Guided Financial Advisors’ Post

During the actively working phase of our lives, we rightly focus on climbing the mountain to financial security. But addressing the possibility of needing extended care later in life is essential to how we safely descend the mountain in our retirement years. As such, planning for long-term care is a vital component of a well-developed retirement and financial plan. We explore the personal impact of family caregiving and long-term care in this first of two articles. https://bit.ly/40y87JW #LongTermCare #Caregivers #RetirementPlanning #FinancialPlanning

During the actively working phase of our lives, we rightly focus on climbing the mountain to financial security. But addressing the possibility of needing extended care later in life is essential to how we safely descend the mountain in our retirement years. As such, planning for long-term care is a vital component of a well-developed retirement and financial plan. We explore the personal impact of family caregiving and long-term care in this first of two articles. https://bit.ly/40y87JW #LongTermCare #Caregivers #RetirementPlanning #FinancialPlanning

Home care represents the majority of long-term care services in the U.S. Sometimes, assisted living, memory care, or a nursing home, might be the best choice. Planning now will keep you in control, ease family burden, and protect income and assets. Use the tools and resources available on LTC News to learn more about aging, caregiving, health, lifestyle, long-term, care and retirement planning. https://lnkd.in/gT6j3_BQ

The future of eldercare is here, with diverse options for personalized, in-home long-term care. These choices allow individuals to receive tailored support while preserving their independence and comfort at home. Learn more about aging, caregiving, health, lifestyle, long-term care, and retirement planning by using the resources available on LTC News. https://lnkd.in/gT6j3_BQ

Part 2 of 2: DIFFERENCE BETWEEN RETIREMENT HOME AND LONG TERM CARE HOME. Let's delve into the key differences between nursing homes and retirement homes, weighing their advantages and drawbacks to help you make an informed choice based on your family's unique needs and preferences. Nursing Home (Long-Term Care Home) # Skilled nursing facilities providing 24-hour care for seniors with complex medical needs or requiring specialized care like dementia or Alzheimers. # Level of Care is high, with medical support and assistance with daily living activities. # Regulated by the Ministry of Health and Long-Term Care in Ontario. # Admission process is based on an assessment of need conducted by the Local Health Integration Network (LHIN) or Home and Community Care Support Services. # Accommodations & Services - Private or shared rooms, 24-hour nursing care, meals, housekeeping, laundry, and recreational activities. Payment - Partially funded by the provincial government, with residents responsible for co-payment fees, monthly payments ranging from $1987(shared accommodation) to $2838(private accommodation). Special financial help available for eligable residents who cannot afford this payment. Medical and Nursing are covered by the Ontario government. Retirement Home (Retirement Residence): # Catering to seniors who are relatively independent but may need some assistance or prefer community living. # Varying levels of care, focused on assistance with daily living activities and amenities, all chosen by the resident. # Regulated by the Retirement Homes Regulatory Authority (RHRA) in Ontario # Range of accommodations, services, and amenities. # Privately owned and operated, residents pay for all the services and accommodations they require out of pocket. In summary, nursing homes provide higher medical care for seniors with complex needs, while retirement homes suit more independent seniors needing some assistance or preferring community living. Nursing homes are regulated by the government, while retirement homes follow RHRA regulations. To move into a retirement home, it is just a matter of finding one you like with space available. To move into LTCH, you need to meet a set of health requirements established by the government. There are very few restrictions in a Retirement Home, you will be able to lead a very independent life. In contrast, LTCH restrict your movements, different rules and schedules are in place for the safety of the residents. There is a lengthy wait time for LTCH. Depending on your financial and health condition, you may be able to cover medical costs incurred in a retirement home. For many, this may mean paying for home care or receiving hospital care until a bed opens in LTCH. Do you need help choosing the right retirement residence without stress? Do you want to live in the best place with your unique needs? Call Me, Let me help you. My name is Dan and I work for Visavie. P: (343) 551-0730 E: dduthie@visavie.com

As parents age, their needs change. This post explores the challenges of caring for aging parents and the importance of proactive planning. #agingparents #retirement https://lnkd.in/eecNXdn4

I often talk about the emotional rollercoaster of #caring for your parents. Still, the financial rollercoaster is just as disheartening ending with the #caregiver not having enough funds to care for themselves in their #seniorliving years The #Caregiving crisis is not a day in the future, it's #RightNow. We need more resources, more aid, more support on EVERY level! From USA TODAY "The cost of #caregiving isn’t just ravaging the finances of older Americans but also those of younger generations who provide the care, according to a study by the Columbia University Mailman School of Public Health sponsored by pharmaceutical company Otsuka Pharmaceutical Companies (U.S.). Due to reallocating funds to caregiving expenses and foregoing essential retirement contributions, #caregivers who begin their duties at a younger age risk an average 40% to 90% deficit in #retirement savings, depending on salary, by age 65 compared to non-caregivers, the study said. That’s equivalent to another seven to 21 years of work to recover the savings loss." To those, the Caregiving crisis is not a day in the future, it's #RightNow. We need more resources, more aid, more support. Thank you Medora Lee for an insightful article. https://lnkd.in/eA5HadwK

Extra Fees Drive Assisted Living Profits Assisted living centers have become an appealing retirement option for boomers, but their high costs and extra fees make them unaffordable for most Americans. Visit the link below to learn more. https://lnkd.in/gmnUgMmg

Check out this interesting Fortune article on caring for and supporting elderly parents in retirement. Please reach out to us if you have any questions. #Atlanta #Retirement #ElderCare #Buckhead

Changes are coming to aged care - here's my take on what you need to consider..... Aged Care reforms are now in front of parliament, so nothing is set in stone just yet. But here are a couple of my takeaways relating to things we pretty much know for sure will change. 1. The Assessment teams are changing soon - the system is moving from two assessment teams (RAS - basic level, ACAT - more complex) to a single team. The sheer numbers required mean that there will be less qualified and experienced clinicians and assessors overall. It will be more important than ever to know what to ask for and to present it clearly so that you get what you need from your assessment. 2. Costs will increase for part pensioners and self-funded retirees. There will be an expectation for recipients to contribute more if they have funded their own retirement. Contribution assessments are also likely to move from 'income' to 'means' testing. 3. Those with existing services under the current system will be 'no worse off'. When bringing in new systems Governments don't change the rules for those who entered Agreements under different terms and won't leave people forced into 'worse off' situations. What I think people need to consider: I anticipate a rush on assessment requests early next year so that people who are self-funded can choose which system works best for them to be funded under. I expect that for while in the transition of both a different assessment system and a new aged care system, things will be messy, will take longer, and the correct level and type of care will be harder to ensure. My Recommendation: If you have family or clients who are part pensioners or self- funded retirees, who have been avoiding looking at their home care options or getting care in place it would be highly advised to look to get assessed before the end of this year.