A new study done by the Alzheimer Society of Canada reported that the number of Canadians with Alzheimer's is going to double in the next 20yrs. This increasing threat of Alzheimer's and Dementia has caused me to seriously start thinking - who is going to take care of my parents when they can no longer take care of themselves?
This is not something I enjoy thinking or talking about, but it is a conversation that needs to take place because the seriousness of it is very real. The truth is that our parents will get old and with age comes illness and disease, which lead to the need for care. Although I love my parents tremendously, I have no interest in helping them bathe or dress themselves, nor taking time away from my work day to help feed them or even help them go to the bathroom. I want to leave this in the hands of care professionals so that I can spend time with them, rather than taking care of them.
I know many of you probably think, well of couse I dont want to do that either, but I'm not worried, they can just go into a nursing home when the time comes. Well, although that is a great idea in theory, the truth is that subsidizing housing will be maxed out and government resources will be few and far between. The baby boomer generation (age 65+) is the fastest growing segment of our population and soon there will be too many old and sick people that access to government care (which is less than ideal in the first place) will be extremely restricted.
The solution for my family is Long Term Care (LTC) insurance. With LTC insurance, I know that I will not have to be amoung the hundreds of thousands of people who will have to take time away from their work and families to take care of their aging parents. There is great piece of mind in knowing that we will be able to afford to have the necessary improvements done to my parents home along with paying for the services of a private nurse so that they will be able to receive the care they need at home.
For more information on how Long Term Care insurance works click here:
For information on the study, Rising Tide: The Impact of Dementia on Canadian Society click here:
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