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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
Think Your Retirement Plans Are All Wrapped Up

If you haven’t planned for long term care, they might come unraveled

When you planned for your retirement, did you think about long term care? Probably not, but you might want to think again. There’s a good chance that at some point during your retirement, you’ll need long term care and it’s important to be prepared.
 

What is long term care? 

Long term care is the help you need when you can no longer care for yourself and become functionally dependent. In long term care terms, “functionally dependent” means, in part, that you 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 I plan for long term care? 

As you can imagine, not being able to care for yourself can have a significant impact on the quality of your retirement years. A little bit of planning now, can put you in control later so you can continue to live your life … your way.
 
An important first step is to consider creating a power of attorney that allows a trusted person like your son or daughter to make decisions about your care if you cannot. You’ll also need to plan for how you are going to pay for the services you’ll need if you can no longer care for yourself.
 
Do you want to rely on the government to cover your expenses?
Do you want to rely on your family?
Or would you like another solution: long term care insurance
 
What is LivingCare?
 
Manulife’s long term care insurance product, LivingCare, is a simple, affordable solution designed to cover the cost associated with long term care. You choose the Amount of Insurance and the percentage you’d receive each month. The Amount of Insurance remaining each month creates a pool of money called your Benefit Balance. If you wish, you can choose an option that lets your Benefit Balance grow with inflation each year.
 
We pay a monthly Care Benefit from the Benefit Balance once your claim is approved and after a waiting period of 90 or 180 days which you choose when you buy the policy. The monthly Care Benefit can be used however you want, whether you're being cared for at home or in a facility.
 
As long as you qualify to receive the monthly Care Benefit, we will pay it until your Benefit Balance is exhausted. And if you need to move from your home into a facility, we will double your monthly Care Benefit. Your monthly benefit is yours to use your way. It’s that simple.

We also know that you may need more than just money when you need long term care. You may want advice or help accessing services. That’s why LivingCare includes Care Support Services that can help you and your loved ones navigate the long term care delivery system in your local area.

Manulife’s LivingCare gives you the comfort and security of knowing that you’ll have the financial resources to help pay for long term care if you ever need it. LivingCare lets you live all of your life … your way.
 
Simply dial 416-835-8805 for details.
 
 
 

 

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