Rich Gramma Poor Gramma

My two grandmothers were on opposite sides of the wealth spectrum but towards the end of their life they both deserved dignity and the ability to live in a comfortable setting, like all of us wouldn’t you agree?

Gerry had enough wealth to be able to live in her home for awhile with a nurse visiting her before having to move into a private facility care-home. The home was nice, comfortable, kind of like staying at a hotel with friends. Bright, friendly, and optimistic.

Nadine, was on a fixed income and lived in a public care home. The moment I walked into this facility the first time to visit her I made the decision for myself that I would never end up “in one of these.” It was stale, clinical, and depressing. Just sad. It doesn’t mean they all are but this one was. It hung over me like a damp musty sheet. The two environments were so completely different from one another. Nadine deserved more but couldn’t afford it. Although, if she had long term care insurance, she could have elevated her lifestyle quite easily. I had my uncles consider buying it for her years ago, but they all balked at that creative idea. Too bad, as it would have cost them next to nothing split four ways.

I don’t have kids, many of my friends don’t either and we all talk about who will be there for us down the road. Our nieces and nephews, our pets, for some, no one. During these times, care-homes have taken on a tonne of heat and for me, I just want to be in my home given the choice – as long as I can. I’m only 45 but one needs to think about this. It’s expensive to have people care for you which is why I have an insurance policy to take this cost on if/when I need the care. By doing this, it takes giant pressure off me to save even more for retirement. Isn’t the cost of living already hard enough to manage these days?!

How about you? Does your family know about your wishes, have you begun to research the different types of care out there? Has the conversation started? Can your portfolio handle the potential increased costs?

I know, it’s easier to just go in the back yard and plant some bulbs and hope it all turns out. Hope that when the day comes, family will be there for you. Hope isn’t a strategy though is it? Gerry and Nadine have since passed, and I can’t help but always go back and think about the environments they took their last breathe in, thankfully they each had family with them the moment they crossed over and that puts the beginning of a smile on my face for them.

Tyler Hoffman is the Founder of OnPoint Employee Benefits www.onpointbenefits. ca and the Executive Producer at www. deliberatewealth.com He lives in Mill Bay.