It is essential to plan and be prepared for the fiscal side of caring for an elderly person, to avoid awkward or difficult situations later. The following are some suggestions:
Get Papers in Order As a caregiver, have frank and honest discussions with your elderly family member about finances and legal information, including location of documents, records and accounts, such as:
Wills, powers of attorney, and durable powers of attorney for health care
Health and other insurance policies
Bank and investment accounts and safety deposit boxes
Burial and funeral arrangements
Plan and Budget The cost of residential care involves at least $2,000 and up to $10,000 per month, depending on where you live and the circumstances of the situation. The province does not cover all health care costs, and home care varies from community to community, sometimes being provided by private and/or not-for-profit agencies. To qualify for help you will need to apply to your local elder care organizations. Be Aware of Benefits and Financial Resources Investigate tax benefits for yourself, as a caregiver, and your elderly family member, as a senior, in order to reduce the amount of tax you pay. For information on:
BC EFAP Client Access for immediate and confidential assistance 24/7.
BC lower mainland 604.732.6933 toll free 1.800.667.0993 french toll free 1.800.561.1128 TTY 1.888.234.0414
If you are in crisis, direct telephone access to EFAP professional counsellors for crisis counselling and immediate assistance is available and accessible from anywhere in North America, 24/7/365 toll free by calling the number at the top of the screen.