If your parents are part of the baby boom generation, you may soon find yourself taking on a new role: caregiver. That can mean anything from simply assisting your parents from time-to-time to providing (or arranging) intensive, around the clock care.

Quebec, May 21, 2007 via Investors Group Financial Services Inc.

The key is planning before a crisis occurs - so here are some options to consider when deciding on the best level of care for your aging parents:

Independent living

Most people want to remain as independent as possible for as long as possible. These options provide an important measure of independence:

• Homecare
  
  There are a number of services -- from meals-on-wheels to regular visits from medical or physical therapy professionals -- that provide additional support to allow your parents to remain in their own home.
  
  
• Seniors' Apartments and Residential Communities
  
  When it's time for your parents to 'downsize', seniors' apartments or residential communities can offer independent living in a smaller living space without the need to worry about maintenance or upkeep. Many have common recreation and social facilities.
  
  
• Care in your home
  
  Having a parent move into your home can strengthen your relationship with your parent with also minimizing care costs.
  
  

Assisted Living

Offers a more intensive level of support made necessary by increased health, safety or cognitive concerns:

• Retirement Homes
  
  Offer independent living with amenities such as meals, transportation and activities usually included in a monthly fee. They may also provide supportive services such as nursing, bathing, dressing and other daily activities.
  
  
• Nursing / Rehabilitation / Long-Term Care
  
  Facilities provide skilled medical services and some offer specialized programs for residents suffering from Alzheimer's disease or other cognitive impairments.
  
  
• Palliative Care
  
  For those requiring end-of-life care may be provided in the home, a nursing home, a long-term care facility or a hospital.
  
  

For any care option, you will need to consider your parents' financial resources. Some costs may be covered by a provincial health care plan. Your parents may also be eligible for government assistance, depending on their condition. Consider life insurance, supplemental health insurance, disability insurance, critical illness insurance, and especially long-term care insurance as an important means of offsetting care costs, providing peace of mind, and helping preserve the value of your parents' estate.

It's easy to let things slide - especially when it comes to discussing your parents' health or finances. The best decisions are made when there's time to make them, not when a crisis strikes and it's too late to fully involve your parents in planning for their future and too late to qualify for long-term care insurance. A financial advisor can help you and your parents make the caregiving choices that make the most sense for your and their situations.


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