How Much Does Long-Term Care Insurance Cost in Canada?

Long-term care insurance helps cover the cost of support if you lose the ability to care for yourself due to aging, illness, or cognitive decline. But how much you will pay for this coverage can vary widely. The price depends not only on your age and health, but also on the benefit amount, length of coverage, and additional policy features.

Understanding the costs involved, and what you are paying for, can help you plan more confidently and choose a policy that fits your budget and long-term goals.

Typical Premium Ranges in Canada

Long-term care insurance premiums are paid monthly or annually and are generally locked in at the time you apply. Here are rough estimates based on common benefit levels:

Age at Application	Monthly Premium Estimate	Assumes
Age 50	$100 to $200	$2,000/month benefit, 3-year benefit period
Age 60	$150 to $300	$2,000/month benefit, 3-year benefit period
Age 70	$250 to $500+	May include benefit limitations or shorter coverage duration

Premiums may be higher or lower depending on your health, gender, smoking status, and whether inflation protection is included.

What Affects the Cost of Coverage

Several key factors influence your premium:

Your age
The older you are at the time of application, the more expensive coverage will be. This is one reason many people apply in their 50s.
Your health
Chronic conditions, medications, or mobility limitations may increase costs or lead to declined coverage.
Benefit amount and duration
A higher monthly benefit or longer coverage period (like 5 or 10 years) will raise your premium.
Waiting period
Policies with shorter waiting periods (like 30 days) tend to cost more than those with 90-day or longer delays.
Inflation protection
Adding an inflation rider, which increases your benefit over time, makes the policy more expensive but also more valuable in the long run.

Tip: Consider your potential future care costs, not just today’s prices. A $2,000 monthly benefit may not be enough in 20 years without inflation protection.

Cost Planning Strategies

You do not need to aim for the most expensive policy to make long-term care insurance worthwhile. Many people find success with modest coverage paired with other resources. For example, you might choose a three-year benefit with a medium payout and plan to use home equity or savings for any extended care beyond that. A hybrid approach often balances affordability with protection.

Is the Cost Worth It?

Long-term care insurance is not inexpensive, but the alternative — paying out-of-pocket for years of care — can be far more costly. In Canada, private long-term care can range from $2,000 to $7,000 per month, depending on the level of support and facility.

You might find the cost worthwhile if:

You want to protect your retirement savings or legacy
You do not want to rely on government waitlists or family caregivers
You value having more choices about where and how you receive care