Taking Care Of Your Aging Parents

Taking Care Of Your Aging Parents

Did you know that today there are more Canadians providing care to the elderly than to the young? It's true! One in four Canadians provide some form of elderly care, whether it's grocery shopping, preparing meals or providing personal care. And with the aging population, this trend is bound to continue. Here are a few tips to plan ahead:

 

• Talk to your parents about their wishes and needs. Find out how your parents feel about housing arrangements, medical procedures and the like. Be a positive supporter in helping them plan a comfort- able future.
• Get the family involved. Taking care of your aging parents is a lot of work for one person to handle. Call a family meeting and discuss issues.
• Find out your parents' financial situation. Knowing your parents' financial state of affairs makes planning much more manage- able. Start reviewing their finances early in case you have to make arrangements.
• Take advantage of available help. Sign up for community services. Look into seniors' organizations, churches or community centres for assistance.

The Next Step

There may come a day when your parents require more attention and assistance. With fewer government subsidies available, it's wise to think about how you will provide for this expenditure. There are three options available to you: government-sponsored care, in which case you will have little control over the care provided; private funding, where you may have to dip into your savings or home equity; or long-term care insurance.

Long-term care insurance makes the most sense. The plan's flexibility means you can customize a plan to suit your parents' needs. And it's dependable. You'll have a source of funds, just when you need it most.

Interested in finding out more on long-term care insurance?