Long-term care insurance (LTC or LTCI), an insurance product sold in Canada, helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance.
Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
Generally there are two types plans that cover payment either in a long term care facility or payment while you recieve care, continuing to live in your own home. You may also buy combined coverage.
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Locked-in Retirement Income Fund (LRIF): The LRIF is similar to a LIF with some additional flexibility in terms of what you can receive in income in any given year. The maximum payment in any year depends on the investment earnings in the previous year. The LRIF does not require annuitization at age 80. LRIFs are only available in some provinces.