Life’s brighter under the sun · Projected future costs are for demonstration only. They will...
Transcript of Life’s brighter under the sun · Projected future costs are for demonstration only. They will...
Life’s brighter under the sun
the 5 stages of care:
a journey through
retirement
Point in time Health statusLifestyle Care & support Costs
Point in time Health statusLifestyle Care & support Costs
Point in time Health statusLifestyle Care & support Costs
Point in time Health statusLifestyle Care & support Costs
Point in time Health statusLifestyle Care & support Costs
Assumptions and disclaimers:
1. Theassumedrateofinflationusedtoprojecthealth-carecostsis4%annually.Somecostsintheearlystagesofcaremayhavealowerassumedinflationrate.Theactualrate
ofinflationmayvary.SunLifeFinancial’sexperiencewithhealth-careinflationisthattherateaveraged4%acrossCanadaoverthepast10years.Source:SunLifeFinancial
HomecareSurvey,2011.
2. Currentcostsreflect2012amountsinOntario.Wherepossible,costsweresourcedfromcompaniesoperatingonanationalbasisthroughoutCanada.TothebestofSunLife’s
knowledge,allinformationincludedisaccurateandunbiased.However,SunLifeFinancialdoesnotguaranteetheaccuracyorcompletenessoftheinformation.
3. AuthorizationbyOntarioDrugBenefitisrequiredforsomedrugtherapiestobefullycovered.Intheseexampleswehaveassumednoauthorizationwasgivenandsomeof
themedicationsdescribedarethefullfinancialresponsibilityofthepatient.
4. Long-termcareisnotincludedintheCanadaHealthAct.Provincialgovernmentsmayoffersubsidizedcare,butcoverageislimitedanditvariesfromprovincetoprovince.
Currentcostsreflect2012subsidizationamountsinOntario.
5. Projectedfuturecostsarefordemonstrationonly.Theywillvaryaccordingtoindividualcircumstances.Currentcostsarecompoundedannuallythendividedby12togivea
projectedmonthlycost.
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 3
Preparingforhealthneedsandcostsinretirement
Formany,retirementmeanshavingmore
timetodothethingsyoureallyenjoy–
liketravelling,volunteeringorpursuing
hobbies.Andthankstomedicaladvances,
thetimeyouspendinretirementcould
lastasmuchas30yearsorlonger!
Withage,however,comeschanginghealth-careneeds.Astimegoeson,you’lllikelyneedmorehelpwithyourpersonalandphysicalcareandofcourse,therewillbecoststhatcomealongwiththoseneeds.
Inretirement,healthneedsandcostsusuallyprogressgraduallythroughwhat’scalledthe 5 stages of care.*Let’slookatanexampleofhowacouple,PaulandLily,experiencethesefivestagestogetherandthetypesofcoststheyencounteralongtheway.
meetPaulandLily
PaulandLilymetincollegeandmarriedshortlyaftergraduation.Theytookafewyearstofocusonstartingtheircareers–PaulasanengineerandLily,ateacher–beforeplanningafamily.
Bytheirearly30s,theircareersweregrowingandsoweretheirthreeyoungchildren:Dan,Lauraandmark.Althoughitwassometimesbusierthanexpected,itwasreallyimportantforthemtobeactiveintheirchildren’slivesthroughfamilyvacations,dancerecitals,hockeygames,movienights,younameit.
WhenPaulturned65,bothPaulandLilydecideditwastimetoretire;theyjustcouldn’twaitanylongertolivetheirretirementthewaytheyplanned.
now,let’sseehowPaulandLilymovethroughthestagesintheirretirement–andwhatthatmeanstotheirfamily,lifestyleandexpenses.
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
* The 5 stages of care were developed by Dr. Mark Frankel and his team at Taking Care Inc.
4 T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T
stage 1: IndependenceThe Independence stage isaboutenteringintoretirementself-sufficientandabletomanageanyhealthproblemswithoutspecialcareorsupportfromfamily.
nearly three-quarters of canadians (73%) have a good feeling about their overall health. and more than eight in 10 (81%) believe they could improve it if they made healthier choices, such as exercising more.
