From The Editor: Planning for Long-Term Care

Q2 | July 2023

Laptop, notebook, Tablet and coffee on work desk

Topic: Wealth Planning, Living to 100

Brad Weber  CPA, CA, CFP, CIM

July 28, 2023

Image used with permission: iStock/PRImageFactory


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From The Editor: Planning for Long-Term Care

Q2 | July 2023

As part of our Living to 100 series, Nexus hosted a client event in June featuring guest speaker Karen Henderson, an expert in long-term care planning. The presentation provided insights into some of the realities of long-term health care in Canada as well as how to prepare for the future as we age.

A common question people ask when planning for retirement is “How will health care costs affect me?” For many people planning for or starting retirement, the questions about future health care costs can seem quite hypothetical in nature at first. While new retirees may currently be healthy, they are also aware that future health care could be an issue they will face. They might also have had some personal experience through a loved one, such as a parent, and have seen firsthand some of their challenges. But when starting to think about long-term health care, it’s important to try and consider the root causes of your concerns. Some of these worries can be attributed to the uncertainty that comes with simply thinking about the future. As much as we’d like to believe otherwise, no amount of planning or financial modelling can completely eliminate the fear of future uncertainty.

As Karen points out in her presentation, when people start to ask about health care planning, what lies beneath those initial questions is usually a belief along the lines of, “I should probably look into this, but I don’t know enough.” People start thinking about their future health care needs for many reasons. And Karen has identified an underlying core reason that relates to a desire to maintain our independence, which includes a desire to age with dignity and control. This is often reflected in the common wish to grow old at home, where we are most comfortable. A specific goal like this can form the basis of a plan, which can help evaluate if you have the financial resources to stay in your home while managing health care concerns.

There is great value in simply starting the health care conversations, as they play a critical role in addressing your concerns. Initiating these discussions with your family and your advisors enables you to articulate what you want to have happen and to prioritize your needs.  You want to do this before a crisis has occurred when you may no longer be able to have the conversation. The important part is starting, and then try narrowing in on the things you can control, as this will form the basis of any planning you do and the legal or financial work will accompany it.

If you could not attend the June event, a video of the presentation is available on our website under presentations, and I recommend you find time to view Karen’s presentation. To view more from our Living to 100 series, click here.

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