We all know baby boomers are aging. Every day 3,000 boomers in Canada and 10,000 boomers in the US turn 65. While medical science has made major advancements that are continuing to prolong people’s lives there are some people who are not going to be in a position to take care of themselves at home in the years to come. According to statistical data, one out of two Canadians is likely going to need long-term care after they reach the age of 75.

No one likes to have to have the ‘courageous conversation’ with their parents about the possibility of needing long-term care, especially when they are healthy, but have them we must. It is too late to bring it up when your loved one has already reached the stage where they require the care. As it is when considering life insurance, it is good health that buys long-term care protection, not dollars.

I came across a great article by PBS Newshour that provides families with the 10 things they should know to get the long-term care conversation going.

However, it is not just the boomers who will require the long-term care who are affected; it is also the boomers who will become the caregivers. Were you aware that the number of Canadians over the age of 45 providing care for aging parents and other adults increased dramatically over a five-year period, according to a Statistics Canada study released in October 2008.

About 2.7 million Canadians provided unpaid care to people 65 and over with some form of long-term health problem in 2007, an increase of over 670,000 in 2002, the study says.
Projections show that by 2056, the proportion of Canadians age 65 or older will more than double, to over one in four; similarly, the proportion of people 80 and over will triple to about one in 10 (2007 General Social Survey (GSS) on Family, Social Support and retirement).

According to the GSS, care giving is not just provided to seniors living in their own homes, but extends to those living in institutions and long-term-care facilities who still count on family and friends for help. In 2007, more than one in five unpaid caregivers provided care to seniors living in care facilities, the GSS said. About 43% of caregivers in the study were between ages 45 and 54.

In the US according to an AARP survey, some 35% of boomers have been responsible for the care of their elderly parents, up from 26% in 1998. Meanwhile, half of boomers are still raising a young child, in some cases their grandchildren as well, or providing financial assistance to an adult child, according to Pew Research Centre. So go ahead – just try to retire!

To get the ‘courageous conversation’ started, here are just a few questions you need to get answers to from your parents:

What plans do you currently have in place if you were to become critically ill or require long term care?
Have recently reviewed your wills and pre-estate documents for financial and health matters to make sure they are up-to-date?
In addition, here are a few things you might need to think about as a potential caregiver:

Do you know what your employers policy is in relation to the care giving demands you might potentially face?
Do you know where to get help for yourself if you become overwhelmed by the support that you might be required to provide to your parents?
If you are responsible for looking after your elderly parents, have you made sure there is sufficient life insurance in place (in addition to what you have provided for your family) to care for them after you are gone?
If you are currently struggling with some of these issues today, I wish you all the strength you will need. If you are not, then may I suggest that you make this ‘courageous conversation’ a priority not only with your parents but with your own family as well.

To find out more personal and financial planning tips about this subject and other issues, you can order my book WITH THE [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][STROKE] OF A PEN™, Claim you life at janeblaufus.com . Follow me on Twitter and please visit my Facebook page.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]