By David Wm. Brown and Sarah Brown
Starting a conversation about someone’s age is a sure way to be the least popular person in the room. But while this is a no-go territory for cocktail party chatter, it’s a conversation you need to have with your parents.
Statistics Canada tells us that in 2007, people aged 45 to 64 paid for 75% of elder care. And now, a new generation is realizing that when their parents need long-term care, they’ll be called upon to fund it.
Will your family be affected by the costs of caring for an aging loved one?
Statistics Canada states that over 350,000 Canadians 65 or older and 30% of those older than 85 will reside in long term care facilities. With increasing poor health and decreased return on investments, the fear of facing financial instability in your declining years is real.
How will this impact your family?
Caring for an aging parent or spouse takes its toll emotionally and financially. Adult children with families and job pressures of their own are often torn between their obligations to their parents, children and careers. This often results in three generations feeling the impact of this care. Read more
- What is long-term care insurance?
- Should I consider it as one method to help fund my care-years?
- What to ask when considering purchasing a long-term care insurance policy?
- Which companies in our country offer this product?
- Are there other resources one can turn to for further information?
Patty Randall is described as “one of the pre-eminent experts, writers, speakers and media commentators on the issue of care in Canada”.
Click here to listen to Patty Randall talk about Long Term Care Insurance with one woman about her decision to buy this coverage.