Your Personal Finances

Family Issues

The search for living arrangements for seniors is a common concern for many baby boomers as they watch their parents' health deteriorate. But many caring adult children don't know where to being when searing for help. What are the options? Where do you turn to for help?

Provincial governments offer a variety of in-home support services. These services help seniors manage their own care while living at home. Services can include visiting health professionals, personal care to help with daily living activities, such as bathing, dressing and eating, and homemaking services to help with meals, housekeeping and shopping. Plus, there are many great community support services that help with such needs as meal delivery and transportation. Qualification for services depends on medical and financial health.

When the senior becomes just too frail to live at home, there are three accommodation options. Finding what's right for your parent will depend on the situation, including medical needs and financial resources. If the senior's health is reasonably good and they don't need immediate or 24-hour availability of nursing care or specialized health services, supportive housing may be an option. This is typically rental housing or an apartment near other seniors. There could be financial subsidies for supportive housing, as well as government-funded personal care services.

If the senior needs access to 24-hour nursing care or specialized health services, you could look at a retirement home or retirement residence. But retirement homes can be expensive. There are privately owned rental units for seniors who are able to manage for themselves and can pay for their own care. Typically a senior in a retirement home will get their own room or apartment with optional services, such as meals and social activities. Usually the care provided changes depending on the needs. The third choice is a long-term care home. These residences are typically for people who require enhanced nursing care and supervision within a secure setting. These types of homes can be privately owned, owned by the municipality or run by non-profits, so costs can vary dramatically.

If you find yourself considering care for your aging parents, your first call should be to your local Community Care Access Centre. The CCAC will be able to talk to you about options, including availability, eligibility for government funding and services, and the various levels of care available. Visit your province's Ministry of Health to find out about the services in your province. In Ontario visit the ministry of health and long term care's site at health.gov.on.ca

It's very important for you to be in contact with your parent's financial adviser to ensure you're well informed about the financial resources available for their care as they age.

And you should also be discussing this issue with your own financial adviser. In many cases, it may be your financial resources that will help ensure your parents are cared for in comfort in their twilight years.