Don't Delay Arranging Eldercare, Experts Say

"Work won't visit you when you're old," wrote actress and writer Tina Fey in her best selling book Bossypants. She was referring to the importance of focusing on life's priorities; the enlivening role that children play in our lives. It's cautionary advice that we all should take seriously as we ride the wave of the RRSP season, and await the outcome of the OAS debates.

Statistics Canada reported that in 25 years, approximately a quarter of the Canadian population (roughly 10 million) will be seniors. So when retirement is decades or less away, sorting out the fine details is frequently the elephant in the room.

Unfortunately, fatal illness can strike when you least expect it.

Evelyn Jacks, president of the Winnipeg-based Knowledge Bureau and one of Canada's leading tax experts knows from personal experience how things can change quickly and dramatically. Within the span of 18 months she lost four members of her family, including both of her parents. In addition, each case required extensive, expensive palliative care.

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"You don't want to be worrying about money when something like that happens," said Jacks during a recent trip to Toronto. She advises planning in advance to protect yourself during periods of vulnerability and caregiving. Part of the planning process involves maintaining good communications with the family. Many caregivers become overwhelmed by the situation and start to burn out and get sick themselves. It's good to share the responsibility among family members, and when there are no family members nearby, she suggests reaching out to your neighbours and community for assistance.

As the population advances in age, Dementia will affect 20% to 25% of people over the age of 80. That's why Jacks recommends that you have all your legal and financial documentation in place: a Power of Attorney, a living will that serves as a healthcare directive, and a will that outlines how your assets are to be distributed. "You want to ensure that a proxy can jump in and take care of your financial affairs," she advised.

Take a scan of all your financial accounts, namely:

• Bank accounts
• Investments and registered savings plans (TFSA, RRSP, LIF, LIRA,)
• Insurance policies (critical illness, disability)
• Wage loss replacement policies

You should inform yourself about tax advantages and find out where you can tap into multiple sources of income like the Canada Pension Plan Disability insurance. If you are the caregiver, you may qualify for Employment Insurance (EI). As a qualified caregiver, the EI Compassionate Care Program would pay you a weekly benefit. Moreover, when it comes to preparing taxes there are a number of provisions to choose from, such as the new 2012 Family Caregivers Tax Credit. This tax credit will enhance the spousal amount for the caregiver amount. To find out all the tax credits you may qualify for speak to a tax advisor.

In certain cases, the frail elderly will need to be transferred into a care facility. It is estimated that 7,550 acute-care beds are filled each day by elderly patients awaiting beds in a nursing home or elsewhere. This is strain on the Canadian health care system, and it isn't always the ideal environment. Experts say hospital treatment, despite the best of intentions, can sometimes amount to mishandling of older patients.

That's why Mount Sinai Hospital in Toronto opened the Ben and Hilda Katz Acute Care for Elders as part of its new geriatric program. The program is leading the way because it has specialists and family physicians who make house calls to keep seniors at home longer, therefore reducing unnecessary hospitalizations.

Jane Piccalado, Director of Senior Services at Toronto's Woodgreen Community Services supports this approach. She and her colleagues coordinate over 20 community services that facilitate what they call a warm transfer with just one phone call. There are 34 agencies in their network that support frail seniors in their homes for as long as possible, including her mother who lived to the age of 92.

Piccalado believes that there is a better way to take care of the elderly while maintaining a sustainable healthcare system, "Community care costs the overall system a lot less than institutionalized care," she said. In certain instances it costs three times less.

If you feel overwhelmed by the costs and the responsibilities of eldercare, you're not alone. Piccalado advised, "Call community services when you need it. They'll do their best to get you into the system. They'll try to do something."

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