Seniors are the fastest growing segment of our population. Health Canada projects that in the next 25 years, one quarter of the population will be over 65.

With better medical care and facilities not only are we living longer but we are also living longer with chronic illness like diabetes, arthritis, back problems, dementia, etc. This therefore requires more intensive care either in a facility or at home. This imposes a substantial financial burden on the relatives. Though there are more choices, from assisted living to a wide range of supportive housing, there is simply not enough for seniors who don’t need to be in a nursing home and much of it is prohibitively expensive.

Planning now can prepare you to deal with future needs, or enable you to cope if a crisis situation presents itself.

Start talking. Open a dialog with your elder family member(s). Determine if they have made any plans. Review them to be sure they will be adequate. This is the time to learn of your family members’ preferences and fears so that you can try to address them in the plans.
Encourage,and work with, your elder loved one to:

Compile a binder of critical information which could include health & medical history, insurance policies, legal documents and emergency contacts.

• Review health insurance coverage with an insurance specialist to see if there are gaps. Investigate long term care insurance.
• Discuss with a financial professional preparing an estate plan to determine options for paying for the possible care needed.
• Establish directives such as an Enduring Power of Attorney for financial and legal matters and a Personal Directive for the health issues. This document allows another person to make those decisions if a loved one becomes incapacitated in the future.

Identify an emergency support network if the elder (or the family caregiver) goes to the hospital. Who will look after the house, care for pets etc.? Maybe a personal emergency response system is needed so that they would have 24 hour contact with emergency services in case of a fall or other medical emergency.

The demands both financially and emotionally of looking after an elder loved one can be draining especially if you are trying to take care of your own home life and deal with the demands of your job. Not to mention if you are having to augment the cost of accommodations and other medical expenses. Being better prepared will allow you to help manage current needs. Thinking ahead to how the situation could change over time will allow you and your elder family members to assess all your options.

June 19, 2009