Did She Mismanage Her Money?

A BIG MYTH that is hurting local seniors in long-term care

As a low-income senior in long-term care, Faye reached a point where she literally had nothing to wear, and was cancelling health appointments because she didn’t want to travel across town in a hospital gown. Eldercare Foundation’s Residentin-Need program helped buy her new dresses. “I feel like I’ve moved back into the world,” says Faye.

move into public long-term care, most of their savings were gone.

While Liz’s mom passed away soon after, Liz spent the last two years of her life at the Summit, a care home located at Quadra and Hillside. It’s a home supported by Eldercare Foundation, a local charity that raises funds to improve quality of life for seniors in care. Liz loved the music and art therapy sessions. Even as her dementia advanced, hearing a familiar tune or the chance to paint flowers always made her smile.

I shared this story at a public event recently, as an example of how donations can make life better for seniors in need. The reactions I received were not what you might expect.

“She worked for the school board? She must have had a big pension. Did she mismanage her money?”

“Is this who Eldercare supports? Seniors who are hiding their money to get subsidized care?”

The Boomer generation is retiring rich. That seems to be an increasingly popular sentiment encountered by Eldercare. Even though the stats tell a very different story.

It’s true that the poverty rate for Canadian seniors steadily decreased between 1970 and the mid-1990s. This was thanks to programs like the Canada Pension Plan, Old Age Security, and the Guaranteed Income Supplement. Sadly, it’s been going up ever since. A recent report by the BC Seniors Advocated found that 25% of BC Seniors live below the poverty line. That number rises to 44% when looking at single seniors like Liz.

While pension incomes have remained relatively stagnant, expenses have continued to climb. The cost for out-of-pocket medical expenses like dentures and prescription medications are now a real hardship for many. If the need for long-term care arises suddenly, many local care homes have wait times of a year or more. Private options have greater availability, but can cost $3,500 to $15,000 per month.

Even when a senior is admitted into public long-term care, the costs are set at 80% of after-tax income. This can leave many seniors unable to afford even clothes, nevermind the many other expenses not covered by the health care system.

It’s not a problem with an easy solution either. The number of seniors aged 75+ living in the Greater Victoria area will more than double in the next 15 years. There will be a lot more seniors in need in our community in the years ahead.

A good first step is not to ignore the problem, or to assume that only seniors who have made mistakes find themselves in subsidized long-term care. Many, like Liz, do all the right things. They work hard all their lives, and help support their family and friends. But they still need a helping hand to age with dignity.

Tom Arnold is Director of Development for Eldercare Foundation. Eldercare is a registered charity that supports more than 1,500 local seniors each month, both in community and in long-term care, who need help maintaining their quality of life. www.gvef.org

625 Queens Avenue

Victoria, BC V8T 1L9 donors@mustardseed ca 250-953-1581

Charitable No 119246213RR0001