assessment by the Care Coordinator that shows that the insured:
a) is unable to perform 2 or more Activities of Daily Living or
b) have a Cognitive Impairment, including Alzheimer's.

Optional Benefits
Inflation Protection: Automatically increases daily and maximum benefits annually by 2% for 20 years (simple interest).
Return of Premium: This benefit is graded from 10% of premiums paid after 10 years to 100% after 20 years. This benefit is payable upon the death of the insured while coverage is in force.

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Related Topics:
Choosing the life insurance policy | Product descriptions | Disability income insurance | Critical illness insurance | Annuities | Segregated funds