Source: Kim Stanley

Discussions with families about issues such as end of life care, assistance care, and care when you are incapacitated or vegetative state, are difficult to have. However, some tough questions do need to be asked. Who is going to look after you? Do you believe the government will lovingly and thoughtfully look after you? Do you want your children or grandchildren to be responsible for you and look after you? Do you want to be put in a position where you’ll have to leave your home should you no longer be able to look after yourself at home? Or would you rather have a choice about where you would like to be cared for? Do you want to know that in the event you cannot speak for yourself that your wishes are carried out?

If you are concerned about the possibility of future care for yourself and your spouse, you want to be sure that your Personal Care Financial Plan is order.

This plan consists of three main components: a Life Care Plan; a Power of Attorney for Personal Care and Living Will, and financial arrangements to pay for your care.

Your Life Care Plan is a dynamic document that itemizes the medical care and equipment you may require later on should, for example, a chronic condition worsen. It will also plan for such significant changes as a move from a large home to a smaller home (or condominium), home renovations, vehicle modifications and specific medical device purchases such as a wheelchair, walker or bathroom equipment. A listing of potentially required therapy, housekeeping assistance and medical care are also included. The costs are listed so budgeting can be planned. This document is updated and changed as your needs and requirements evolve.

Secondly, you must have your legal documents updated. Make sure your family knows where you keep them and what your wishes are. In Ontario you need to have two specific documents to outline your instructions. The first one you need to have is a Power of Attorney for Personal Care which appoints your decision maker who will act on your behalf. The second document is your Living Will which details your instructions and what your wishes are in various circumstances. If you want additional information about these documents, you can access the Ontario Government’s website at www.attorneygeneral.jus.gov.on.ca/english/ family/pgt/poa.pdf, to obtain their Information Booklet. If you want a document that addresses your questions you can access this website: www.attorneygeneral.jus.gov.on.ca/english/ family/pgt/livingwillqa.pdf.

In addition to having these legal documents, include a contact list that your family can reference. Included on this list should be the phone numbers of your physicians, your lawyer, accountant, and banker. Be sure to include details of your bank accounts, lines of credit, outstanding loans, mortgages and credit cards. Your Power of Attorney for Property (a separate document from your Power of Attorney for Personal Care) will need to know this information so that they can contact these individuals and institutions quickly and begin to look after your finances. You should also include the location of your safety deposit box and key.

Lastly you need to plan for the financing of your personal care. Discuss your assets with your family or trusted advisors, and determine which ones are available should additional funds be used. Be sure to include your entire pension income, RRIFs, LIFs, annuities, government pensions, rental income, dividend income and any other monies you receive in your listing. Should a sudden condition (i.e. traumatic head injury or serious stroke) strike you, your family will be aware of your finances and wishes and be able to handle them on your behalf.

Some people may find that they don’t have enough resources to handle a serious or chronic condition (i.e. Alzheimer’s or arthritis), so it would be prudent to plan ahead, especially if the need for long-term care arises. There are various levels of care, varying from a few hours a week to 24-hour-a -day care. Having these sometimes difficult discussions now will save your family possible anguish in the future. By talking with your family and loved ones and clarifying your wishes, the uncertainty and indecision that can occur in a time of crisis can be avoided.

Another consideration to discuss with your family is who will look after you. Are your children or grandchildren prepared to care for you should you become unable to do so? Is a nursing or retirement home being considered? Would you prefer to be cared for in the comfort of your own home? Ideally, most people want to remain in their homes for as long as possible. Unfortunately this is not always financially feasible. And we must not labour under the illusion that the government will look after us. They will only do so with the most basic of services.

Financing your personal care can prove to be a very stressful process. By using between 1½% to 3% of your current assets as a premium now for a long term care policy, you can be sure that a non-taxable income will be provided to you should you require home care or facility care in the future. You must be able to qualify medically and you can customize your policy to meet your needs.

A Personal Care Financial Plan is a very important component of your Retirement Plan. Be sure that you have all your documents, instructions and financing in order so that you and your family are prepared should you need to have ongoing assistance and/or medical care. Good planning will give you peace of mind and you will have made your own choices; no one else will make them for you. Don’t leave something as important as your personal care to chance. Be in control of your own destiny.