Uncovering costs of elder care in Canada

One in seven Canadians is over the age of 65, 77% have at least one chronic condition, and more than nine in ten want to remain in their own homes. For the children of these seniors, many of whom are working full-time and supporting their own families, the reality of this situation is wanting to support their parents’ independence while wanting to keep them as safe as possible – but often within the confines of limited time and money. The average retiree’s annual income is $42,000 and many are earning less – the cost of care can easily be upwards of this and will not include the additional expenses that will crop up.

Aysha Mendes, Close to Home Health & Safety Monitoring March 23, 2015

For many adult children, there is a moment of realization when the phone call comes that their elderly parent fell in the bathroom and managed to call an ambulance, or when that parent goes from being a little forgetful to getting lost in the mall one time too many or to completely forgetting how to tell the time. This is the moment when a child realizes that their parent needs help – and that it’s going to cost money.

Lise Andreana, Certified Financial Planner and author of the book Financial Care for your Aging Parent emphasizes the importance of being prepared for this stage by looking out for clues about whether or not seniors living at home are able to cope by themselves.

“This is a very stressful time for both parent and child,” says Lise. “Once the adult child recognizes the need for action, they will sometimes rush in with a list of orders or try to ‘push’ their parents into accepting care the elder parent thinks they do not need. The best line of defense is to be prepared – begin the conversation early, long before you see a decline in your parents’ abilities to live on their own.”