klaus
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Nov 26, 2008, 1:26 PM
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Don’t count on government to care for the aged
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Now that this amazing demographic wave is beginning to break and the 50+ population is growing at about 2.5 times faster than all other age groups, it’s time to take stock and look at where we are heading. For the first time in our history the adult population has more parents than children. As the population ages and individuals live longer because of improvements in lifestyle and healthcare, a concomitant increase in demand for elder care will present some daunting challenges.
Already government is finding it difficult to provide long-term care for seniors with waiting lists of up to two years now being the rule, rather than the exception in some jurisdictions. More and more families are assuming the responsibility of caring for ageing parents, rather than trusting the government to provide care. In Canada one-third of the population between the ages of 45 and 60 are looking after relatives in need of care.
Not only does this present a tremendous emotional burden, it also presents financial challenges of monumental proportions. Just when empty nesters are enjoying the freedom of having their kids out of the house, many are finding themselves having to look after one or more parents. A recent study conducted by BMO concludes that the cost of caring for aging parents can run from $5,000 to upward of $50,000 a year in addition to the emotional toll it takes on both the caregiver as well as the recipient.
We naturally assume that as the need for long term care facilities increases, government will respond by creating more such facilities to cope with the demand. But assumptions have a habit out of making an ass out of those who do the assuming. Counting on the government to create a spate of new long-term care facilities to meet the needs of an ageing population explosion is akin to using a lottery to plan for one’s own retirement. The chances that governments will meet this need are slim; given that governments at all levels are perpetually cash strapped.
More importantly, the demographic following the baby boomers is relatively small and the thinking among those engaged in long-term planning for the government is that it’s a waste to build nursing homes that will be in use for less than 20 years and then stand empty. The cohort following the baby boomers is quite small and the cohort following them is smaller yet. It’s one of the side effects of the current trend among young people not to have children.
In order to meet the challenges facing us as we all age, it is important that our plans for eldercare are carefully laid. This involves high-level financial planning, creation of a living will and the designation of a power of attorney for starters. Leaving those kinds of details up to government bureaucrats will only result in heartache. The old adage that “if it’s to be, it’s up to me” is more relevant today than it has ever been.
Klaus Rohrich is President and Creative Director of Taylor/Rohrich Associates Inc., a marketing and advertising firm that specializes in niche marketing retirement real estate developments
http://www.maturitymarketing.com.
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