Do not go to your doctor and say “gosh doc I’m concerned about my memory’” before you buy a homecare assistance policy. 60% of claims for long term care for cognitive issues and they are hideously expensive claims! So zip your mouth until you get your policy.

• If you’re insulin dependent diabetic it will be next to impossible to get traditional long term care
• Memory issues
• Severe rheumatoid arthritis
• Anything that limits you in any way on a daily basis from doing your normal daily activities
• Co-morbidity – maybe I have type 2 diabetes but I smoke
• Respiratory issues like COPD
• CHRONIC HEALTH ISSUES

Fortunately with this plan there is no medical examination, as long as you can respond genuinely favorably to the health questionnaire you get automatic approval. The plan accepts people that have Type 2 diabetes, people who aren’t insulin dependent diabetic, you can have had cancer as long as you’re in remission.

Homecare assistance is meant as a wealth preservation tool. In other words, it helps to preserve your wealth and lifestyle you've built up to the point that you need substantial assistance with performing 2 out of 6 of the activities of daily living, whether cognitively or physically. Homecare assistance is also $100,000 tax-free benefits. For you to use your portfolio or retirement savings to fund your future healthcare when you need it would require you to liquidate about $250,000 to $300,000 to get the $100,000 you need! This doesn't take into account the money you'll also need to compensate the family members that give you informal care as they put their lives on hold to care for you. But, can they also afford to take time off work when your health event happens unexpectedly when you don't have a plan in place? This plan gives you pennies on the dollar to cover your need for private care customized the way you need it.

Another consideration is accountability. Let's assume you get a stroke or a cognitive issue that requires a power of attorney within your family or close circle to start managing your care. Under the homecare assistance plan, your dollars go directly to the needs and requirements for the exact dollar amount. You won't have to worry that your Power of Attorney decides to siphon away some of your retirement savings for their own personal use and thus giving you inferior care. Do you want to put your family in that position of conflict of interest after they've had to take time off and put their life on hold to care for you and justify using your money to help them manage? It's one of the biggest reason for elder abuse that may have been well-meaning. A homecare assistance plan is your best option.

The cutoff age is 80 years old OR before your 81st birthday.

Most Canadians consider buying long term care coverage between the ages of 55-64 or typically closer to retirement and other lifetime financial obligations have been met. Premiums are based on your health, gender, and age. The longer you wait, the higher the premiums will be.

No Canadian long term care insurance plan has a guaranteed level cost premium for life - only guaranteed renewal (meaning no medical required to renew each year as long as premium commitment is met) and non-cancellable (insurer CANNOT cancel the plan on us) provisions.  Rates are based on the age that we are on the day we buy them and are designed to stay level for the life of the contract BUT there is NO contractual guarantee.

Thankfully the MyDignity plans were developed at a time in history where interest rates were as low as they can go and as you know, interest rates and morbidity are the two primary factors in the actuarial determination of your monthly premium. As interest rates go up the insurance companies become more profitable hence, less need to disturb premiums and of course, the actuaries recognize that the MyDignity home care assistance plans are long term care insurance plans – which was taken into account when determining the premiums knowing that the probability of claiming is high (currently 75% of people over the age of 65 are requiring some form of extended care).

IF they must increase rates, carriers would likely halt this version of the product and create a "new and unimproved" version of the product and charge the new policyholders more - just like Canadian carriers do for disability and critical illness products...no carrier wants to be left with a bag of bad risks as all the good risks would flee over an inordinate rate increase.

Otherwise, any possible and reasonable rate increase (just like people have come to expect with home, auto and travel insurance etc.) would apply to an entire series of policies…not just a select few….as carriers MUST retain their good risks.

MyDignity policies have NOT had a rate increase in the 13 years that this platform has been offered.

This is a legal and binding contract that must be honored to it's full extent by the issuer, whether or not the insurance company decides to no longer offer this product or new long term care policies in the future. If they decide to stop selling as Sunlife and Manulife have done in the past, they are still required to meet their contractual obligations to exiting policyholders. Legally, your policy and it's benefits and promises cannot be changed as long as you pay the premium. The policy stays "in-force".

