Revolutionize Your Financial Journey

 The MyDignity Home Care Plan covers the necessary services, supplies and equipment when one is either physically or mentally dependent while living at home.  (See How to Qualify for Benefits below)

With the MyDignity plan one can choose between four benefit amounts of either $50,000, $75,000, $100,000 or $125,000 tax-free over a person’s lifetime.

The $50,000 and $100,000 plans also include a Mini Health Plan feature that covers eligible current medical expenses incurred due to an illness or injury without the need for qualification.  Having the Mini Health plan is a great option if one has never or is no longer covered through an individual or group health insurance plan. Health Plan benefits claimed will reduce the overall maximums in the $50K and $100K plans.

Premiums under any plan qualify as a PHSP (Private Health Services Plan).

A policyholder (non self-employed or unemployed individuals) who contributes to the cost of the plan can claim those premiums as a medical expense eligible for the medical tax credit.

Self-employed individuals (i.e. sole proprietors or members of a partnership) and spouses, can deduct the premiums directly from income (certain restrictions apply).

Corporations can deduct the full premiums against business income for owners, managers, employees and their spouses.

Either way, any benefit received is received on a non-taxable basis.

How to Qualify for Home Care Assistance Benefits?

There are 2 ways to qualify:

1. A benefit or service becomes payable when the insured becomes physically dependent and needs help to accomplish at least two of the following activities of daily living: Transferring, Bathing, Dressing, Toileting, Continence and Eating

2. A benefit or service is also payable if the insured becomes cognitively impaired and needs the help of another person when one loses the ability to either reason, perceive, think, reflect, or remember.