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Long Term Care Insurance Explained

Executive Summary

Our population is getting older, and the life expectancy in this country continues to grow. Today, 65-year-old Canadians live on average to age 87 (men) and 89 (women). As people age, their health care needs continue to rise.

Long Term Care Insurance assists with the costs of aging. Like Disability Insurance which pays a regular cash benefit to replace income, it covers the costs associated with diminished health.

You should consider Long Term Care Insurance if you are concerned with:

  • government healthcare benefits not providing the type of care you desire
  • wanting increased flexibility to decide the level of care you receive
  • increased healthcare costs that could erode your savings

What you Need to Know

Most Canadians would prefer to stay in their homes for as long as possible as they age, even as their health deteriorates. However, their ability to perform Activities of Daily Living (ADLs) lessens, placing pressure on able-bodied spouses, adult children, and other family members.

ADLs include activities necessary for self-care:

  • personal hygiene – bathing and grooming
  • dressing – for both indoors and outdoors
  • eating – consuming food and drink, not preparing or cooking
  • transferring – moving, sitting, standing, in/out of bed
  • locomotion – walking on flat-ground or gentle slopes and up/down stairs
  • toileting – bowel and bladder control


The cost of in-home care or assisted living facilities to counteract the loss of ADL function can be substantial and can persist for a significant amount of time. As the impairment of ADL function increases, so does the need for more care, and moving to a long term care facility may be considered.

Long Term Care Insurance typically pays a monthly cash benefit if two or more ADL functions are severely diminished. Veteran Affairs Canada has an excellent explanation of the Impairment of Activities of Daily Living;

Bottom Line

Like all insurance plans, Long Term Care Insurance requires an application. Additional questions and a health interview may apply based on your application, age, or existing physical capabilities.
Let us guide you through the entire application process, contact Candace Gelleta today with any questions you might have (306)773-7285 cgelleta@starkmarsh.com.

A Guide for Adult Children & Their Parents

It’s never too early to start the conversation. Learn more about the questions you should be asking and the steps you can take to secure a plan.

Questions about Stark & Marsh Wealth Management Services? Reach out to Candace Gelleta our Wealth Management Advisor directly by completing the contact form below.

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Candace Gelleta CFP®, RRC®

Candace Gelleta CFP®, RRC®


Candace has been actively involved in financial planning since 2014. She is a Registered Retirement Consultant RRC®, has a Financial Planning diploma from the Canadian Institute of Financial Planning, and has completed her Certified Financial Planner CFP® certification through FP Canada.

Candace works with Stark & Marsh clients to build a financial plan that considers Financial, Insurance, Retirement, and Estate needs. She works closely with the Stark & Marsh accounting and tax advisor to ensure the complete financial picture, including tax implications, are contemplated.

Wealth Services

Stark & Marsh offers a variety of comprehensive financial planning services to best serve your needs. Together with your Accountant, our Wealth Management team will work with you to ensure your short and long-term goals are at the forefront during the planning process.
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