Plan now to ensure quality care
for your aging parents

It's never too early to start a discussion with your parents about their future care and quality of life, no matter how difficult this may be. Your role will be to help them decide on their options and ensure that any contingencies are planned for. Planning ahead will reduce the stress of making decisions under financial and emotional pressure.

Approaching your parents as a group, with other siblings, may make the discussions easier. If your parents are reluctant to discuss finances with their kids, consider bringing in the services of an impartial observer, such as a financial planner.

To find out what you need to consider, click through the links below.

Financial considerations

Understanding your parents' financial situation will make decisions like living arrangements and special health care expenses easier to manage.

Power of attorney. One of the most important matters is obtaining continuing power of attorney from your parents. A power of attorney (called "mandate in case of incapacity" in Quebec) is a legal document that names someone to look after your affairs, such as managing your finances, if you are unable to do so because of illness or incapacity. A power of attorney will help ensure that your parents' wishes are met if they can no longer decide for themselves.

Will. A valid will can ensure that your parents' estate is distributed according to their wishes. Even if your parents have a will, it's a good idea to review it, to ensure that it reflects any changes in their estate or objectives.

Planning for health care

Thanks to advances in modern medicine, more people today can expect to live longer lives, but the quality of that life needs to be planned for. At some point, your parents may need specialized long-term care.

Long-term care insurance (LTC) can help cover the costs of a potentially chronic or debilitating disease. If your parents are relatively young and in good health, LTC can help cover in-home care costs and allow them to stay in their home for a longer period of time.

LTC can also be used to pay for long-term care facilities, if your parents need it. Although there are government-sponsored nursing homes, there may be waiting lists and services may be limited. Typically, the older the parent, the more expensive LTC will be.

Living wills are like powers of attorney, but instead of planning for financial and legal decisions, they give someone the authority to make personal care decisions on your behalf, such as choosing a nursing home.

A living will also provides guidance about the kinds and degree of care and medical intervention they would choose or not choose to receive if they became unable to make that decision for themselves. For instance, if your parent became seriously ill and did not want to be kept alive by artificial means, this should be clearly laid out.

Depending on your parents' province of residence, living wills are also known as "power of attorney for health care," "health care directives," or "mandates in anticipation of incapacity."

No matter how trying discussing these matters may be, open and honest discussions with your parents are key to ensuring that their wishes for quality of life are recognized.

Sharing your home

It is not uncommon for many individuals today to enjoy independent lives well into their 70s and 80s. It is also not uncommon for parents to move in with one of their children for a period of time. If you and your parents decide this may be a good choice, there are things you can do to make the transition easier.

Living quarters. Your parents may be more comfortable with separate living quarters, especially if they have been independent for most of their lives. Consider creating a space with a separate entrance, or kitchen and bathroom.

Make your home safe. Accident-proofing your home and your parents' living areas - by installing hand rails for stairs and non-slip strips in the shower, for example - is a good idea.

Involve your kids. Chances are that your kids will enjoy the extra time they get to spend with a grandparent or grandparents, but there will probably be some changes in the home. Talk to your children about how their lives may change to accommodate your parents.

Get support. Health care and social workers can provide you with advice about whether your parents still should be driving and how to look for signs of deteriorating mental or physical health.

Take care of yourself. Don't forget to look after yourself. After all, you're not going to be a good caregiver if you are always feeling tired and stressed. Go out, see friends, and take a break from your responsibilities when you can.

The sooner you start the conversation with your parents, the better for you and them. It's also a good time to lead by example. If your parents see that you are taking steps to plan now for your post-retirement years, it may make the whole process that much easier.

Are you or your parents approaching retirement? It may be time to think about how you will begin to draw down on your savings without depleting your nest egg too quickly. Talk to us about the many income options available to you. To locate your nearest branch, click here.

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