Facts and Ideas
Facts and Ideas from those who have faced the challenges.
Confused about Assisted Living vs Residential Care!
You are not alone. Here’s a good place to start if you are trying to unravel the difference between the 2.
http://www.health.gov.bc.ca/assisted/about/index.html
The differences are not just in the level of service provided – the calculation of how assisted living and residential care are paid for is also different. But both calculations are still based on the persons taxable income.
Minimising the cost is where people often need professional advice – how can they reduce their taxable income and therefore their costs without sacrificing cash flow. Click here to arrange a consultation.
Abuse of the Elderly and other Legal Issues
Tragedy and the abuse of elderly people go hand in hand – to help you understand the measures you can take to protect yourself and your family and friends, we’d recommend that you take a look at what the Canadian Barr Association has to say on these matters as a starting place:
http://www.cba.org/BC/public_media/rights/239.aspx
This site has great information on how to identify abuse, how to deal with it and how to protect against it in the first place using Powers of Attorney’s and Wills etc. It also has a limited section on financial matters – if you’d rather be helped by a professional than having to work through the maze of web sites yourself, click here to arrange a consultation.
Patty Randall – Let’s Talk. The Care Years
Due to our country’s aging population phenomenon, millions of us are now faced with a challenge for which we are truly unprepared — caring for our aging parents and other loved ones and preparing for our own care!
Specializes in helping boomers and young seniors plan well in advance, organizationally, emotionally and financially, so as to sustain independence when health needs begin to change. Works with companies interested in educating their clients/assisting their employees/reaching out to communities through care-years-related programs
National Report on Long Term Care
Extracted from the BC Care Providers Association (BCCPA) web site:
“In 2009 the Canadian Health Care Association recognized the leadership of BCCPA in a new national report on long-term care. The report recognizes the BCCPA health and safety guidelines as a “leading practice” in Canada and recommends they be widely disseminated across Canada.
The 150+ page report makes a series of specific recommendations about the crisis is Canadian senior’s care, including:
• federal government must show leadership and establish a facility-based long term care fund to address growing challenges of aging society,
• establish mandatory accreditation in facility based long-term care
• develop pan-Canadian minimum staffing levels for long-term care facilities and a strategy to attract people to work in facility-based long-term care
• allow funding to follow residents so that provinces with massive in-migration do not experience excessive costs
These are recommendations BCCPA support, and in some cases we are ahead of the game – particularly as it relates to accreditation, establishing a registry of care aides and recruiting people into nurse and care aide training.”
It’s comforting to know that bodies like this are working on the quality of care – but it doesn’t answer the question of how it gets paid for.
Click here for this report in PDF format.
What does subsidized Assisted Living cost?
This comprehensive piece (The Subsidized Assisted Living Handbook) is provided by Vancouver Coastal Health. The costs of Assisted Living are highlighted on page 10:
“Subsidized Assisted Living is an affordable option for everyone. The cost for the full package (rental accommodation, hospitality services and personal care) is equal to 70% of your most recent year’s after-tax income and is paid directly to the Assisted Living provider. People who are in receipt of Income Assistance pay a flat rate. Couples who are living together in subsidized Assisted Living are charged 70% of their combined after-tax income. If your spouse moves out or you are not living together, then the rate is based on your after-tax income alone.”
For the whole document click here (PDF format).
If you need information on how to save 70% of your after tax income, please arrange an appointment with a Certified Financial Planner by phoning us at 778.322.5136 or contact us online.
