We all take delight in planning for vacations and holiday celebrations, but when it comes to planning for old age, we literally run the other way. Ageing and death only happen to other people, and therefore we don’t need to talk about it – at least not yet. Why is this?
• Many Canadians believe the government will provide any needed care
• It won’t happen to me
• My spouse will look after me
• The kids will look after me
The reasons we should care about ageing are obvious:
• 225,000 Canadians turn 65 every year
• By 2038, over 1,125,200,000 Canadians will have Alzheimer’s disease or related dementia unless a cure is found before then
These realities make it abundantly clear that we all need to plan for old age – and not just financially. We need to understand the health care system where we live, plan where we wish to age and live out our lives and communicate our wishes to family members, professional advisors, and our health care providers.
The bottom line: Long term care planning needs to be a part of every financial and/or retirement plan written today.
Here’s how to begin:
Step one: Understand and accept the need to plan for your ageing care needs
Step two: Understand the health care system and care settings and services where you plan to live as you age
Step three: Know whom you can count on for care and support, both from your family and from health care professionals
Step four: Understand your family history and what chronic conditions you have or may face as you age
Step five: Talk with your family about what you want – hold a family meeting so others can be involved to help and support you
Step six: Establish clear legal directions. Complete a Will, Powers of Attorney and make copies available to those who need them
Step seven: Establish a funding source for long term care; this may be a special savings account, help from family, or long term care insurance
Step eight: Gather all critical personal, health, legal and financial information and store it in one place for easy access
Step nine: Make a care plan that covers the ‘what ifs’
Step ten: Communicate the plan to your family and update it every year
Creating a long term care plan will take time and effort, but once it is completed, you will have accomplished two very important goals:
1. You will have added the missing piece to your financial/retirement plan
2. You will have removed a huge burden from your family; over time you all will be thankful that you took the initiative to plan ahead
As the saying goes: Just do it!
Karen Henderson, Founder/CEO of the Long Term Care Planning Network, is an independent ageing and long term care planning educator, speaker, and consultant who works with Canadians to help them understand and plan for the effects of long term care on their personal, professional and financial well-being.
If you'd like to learn more about long term care planning sign up for my course: https://cpdformula.com/course/long-term-care-what-it-is-and-why-everyone-should-care