All About Estates

Elder Care Planning

A recent Ipsos-Reid report found older Canadians lack confidence in the health-care system’s ability to provide for seniors in the future. With the aging population and strains on the various government systems and agencies for seniors, elder care planning is becoming more crucial.

The shift in the demographics of our society into an aged population will put additional strain on our health care system and our caregivers.

Most individuals as they age will require services or equipment that are not covered by an government programs or subsidies. Planning and saving to pay these expenses while healthy is important and even the best laid plans can go awry as costs escalate unexpectedly.

In Canada Long Term Care Insurance helps pay for the cost of care expenses as people age and is relatively new in Canada. The insurance is now becoming popular, although, depending on the policy, to pay for private home care, medical supplies, institutional care, adaptive devices, physiotherapy, a family member providing care among other things.

Various insurance companies offer these policies and the range of benefits under the policy vary. This type of insurance is something clients may want to consider and something we as estate planners should consider in our discussions with clients.

Until next time,

Jasmine Sweatman/Leigh Sands

About First Last