The unexpected costs of caring for your elderly parents
by AlexR on February 9, 2015 - 1:16pm
When it gets dangerous for an elderly to stay home alone and take care of himself, family have to relocate them in a safer place with services and care or adapt their house. But this can be very expensive and very stressful if you do not have so much time and money to spend. It is the case of Ms. Walker, who has to spend $50,000 on her mother’s care. She has to empty her mother’s retirement fund plus take in her own bank account. Only 7 of the 10 caregivers meted by Ms. Walker were providing a certain kind of financial assistance. People between 45 and 64 years old are the more affected since they have to provide care for their parents and give money to their child in order to attend university. Also, when you use your personal time to take care of your parents, you end up missing days and weeks of work, which means a lower income. The best solution Ms. Walker found is to hire a personal care worker for 20$ an hour. This was a better choice for her since hiring a nurse would cost her 40 to 69$ an hour. After she learns that her mother was affected by dementia, she has no choice to put her in a private retirement home. These kind of establishment cost about $1,500 to $5,000 a month, help and tasks not included. Ms. Walker finally put her mother in a provincially funded nursing home for $1,300 a month.
It is a non-sense that how much money you have dictate how well you will live the rest of your life. What I mean is if an individual cannot afford to live in an adequate retirement institution, who knows where he will end up? What should be improved here is the amount of money the government gives to public retirement institutions. More money injected in those institutions equals a better life quality for the elderly. From my own point of view, I can relate that it is not easy to take someone out of his house to relocate him in a retirement place. It is very expensive, time consuming and stressful. In order to ease the process, hospital, CLSC or other medical institution should offer programs to help place elderly parents in a retirement place.
Original title: The unexpected costs of caring for your elderly parents
Written by Melissa Leong for the Financial Post