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 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
How will your finances handle the cost of long term care for you , your parents or your immediate family members ? We all know that our health care system is in trouble and will not accommodate all the demands placed on it . Long Term Care insurance can create up to a 2 million dollar account for you to draw upon when the need arises . People are living longer today then ever before but with health impairments . On our website www.tkfg.ca you can learn how you can protect against huge costs of getting proper care .