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Jake Jun Qiao, Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), Member of Million Dollar Round Table (MDRT). Please contact me for any financial planning inquires.

 

Position: Home - Health Insurance - Long Term Care
Long Term Care Family Solution

What do you do when your parents end up on your door step?

Without long term care planning, you may not have a lot of choice.
 
It’s hard to think about a time when roles are reversed and your parents come to you for help. You need to think about it though, because chances are good that at some point one or both of them will need long term care. You can help your parents prepare for that day by doing some planning today.
 

What is long term care? 

Long term care is the help your parents will need if they can no longer care for themselves and become functionally dependent. In long term care terms, “functionally dependent” means, in part, that they require substantial assistance to perform two of the six Activities of Daily Living or substantial supervision because of a cognitive impairment such as Alzheimer’s. The six Activities of Daily Living are bathing, eating, dressing, toileting, transferring and maintaining continence.
 

How can we plan for long term care? 

As you can imagine, the need for long term care can have a significant impact on the quality of your parents’ retirement years. You need to discuss this with them now, because a little bit of planning today will go a long way toward allowing them to continue to live their life, their way, in the future.
 
An important step is to make sure they’ve considered granting power of attorney to one another or to another trusted person like you. This ensures that someone who cares about them will be able to make decisions about their care if they can’t. You’ll also need to plan for how they’re going to pay for the services they’ll need if they can no longer care for themselves.
 
Long term care can be expensive, whether your parents are receiving help at home or in a facility.
 
Do you want your parents to rely on the government to pay for these expenses?
 
Do you want their care to fall to you and your family?
 
Or would you like another solution: long term care insurance
 
We know that your parents may need more than just money when they need long term care. You and your parents may want advice or help accessing services. That’s why long term care includes Care Support Services that can help you navigate the long term care delivery system in your local area.
 
Long term care gives you and your parents the comfort and security of knowing they’ll have the financial resources to help pay for long term care if they ever need it.
 
Spend time with your parents because you want to … not because there’s no other choice.
 
Talk to your parents about planning for long term care.

 

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