Source: Sun Life Canadian Health Index Report, 2012.
What’sgoingonwithPaulandLilynow?
Lily(65)andPaul(67)arebothretired.Theiryoungestson,markissingleandlivesnearby.TheirdaughterLaurajustgotmarriedandalsolivesnearby.Andtheireldestson,Danlivestwohoursaway,ismarriedandraisingtwoyoungboys.
BothPaulandLilyareinrelativelygoodhealthandkeepphysicallyactive.Paulhasmanagedhischolesterolandbloodpressurelevelswithmedicationforyears.Hewasrecentlydiagnosedwithdiabeteswhichhemonitorsregularlyandcontrolswiththehelpofmedication.AndLilyistakingmedicationtodealwithmildrheumatoidarthritiswhichmostlyaffectsherhands.
BothPaulandLilyintendtomaintainanactivelifestyleinretirement.PaulisanavidswimmerandLilyenjoysyogaandaquafitattheirlocalcommunitycentre.
Theirprizedpossessionistheircottageandtheyspendsummersswimming,bikingandbarbecuingwithneighbours.Inthewinter,theystayactivethroughcommunityinvolvementandtakeatriporcruiseeverycoupleofyears.
PaulandLilyareenjoyingtheirretirementtothefullest.Theyseefriendsregularly,andvisitwiththeirchildrenandgrandchildrenoften.
Inadditiontothecoststhatarecoveredbythegovernment,PaulandLilyspendacombinedtotalofabout$215per monthontheirmedicationsandgymmemberships.
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsFa
Ct
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
Here’sabreakdownoftheirhealth-relatedcostsinStage1:
Description tOtaL monthly cost
Covered by government
tOtaL out-of-pocket monthly costs
Paul 10mgofrosuvastinand10mgofezetrolforcholesterol
1,000mgmetforminfordiabetes12.5mgofHydrochlorothiazideand10mgramiprilforhypertension
$119.69 $47.59 $72.10
Lily 100mgCelebrexforarthritis $67.20 $0 $67.20Paul and Lily Familymembershipattheirlocal
communitycentre$75 $0 $75
tOtaL $261.89 $47.59 $214.30
InStage1,PaulandLily’smonthlyhealth-careneedscostthem$215.
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 5
Askyourself:
Whenyouthinkaboutyourretirement,howdoyoupicturespendingyourtime?
Isimprovingyourhealthorbecomingmoreactiveapriorityforyou?
Areyoulivingwithanyspecifichealthissuesrightnow?
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an estimated 3.8 million canadians aged 45 or older provide informal, unpaid care to seniors – a quarter of them are seniors themselves.
Source: Statistics Canada, Health Reports, “Informal caregiving for seniors”, September 2012.
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stage 2: InterdependenceThe Interdependence stageisaboutstartingtoneedhelpfromfamilymemberswithroutinetaskslikecooking,homemaintenance,shoppingandbankingbecausethesebecomephysicallyormentallydifficulttodo.
What’sgoingonwithPaulandLilynow?
Lily(75)andPaul(77)havebeenretiredforover10yearsnow.Theirsonmarkissingleandtravelsfrequentlyforwork.TheirdaughterLauralivesnearby,ismarriedandexpectingherfirstchild.AndtheireldestsonDanlivestwohoursaway,ismarriedandraisingtwoboys.
Paulhadaseriousheartattacktwoyearsago.Surgerysuccessfullyunblockedhisarteriesandhecontinuestomanagehischolesterolandbloodpressurelevelswithmedication.Hisdiabetesisundercontrolwiththehelpofmedication.
Lily’sarthritishasworsened,reducingthestrengthinherhandssignificantly.Afterafallthatresultedinawristfracture,shefoundoutshehasosteoporosisandnowtakesmedicationtomanageit.
PaulandLilystillspendmostofthesummeratthecottage.Inthewinterthey’reactiveatthepool,playingcardsandgoingtothetheatrewithfriends.They’vefounditmoredifficulttomaintaintheirhomeandcottageontheirown.Togetaway,they’relookingintogrouptoursasawaytokeepuptheirtravelsinasafe,funway.
