Long-Term Care

​Of all your long-term plans, this may be the most important.

As a physician, you know how a long-term health crisis can plunge an independent person into a period of physical dependency on others. But the costs associated with long-term care can be even more devastating – from nursing to medical equipment to income loss and more.

Fortunately, you may now apply for coverage to protect you and your family should you become unable to care for yourself due to aging, accident, illness, or deteriorated mental abilities. So even if you suffer a debilitating event, your financial future will be safe in the long term. ​

Personal care. Health care. Financial care.  

OMA Insurance understands the needs of physicians and their families. Long-Term Care Insurance protects your income, savings and assets, and alleviates the financial and physical stress on your loved ones through a variety of features:

• Benefits are payable should you become physically dependent and need substantial or stand-by assistance to perform two or more of the six activities of daily living (bathing, dressing, feeding, continence, toileting and transferring), or require continual supervision due to a deteriorating mental ability.
• Benefit amounts may be spent as you wish – no receipts required.
• You can choose your benefit amount and duration.
• Premiums are guaranteed for the first five years.
• Your premiums are waived while receiving benefits.
• Benefits may be payable anywhere in Canada or the US.
• There is a premium refund option in the event of death if there is no claim.

A few more ways the benefit may be used while receiving Long-Term Care Insurance benefits:

• Nursing care, rehabilitation and therapy
• Homemaking services (such as meal preparation, cleaning, laundry, home repairs, lawn care)
• Payment to family members or friends to help support their caregiving efforts
• Travel (gas, hotel, restaurants) for necessary treatment if not available locally

​Comprehensive Income Benefits

These benefits are payable if you're physically dependent for longer than the applicable waiting period, regardless of where you receive care (at home, in a retirement residence, in a facility).

Rate Information

Coverage is simple and affordable. Premiums are based on the type of income benefit selected, the income benefit amount, and the coverage options selected. To learn more about rates and to get a quote, simply contact OMA Insurance at info@omainsurance.com or 1.800.758.1641. 

The Underwriting Process

OMA Insurance works to streamline the underwriting process as much as possible, reducing the complexity and time required to arrange coverage.  Here are the steps required:​

Pre-qualification Your OMA Insurance advisor will work with you to complete a pre-qualifying questionnaire.
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Application If you're eligible to apply based on existing health, we'll assist with your application by phone or in person. Financial information may be required.
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​Telephone Interview A 30-45 minute review of your application, including cognitive questions and inquiries about your hobbies and medical history may be required. Please have attending physician and medication information handy. In some cases, a face-to-face interview may be necessary.	​
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Medical History Review At the discretion of the underwriter, the provider may need to order five years of medical records from your physician.	​​
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Final Approval It usually takes 90 days for the provider to process the information. Once all outstanding requirements have been received, an underwriting decision can be made.	​
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​Issue Resolution If you disagree with any part of the decision, you may appeal. Your OMA Insurance team will explain your situation, assist in helping you resolve any difficulties, or suggest alternative solutions.	​

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At this stage, and every stage.

Long-Term Care costs come in many shapes and sizes. So be prepared, because choosing the right coverage for the long term can make all the difference today, and at every stage of your life.