Long Term Care Insurance or LTC is best explained as Disability Insurance for seniors. However, to qualify for a benefit payment with LTC you must satisfy the definition in your contract pertaining to "Activities of Daily Living". If you are unable to perform 2 of the 5 or 3 of the 6 activities of daily living, the benefit will be paid.

Here are the activities of daily living commonly referred to:

• Bathing
• Eating
• Dressing
• Toileting
• Continence
• Transferring

Similar to Disability Insurance, LTC will have an Elimination or Waiting Period before benefits commence and there will also be a benefit period involved. Waiting Periods can be 30 to 90 days and benefit periods can vary from 1 year to lifetime.

Quality home care or facility care costs have skyrocketed across Canada. To be sure that your dignity is protected in the future and that your savings or estate are not eroded, LTC can be a viable alternative as part of your retirement planning.

At Macnaughton & Ward Financial Services we represent the leading insurers today in Canada for Long Term Care Insurance.