Dealing with the Challenges of Eldercare

Scott Havens has been a great friend to everyone he’s met. Friends love Scott the mechanic from Vancouver because he helps them with car troubles and just about anything with an engine that gives them problems. He’s been known to help complete strangers stuck on the side of the road.

 

But this 35-year-old was not prepared to help his mother with her elder care needs. Anne Jenkins lives in one of the high rise apartments that pepper downtown Vancouver and recently discovered that her Parkinson’s Disease is advancing more quickly than expected. She stopped work and Scott has temporarily moved in with her to take care of her as her disease worsens. Now, Scott fears for the future–he is only able to work when one of her neighbors can take over on alternate afternoons. The cost for his mother’s in-house service and medicines are not likely to lessen as she ages either.

 

Many are getting the same shock as Scott. Couples who were planning for college are now having to prepare to either have their parents move in with them or helping to foot the massive cost of elder care. With costs that can match an entire year’s tuition for each month of elder care at a high-end facility, many children opt to provide the care themselves. This can put a huge burden on the earning power of the children and leads to a big adjustment in lifestyle as the children and older grandchildren form a round-the-clock help schedule. Since many who need elder care live for years and costs tend to rise as their conditions progress, the future does not offer much chance for a reprieve for those who take on the responsibility of care for their parents.

 

Across town, a better ending to a similar story plays out. Here, Bruce Metcalf and his wife Suzie persuaded his aging father a few years ago to acquire long term care insurance. Although Tom Metcalf was healthy, his entrepreneurial son insisted on getting the policy in place while he could still qualify.

 

Working with his financial planner, Bruce came to understand that long term care insurance was an effective way to protect his own family’s financial future since, as an only child, he would be solely responsible for caring for his father if something happened–and it did. Recently, Tom’s macular degeneration got bad enough that he could no longer work his part-time job or even amble about without help. So this month, the insurance policy began to pay for Tom’s care, giving Bruce and his family the peace of mind that comes from knowing that their loved one will be well looked after in his senior years.

 


 

*Fictional characters for illustrative purposes only.

 


 

Questions about Eldercare?

 

Feel free to contact our office!

 

Copyright © 2019 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.

 

HOW WE HELP

Without barely a moment’s thought, you would…

Do you ever feel like life is too automated?  Maybe…

You have worked all your life and saved for…

After years of living the “rat race”, you are looking…

First you were putting on their diapers. Then you…

LIFE STAGES

You are more experienced now, your bank account is…

If you are just starting out, it’s easy to…

You get home from work, your spouse is…

During the last market downturn, retirees who…

Running a single-person household has a unique set of..

WHAT WE DO

Many people will offer you advice on which investments…

For most Canadians, retirement is a major financial goal that…

Many people assume that estate planning is only for the…

Investment tax planning is not just about writing the…

Careful portfolio analysis is necessary to ensure that…

Proper analysis is vital to ensure that you aren’t paying too…