The answer would appear to be – YES. Provided that the pet can be looked after if you pass away, AND, provided you can afford the veterinary bills. This article proposes a neat solution to both of these eventualities and showcases a great way to bring together the people and pets who really need each other:

http://www.seniorlivingmag.com/articles/fostering

But what about those who already have a pet and are worried about how to pay the vet bills – every dollar often counts when you’re retired. To help you work out if you can stretch your income further click here to arrange a complimentary consultation.

Financial Planning, old age care Hide

The fact that 70% of a person’s after tax income disappears to pay for Assisted Living is difficult to swallow. But what if the bad news doesn’t stop there? Here’s a news letter that highlights the potential financial landmines so that elderly people and their families can be better prepared to deal with them:

http://www.bclocalnews.com/vancouver_island_central/
nanaimonewsbulletin/opinion/letters/64322432.html

A smart alternative is to shelter the income from the taxman (i.e. make sure it is non-taxable income). To make an appointment to talk to a CFP to discuss whether this option is available to you, click here

Assisted Living, non-taxable income Hide

The cost of care for the elderly, and the concern as to who will pay for it, are not just issues in British Columbia. Back in 2006 this article explained that in England most of the people who are approaching retirement have made no financial provision for care. The more recent article in the Telegraph demonstrates that this known issue is not going to go away and the survey findings echo ominously the general attitudes here in BC:

“Over half (55%) thought that should they need a place in a care home, they planned to rely on their basic state pension to help cover costs. But that is just £84 a week, compared to £400 a week average cost of a care home.

A similar number (56%) thought their personal savings would cover the cost – despite two in three not having made any plans to fund such care.”

Older folk deserve to be well looked after, but clearly it takes some planning to make sure this happens.

http://news.bbc.co.uk/2/hi/health/5357806.stm

Financial Planning, old age care Hide

Paying for the parent’s care and accommodation is a global issue. It certainly affects those in the UK as shown by this article in the Telegraph in the UK. Here are some stark quotations from our cousins on the other side of the world:

“The warnings came as Health Secretary Andy Burnham admitted the care system could no longer cope amid a healthcare “time bomb” currently facing Britain’s ageing population.”

“He said some families could even face bills of up £200,000 to pay for their time in care homes.”

It may be a global issue but that doesn’t make it right, and it doesn’t make it go away. Contact us to see how you can be best prepared to weather the storm.

http://www.telegraph.co.uk/health/healthnews/6204605/More-families-with-elderly-relatives-forced-to-top-up-for-old-age-care.html

Financial Planning, old age care Hide

From the BC Care Providers Association (BCCPA) web site, this article serves to highlight some devastating issues facing families where the care of parents becomes an issue. Apart from all the issues around humanity, the inequities of how the care can be paid for are considered:

“In January most nursing-home patients will start paying more for their care. Patients with the lowest income will get a 5% cut, but everyone else’s rates rise. The cut affects only those earning less than $14,034 a year, a $46 reduction. But those earning up to $22,000 a year will pay 13% more, up to $1,392. Higher income earners face a 9% rate increase, to $1,815 a month.

Announcing the new formula, Health Minister Kevin Falcon said it is more equitable, and protects those who need care the most. Meanwhile Clarkson grows increasingly frustrated watching her mother’s condition worsen in what she now calls the “broom closet” at NRGH.

“If my mother could afford $5,000 a month, she could have a bed tomorrow… I just want her out of that room.””

http://www.bccare.ca/2009/10/senior-stuck-living-at-nrgh#more

Financial Planning, old age care Hide