The demand for long-term home care continues to skyrocket, yet the number of seniors actually planning for it is not keeping pace.
In fact, according to a new survey by Home Instead, more than three-quarters of seniors feel more comfortable planning their funeral than their final years – and only 13 per cent have prepared financially for long-term care.
“When planning for their final years, many people go straight to making funeral arrangements and financial plans rather than taking time to prepare for care that might be necessary in the final years, months and days of life,” says Alistair Hicks, owner of the Home Instead Senior Care office serving Greater Victoria. “Unfortunately, many people do not consider that as we age, we need extra care. While the vast majority of seniors prefer to age at home, they may not realize the range of options available to them, and that this time in their lives requires planning, too.”
The research shows a critical need for resources to help seniors and their families better plan for their final years, says president and CEO Jeff Huber. “Often, we forget about the fact that as we age we might want or need extra care so we can stay in our homes, care so we can remain independent, care so we can be around for our families and more of life’s milestones.”
The survey also revealed that more than half of seniors who have made plans haven’t made actual arrangements – the main reasons being because they’re still in good health and trust loved ones to handle arrangements for them.
Planning provides comfort and ease
Home Instead, with Genworth Financial, developed questions for seniors to consider when planning for their final years:
- How do you want to live your final years? Consider what you want to do during your final years.
- Where do you want to live? Consider if you want to spend your final years at home and, if so, what type of assistance you might need to do so.
- What’s your plan if you need help? If, like many seniors, you need long-term care at some point in your life, consider how you’ll afford that care.
- Do you know the cost? Consider the cost of care and anything else they you’d like in your final years.
- Are products and services in place to support a plan? Explore with your family your long-term care plans to help you meet your needs.
- Is your plan flexible? With your family, ensure your plans are adaptable to the changes that may occur as time goes on.
Equally important is sharing your wishes and plans with family. While 59 per cent of adults and 76 per cent of seniors agree that discussing and making plans for their final years makes them feel more prepared, only 58 per cent of adults say they’ve discussed their parents’ plans with them.
Compose Your Life Song
To help seniors and their families understand how to plan for their final years, Home Instead developed Compose Your Life Song, an education program offering planning resources and tips for seniors and their loved ones.
Conversation starters and other free resources help seniors and their adult children discuss plans for their final years, and explore options for care, finances, insurance and funeral planning.
The program also features the online Compose Your Life Song music generator, where families’ personal accomplishments and planning are layered in musical notes leading to a harmonious grand finale.
“By empowering seniors to make plans, as well as encouraging conversations with adult children, seniors are able to be in charge and have their wishes honoured – something everyone deserves,” Huber says.