I came across this article in Forbes magazine and thought it was worth sharing. This is relevant to anyone with aging parents – it puts protection in place for them and gives you peace of mind.
BY David Wm. Brown and Sarah Brown
Starting a conversation about someone’s age is a sure way to be the least popular person in the room. But while this is a no-go territory for cocktail party chatter, it’s a conversation you need to have with your parents.
Statistics Canada tells us that in 2007, people aged 45 to 64 paid for 75% of elder care. And now, a new generation is realizing that when their parents need long-term care, they’ll be called upon to fund it.
By Barbara Feldman for SmallBizAdvisor
The cost of long-term care can represent a significant expense for many Canadians, which is why long-term care insurance (LTCI) can help bring peace of mind. One thing to consider: LTCI isn’t just for people in long-term care facilities any more.
Karen Henderson, founder of Long Term Care Planning Network, notes that LTCI used to be called “nursing-home insurance,” although nine-tenths of Canada’s elderly and those suffering from chronic illness or disability are cared for by family members, and four-fifths of those suffering from Alzheimer’s or other dementias are cared for in their own homes.