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A Gift From My Grandparents

Posted by: Zena Amundsen | Posted on: April 22nd, 2014 | 0 Comments

My grandparents passed away at the age of 92, within a few months of each other. What a love story. During my lifetime, they taught me many lessons and left me great memories. I believe that my grandparents did not realize their last lesson and gift to our family – the importance of discussing a long term care plan.

My mother had retired before my grandparents needed care. She had the time and ability to help be their caregiver. This was a blessing, but not a common one. It is not often that a family member can become a caregiver because of work and other family obligations. Grandpa and my mother became close. During that time, they discussed the long term care plan and he shared with her where all of the estate planning needs were stored. Grandpa was sharp as a tack and more organized than Martha Stewart. He kept a tupperware file alphabetized with documents and funeral plans.

His pre-planning was a lesson, but the true gift that shines through the experience is the communication and importance to discuss with family members the future. My parents are young and in their 60’s, but because of my grandparents, we have talked about the need for care down the road. We are slowly putting together a plan, and one of the main pieces of the plan is a Long Term Health Care insurance policy. When the time comes, the policy will provide a daily benefit to help offset the cost of care or help fund a private facility. As an only child, the piece of mind knowing that there are options is a relief.

The Cost of Care in Saskatchewan:

Type of Care

Rate

Government subsidized nursing homes

$1,014 – $1,931/month

Retirement Home/Residence

$1,380 – $3,685/month

Government subsidized Home Care

$7.60/hour

Private Home Care – Personal Care

$18 – $28/hour

Private Home Care – Skilled Nursing Care

$40 – $60/hour

A Few Things To Talk About

What do my parents want? Do they want to remain at home if at all possible or are they ready to move somewhere more manageable.

What can my parents afford? Staying home may mean renovations and caregiving. The cost of living in a retirement community, assisted living facility or long term care center
varies widely based on the quality of the accommodations and the amount of care
provided.

What do my parents expect of me? Be prepared to make several attempts before you get the whole story and involve siblings if you can.

Would professional advice help break the ice? Sometimes it helps if a family meets with their financial advisor to help facilitate the conversations.

If you want to discuss further or would like some more information about Long Term Health Care, please call or email me: zamundsen@thetylergroup.ca

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