The Plan by Investors Group^TM

Caregiving: a helping hand for those who care

Perhaps you have not yet been called to caregiving, but you know that it is likely to happen sooner or later. Maybe you are already a caregiver to a loved one or to someone who suddenly needed your help. The person you are caring for may be a life partner, member of your family, special friend, neighbour or support group member. Whatever the circumstances, you should be prepared for the multiple responsibilities and complex demands on your time, energy and efforts. Help make your new role a little easier by reviewing basic information about many important financial planning aspects of caregiving.

Each caregiver situation is unique, yet all share certain requirements and experiences–including the need for new medical information, increased physical and emotional stress, economic concerns and legal necessities. You will feel much more confident and secure in your role as a caregiver when you have a solid base of knowledge to draw from - and remember that it is always okay to ask for help. There are community services for caregivers where you can find information, training and counselling that can help you provide better care for your loved one and help protect your own health and finances.

Prepare with care

Look carefully at your life. You may work fulltime and have children or other family members who also depend on you. Or you may be retired with fewer daily demands on your time. Whatever your situation, it's important for you to put together a caregiving plan for yourself, as well as for loved ones that may depend on you for long-term care. It's best to do so before the need becomes critical, when you have time to talk things over with everyone involved.

How to offer your help

Broaching the subject of caregiving can be very difficult. Some people are reluctant to discuss the possibility of physical or mental limitations. Others will be relieved that someone close to them has taken the initiative and raised the subject.

You can make the process easier by coming at the topic from a different angle–perhaps by starting a discussion about updating a financial plan or will. Once the conversation opens up, keep it flowing by listening carefully for their views and asking plenty of questions.

Planning–taking care of the basics

By establishing a detailed caregiving plan for your loved one, you accomplish two important goals. First, through the planning process they have the opportunity to express their wishes and preferences for the level of care they wish to receive. Second, by removing many ‘unknowns' you will feel much less anxious and much more confident about your role and responsibilities as a caregiver. Here are some planning tips to get you going:

Talk to your family doctor to better determine the nature and extent of care that your loved one might be expected to require so that you can anticipate and plan now for their needs, as well as your own.
Talk to other family members and friends about their availability for specific duties or to provide general assistance.
Check out community support/assistance programs in your area that can supplement the care you will provide.
Know the location of medical records, bank, insurance, and other investment information, will and power(s) of attorney.
Note the contact information for family doctor and specialists, dentist, legal advisor, accountant, financial advisor, insurance carrier(s), banker, and religious/spiritual advisor.
List current residential services–such as cleaning, snow removal, yard maintenance, building superintendent or property manager.

Be sure to review the completed plan with your loved one and, as appropriate with everyone else who will be involved in the caregiving process including your loved one's medical advisors to ensure that your plan is adequate and realistic.

When the time comes

Remember that caregiving is a process–usually beginning with the need for ‘just a little help now and then' and often escalating as the person's functional ability declines. As time goes by and the scope of your caregiving becomes more apparent, you should update your plan for your loved one including a periodic financial check-up. There are a number of financial issues that you should discuss with an Investors Group Consultant such as:

Powers of Attorney (in Quebec a mandate in case of incapacity ),
up-to-date wills,
tax planning, and
long-term care insurance.

Caregiving and your future

There's no doubt that caregivers provide vital support to loved ones that might otherwise be unavailable to them. But caregivers need support too. Local chapters of organizations such as the Alzheimer Society of Canada, the Canadian Cancer Society and the Caregiver Network are good sources of information and support. You can also find many caregiving resources online.

Caregiving can be one of life's most challenging–and rewarding–experiences.

Talk with an Investors Group Consultant about how to put your own or another's financial life in order to assist with planning for care now and in the future.

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Written and published by Investors Group as a general source of information only. It is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide tax, legal or investment advice. Readers should seek advice on their specific circumstances from an Investors Group Consultant.