Long-term care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods of time.
There are several categories of long-term care services to consider. Typically, these services need to be tailored to suit each individual’s unique needs and level of support. There is no one-size-fits-all solution – instead, a combination of care services are often put together after a thorough assessment of an individual’s needs.
Here are the principal types of long-term care services:
I. Activities of Daily Living (ADL)
These include support for the most basic daily living chores, typically for those with mobility restrictions or are in later stages of life.
Example: Feeding, grooming, continence issues, etc.
II. Instrumental Activities of Daily Living (IADL)
The provision of assistance for higher-functioning activities that add further enrichment to one’s daily living.
Example: Managing finances, shopping, using telephones and devices, home maintenance, etc.
III. Elder Care services
This involves the facilitation of one’s healthcare and physical upkeep.
Example: Health and mental health check-ups, physical exercise, management of medication, etc.
IV. Specialised Care Services
Tailored services to manage special conditions and disabilities that commonly affect the individual, such as Alzheimer’s disease, Dementia, Parkinson’s Disease, Down Syndrome, Autism, learning disabilities and so on.
A minimum of RM30,000 to open your CareTRUST™ account.
Fee incurred to open a CareTRUST™ account includes:
1. Setup fee RM1,500 + GST + Stamp Duty
2. Annual fee of 1% per annum of the gross value of your Trust Assets payable on a quarterly basis.
3. Monthly care administration fees RM300 + GST upon your commencement of care.
4. Dissolution fee RM2,500 + GST for dissolution or termination of your CareTRUST™.
CareTRUST™ not only helps to manage your monies for care, but also helps you to monitor and review the provision of care, where the Care Administrator comes into play.
By default, your monies in your CareTRUST™ account will be invested in a cash management solution via KenWealth. However, you have the absolute discretion to direct the trustee to switch and choose from the range of investment products offered by KenWealth.
The balance in the CareTRUST™ will be distributed to the beneficiaries named in the CareTRUST™. In the event all of the beneficiaries do not survive to receive the balance, such balance will be distributed to the estate of the Settlor.
No. CareTRUST™ only accepts cash. However, you may set up alternative trusts for your non-cash assets for care purposes, and appoint Managedcare as Care Administrator.
Yes. You can always open a CareTRUST™ account for your loved ones, i.e. parents, spouse etc. to ensure they are well taken care of.
Yes. For example, your siblings can contribute to the CareTrust™ account which you have opened for your parent.
No, there is no fixed duration for CareTRUST™.
No. It is a living trust to put aside money for your health and long-term care.
Yes. Your CareTRUST™ is revocable at anytime at your discretion. Please note your CareTRUST™ is automatically dissolved should the balance fall below the minimum threshold of RM25,000 and upon death of the Settlor at which time the balance of the CareTRUST™ will be paid to your beneficiaries.
Established for more than 40 years, Kenanga is a financial group in Malaysia with extensive experience in equity broking, investment banking, listed derivatives, treasury, corporate advisory, Islamic banking, wealth management and investment management. Today Kenanga Investment Bank Berhad is the largest independent investment bank by equity trading volume and value, as well as is one of the top three brokerage houses with the largest network of remisiers in the country.
Kenanga wealth management, also known as KenWealth is an integrated wealth management platform, providing a holistic wealth management products & services to cater for your needs.
The Trust Asset will be invested in a cash management solution, default Fund is the Kenanga Principal Protected Income Fund (KPPI).
The Fund is managed by Kenanga Investors Bhd.
By default, the Trust Asset will be invested in KPPI.
As it is a money market fund, the KPPI does not have a guaranteed return. However, the Fund’s investment strategy to place its funds primarily in a diversified portfolio of short-term money market and deposit-based instruments that are not subject to market valuation risk.
As at 31 December 2015, the 1 year total return for the KPPI is 3.27%.
Yes, the investment is protected as the investment objective of KPPI is to provide investors a regular stream of income from the short-term money market returns which is competitive to that offered by fixed deposits, while preserving its capital by placing the funds primarily in short-term money market and deposit-based instruments issued by licensed financial institutions with a minimum of RAM A3 or MARC P2. The fund also provides a high level of liquidity.
Depending on your risk appetite, there are many options for your Trust Asset. KenWealth’s platform has more than 280 unit trust funds (UT) and private retirement schemes (PRS) funds to choose from. They represent a variety of asset classes, geographical focus and investment mandates to achieve your desired goals.
No, you may switch at no cost.
Rockwills will monitor the balance and inform the client if the balance falls below the minimum threshold of RM25,000. Rockwills or Managedcare will inform the client by written notice (via email/post) to top up money into CareTrust™.
Rockwills will forward the statement from KenWealth & other relevant bank statements to clients on quarterly basis.
No, this is not protected under Perbadanan Insurans Deposit Malaysia (PIDM).