What are some ways we can fund our future long-term care needs? How will we pay for the care services and supports of our loved ones when they need it?


Paying For Our Care

What are some ways we can fund our future long-term care needs? How will we pay for the care services and supports of our loved ones when they need it? What does care cost? What do we need to do now in order to plan well for that time in our lives? What should we know about care and our taxes? How can care be addressed at income tax time? Why is procrastination around this topic so very dangerous? What else do we need to address when planning on how we are going to pay for our future care?

Patty was a guest speaker at a Nicola Wealth Management Group Client Seminar—watch this video clip of what she had to say on “What drives the costs of care in today’s Canada”

What else do we need to address when planning on how we are going to pay for our future care?

Patty was a guest speaker at a Nicola Wealth Management Group Client Seminar (www.nicolawealth.com) and shared the podium with host John Nicola who had this to say about the need for financial planning

Watch this video clip of John’s presentation on “The Price of Living Too Long”

John has been in the financial services industry since 1974. His areas of expertise include wealth accumulation and management through the use of trusts, creative pension and insurance arrangements, and professional investment managers.

How can we fund our long-term care time of life, in other words, what are our options for paying for the services and equipment for our care-years' needs?

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What factors influence how we will pay for our care (e.g. our retirement age, our marital status, our pensions, our family's dynamics, our health and attitudes....)?

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The question of paying for our care needs has been and is still being studied by many Canadian groups.

Who pays and what is being recommended for the future?

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Of Interest:
Old-old-related frailties ~80-85 years

...when our biological warranty begins running out at approximately

* 76% of our 65+ers have a chronic condition

* Survey data shows there is a stronger relationship between the presence of multiple chronic disease frailties and a higher use of health services than between old-age and use...so if one has a chronic disease, care-years planning becomes very important

Of Interest:
Dementias

Alzheimer's disease is the leading form of dementia representing 64% of all dementias

* AZ--currently 1 case every 5 minutes in our country

* This will increase to 69 per cent by year 2034, i.e. within a generation.

* Vascular Dementia (usually due to strokes) is the second most common form of dementia.

* Vascular dementia currently represents 20 per cent of all dementias.

* Over the next 30 years the excess demand for long -term care beds for dementia patients alone in our country is expected to increase by over 10 times the current demand (forecasts that beds will increase from 280,000 in 2008 to 690,000 in 2038)

Of Interest:
Accidents

*40% of nursing home admissions occur as a result of falls

* Over one-third of the injuries from falls are to a part of the body that affects one’s mobility

* A greater number of our drivers aged 55-64 years are getting into intersection crashes

* Almost 30 percent of deaths from vehicle crashes and more than 40 percent of serious injuries from vehicle crashes involved an intersection

* Over the past few years the number of motorcyclists aged 45 to 54 years who died in intersection crashes grew by 60% and the number who were seriously injured increased by 40%

* For those aged 55 to 64, fatalities have actually tripled and serious injuries more than doubled

Of Interest:
Illnesses

*Cancer surpassed cardiovascular disease (heart and cerebrovascular) as the leading cause of death in Canada

*On average, 487 Canadians will be diagnosed with cancer every day

* 40% of Canadian women and 45% of men will develop cancer during their lifetimes

* An estimated 1 out of every 4 Canadians were expected to die from cancer, 2007

* Musculoskeletal disorders such as arthritis and osteoporosis due to disability are the single largest cost component for any category of illness

* Work-related musculoskeletal disorders (WMSDs) are recognized as a leading cause of loss of productivity of those in the workplace

Order a copy of my popular Guidebook Let's Talk-The Care-Years