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Our parents raised us; we moved out, had children of our own and raised them. Then our children moved out and had children of their own to raise. It was supposed to stop there for us, but then one day we had to look after one or both of our parents.
According to a 2020 Federal Government report1, 25% of Canadians 15 years or older provide long term care to a family member. According to the Long-Term Care Planning Network, we may spend as many years caring for a parent as we did raising a child.
Some signs to look for are:
Maybe the last thing we think about is if our parents need help. But one day the help may be needed by us. It's important to plan for these events. The first step is to have a conversation that deals with the tough questions, like:
An extended stay in a facility can be very expensive. Retirement savings can be obliterated very quickly unless there is another source of money. A caregiver's financial future can be jeopardized if they need to help with long-term care costs.
Depending on the type of accommodations and whether a long-term care facility is government subsidized and or private, the costs across Canada can vary between $1000 and $5000 monthly. And these costs are not showing any signs of decreasing.
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