Filling the caregiver gap

As the Boomer generation ages, many Canadians are facing the challenges of elder care for their parents and they may also be caring for their own children. So it’s not a surprise that elder care can be difficult and stressful.

Still, you will do it willingly – because your parents have always been there for you and now you can be there for them. The questions you have to answer are these: How will you provide the care and support they need without crippling their finances – or yours – should one or both face the need for extended medical support? And how will you provide a potentially intensified level of care over many years without significant physical and emotional consequences?

The first answer is long-term care insurance. This is a good solution for those who want to avoid placing the burden for care on a spouse or adult children, and for adult children who want to ensure that parents on fixed incomes will have access to quality long-term care.

You may think that services like in-home nursing or personal care are covered by government health plans – but they’re not and relying on government-funded programs can lead to a loss of control. The stay-home partner has little influence over where a loved one will be placed and travel can be difficult and costly.

Long-term care insurance bridges the gap by providing financial assistance for ongoing care services in the home, assisted-living setting or long-term care facility. Depending on the type of plan, long-term care funds can be used to pay for eligible services for the person receiving the care or to provide a regular income that can be used for any purpose, including care-giving by family members.

The second answer is to protect your physical and emotional health. Long-term care insurance can alleviate financial stress but, as a primary caregiver, you may still stress your mental and physical health to the breaking point over time. Here are some signs of an over-achieving caregiver:

• No one can look after your loved one like you.
• You go for weeks without a break.
• Only you understand your loved one’s unique needs.
• You feel exhausted and anxious.
• You have no time for hobbies, interests and friends.
• You bottle up fears, guilt and anger.

If that should happen to you, reach out to a family physician, family members, friends and community support services. Then talk to your professional advisor about using long-term care insurance to bridge financial and emotional gaps and protect your family’s well-being.

This column, written and published by Investors Group Financial Services Inc. (in Quebec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments.  Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.  Insurance products and services are distributed by I.G. Insurance Services Inc. (in Quebec – a Financial Services Firm). Insurance licence sponsored by The Great-West Life Assurance Company outside of Quebec.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.