Unfortunately on this plan there are no "return of premiums" where you get your money back for not using the plan. However, like home insurance or car insurance, no one ever turns to their spouse in bed and says "gee honey, we really should have at least one house fire to make sure we get our money's worth!".

Naturally, this is the most common question as the average purchase age is 55 and the claim age is 79. This means you may be paying for this plan for 15-20 years. It's better to not have to use the plan but have the peace of mind knowing that your assets will not be depleted and a burden put on your friends and family to put their lives on hold to care for you.

Unfortunately not on this type of policy. If you apply as a couple for example for $100,000 coverage each, then as a couple you have $200,000 coverage but on an individual basis for $100,000.

Currently the policies are underwritten and offered by UV Insurance (UL Mutual) an established life and health insurance company based in Quebec City, QC. Most other life insurance companies like Manulife and Sunlife used to offer long term care insurance but because they didn't fully understand the claims and nature of the product, they exited this type of insurance due to the costs and liabilities. Rather than make it expensive for customers they exited. UV Insurance has understood the claims and issues associated with long term care and are thus able to provide it at affordable rates and with no medical exams so 95% of applicants can qualify for this greatly needed health insurance.

While it might seem unfair, here are the reasons or factors why why long term care homecare assistance insurance costs more for women than men:

• Women are more likely to live alone and not have a family member to serve as a caregiver. In many instances, 80% of the time, women die as widowers or single while 80% of men die married.
• Women are more likely to file for long term care insurance claims than men. About 70% of claims are currently for women
• Women comprise about 70% of nursing home residents and about 75% of those in assisted living facilities.

It's important to contact us here at Blue Alpha Wealth directly regarding your claim or questions regarding a claim. Our goal is to make the process prompt and seamless as responsible claims payment is our primary concern.

You need to meet certain qualifications in order to be eligible for benefits. A claim is typically initiated when you need physical or cognitive assistance.

REALLY IMPORTANT POINT - You don’t have to be sick to claim on long term care or homecare assistance. For example, you don’t need to get Parkinson’s or a stroke to make a claim. You may be 81 years and because you're 81 you happen to be frail and just need someone there with you.

When you contact us we will explain the process and review the initial information that we need from you, including required forms that must be completed and submitted to begin your claim. These forms also include an Attending Physician Statement that is to be completed and signed by your personal physician. It is recommended that all the completed forms be returned to us for verification and processing.

We will liaise with you or your Power of Attorney and the insurance carrier and provide advocacy where necessary.

No, this is a no medical examination plan! This makes it easier to be accepted and qualify immediately upon application. All we require is you answer a few health questions t determine that you are of sound mind and currently caring for yourself normally as well as know a little of your health like insulin-dependent diabetic or cognitive issues.

You become a recipient of care rather than a manager of your own care. You have no choice where, when, how and from whom you receive the care. The general waiting period is in the thousands and rising. In addition, you only get coverage for room and board without other services like meal prep, laundry etc. The MyDignity Homecare Assistance Plan allows you to get Your Care Your Way!

Yes they can be the owners of the policy with you being the insured. However, they would need your permission as you would have to sign and acknowledge the policy. In addition, for the insurance companies purposes they need to know they're insuring someone who is healthy bot physically and cognitively before issuing a policy.

Yes, your premiums are tax deductible. You get a tax receipt for the premium because Canada Revenue Agency sees it as a Private Health Services Plan which is a insurance backed plan to help people provide for their future health care. This is also deductible for business owners especially.

No, there is no waiting period. You get benefits right away after we receive confirmation from your attending physician of your status to show that you need substantial assistance to perform 2 out of 6 of the activities of daily living whether physically or cognitively. In many cases, 99/100 times bathing and dressing account for triggering a claim. Bathing and dressing could simply mean you need someone to watch over you so that you're safe and doing it okay.

No, benefits are paid out to you tax-free!

No, not directly. Benefits benefits paid as you use them for service, supplies and equipment. You may consider an annuity specifically meant for healthcare to pay a guaranteed sum that you can use to pay family members for their assistance.

No, benefits are paid directly to the named insured to the maximum stipulated in your policy. In the past benefits could be passed onto the spouse with other long term care insurance policies. However, MyDignity Homecare assistance plans do not allow for this currently.