Desjardins Financial Security has announced a new long-term care product offers a tax-free benefit payment that is not dependent upon admission to any care facility.

The company said the payment from the Independent Living, Total Long-term Care plan can be used to pay nursing care costs related to home care, assistance in a medical facility or help cover any expenses their loved ones incurred while taking care of them; without any effect on the benefit.

“The idea is to give each Canadian the choice in their care,” the company said in a statement.

“Independent Living, Total Long-term Care plan will have a tax-free monthly benefit payment, which is not dependent upon admission to any care facility.

Al Kinch, senior consultant, elite case team for Desjardins Financial Security, said in a statement that new product will help relieve “some of the stress by giving the insured person the independence to choose how they spend their monthly benefit. Also, there’s less pressure on caregivers because they know the insured person does not have to rely solely on them for assistance.”

The Independent Living, Total Long-term Care plan is available to Canadians between 18 and 80 years. The benefit paid by Desjardins Financial Security, which has a maximum of $8,500 per month, can be paid for a maximum duration of two years, five years or for a lifetime.