Withtheirchildren’shelp,PaulandLilyrecentlyhiredaweeklycleaningservice,lawncareandsnowremovalfortheirhome.Theystillseefriendsregularly,andvisitwiththeirchildrenandgrandchildrenoften.
Sincetheirchildrentookoverallcottagemaintenance,they’vebeenabletoenjoythecottagewiththem.Anemergencycallsystemwasinstalledathomeandattheircottage.
Inadditiontothecoststhatarecoveredbythegovernment,PaulandLilyspendacombinedtotalofabout$670 per monthontheirmedications,gymmemberships,homemaintenanceservicesandpersonalsecuritysystems.
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 7
Here’sabreakdownoftheirhealth-relatedcostsinStage2:
Description tOtaL monthly cost
Covered by government
tOtaL out-of-pocket monthly costs
Paul 81mgASAand50mgAtenololforpostmyocardialinfarction
20mgofrosuvastinand10mgofezetrolforcholesterol
1,000mgmetforminand100mgofjanuviafordiabetes
12.5mgofHydrochlorothiazideand10mgramiprilforhypertension
$245.62 $168.10 $77.52
Lily 100mgCelebrexand15-20mgmethotrexate(weekly)forarthritis
1,200mgCalcium,800uIVitaminDand70mgAlendronate(weekly)forosteoporosis
$119.77 $48.07 $71.70
Paul and Lily Familymembershipattheirlocalcommunitycentre
emergencycallsystemsattheirhomeandcottage
Cleaningservices(3hours,bi-weekly) yardmaintenanceandsnowremovalservices
$523.42 $0 $523.42
tOtaL $888.81 $216.17 $672.64
InStage2,PaulandLily’smonthlyhealth-careneedscostthem$670.
Askyourself:
Wheredoyouplantoliveinretirement?Willyourfamilylivenearby?
Doyouhaveanyexperienceprovidingcaretoanelderlyrelativeorfriend?
Areyouconcernedaboutanyhealthconditionsthatruninyourfamily?
stage 3: SupportivelivingThe supportive living stageisaboutneedingevenmorehelpwithroutinetasksandsomehelpwithpersonalcarelikebathinganddressing.Supportisusuallyin-homeandcomesfrombothfamilyandpossiblysomeformalcareservices,likethoseofferedbypersonalsupportworkers.
40% of caregivers expect they will contribute financially to the care of a family member. the actual number is 83%.
Source: Age Wave (sponsored by Genworth Financial Inc.), Our Family, Our Future: The Heart of Long-Term Care Planning, 2010.
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8 T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T
What’sgoingonwithPaulandLilynow?
Lily(78)andPaul(80)havemovedintoaretirementhomethatoffersmultiplelevelsofcare.Theirsonmarkissingleandrelocatedtotheu.S.forwork.TheirdaughterLaurarunsherownbusinessandismarriedwithtwoyoungchildren.eldestsonDanstilllivestwohoursaway,isrecentlydivorcedandraisinghistwoteenageboys.
Paulexperienceschestpain(angina)whenheexertshimself,andbecauseofhisdiabeteshisvisionisn’twhatitusedtobe.He’salsobecomingmoreforgetful.AndLilycontinuestomanageherarthritisandosteoporosiswithmedication.
PaulandLilyrecentlysoldtheirhomeastheywerefindingitdifficulttomaintain.Theydecidedtomoveintoaretirementhomebecauseperformingpracticalchoreslikemealpreparation,cleaning,shoppingandtransportationweredifficulttodoontheirown.Theirsonslivetoofarawaytohelpoutonadailybasisandtheirdaughterisbusyrunningabusinessandattendingherchildren’sactivities.Havinganactivesociallifeandvisitingtheirchildrenandgrandchildrenisimportanttothem.
PaulandLilyenjoythecomfortsoftheirretirementresidenceandarenowreceivingthesupporttheyneed:meals,housekeeping,medicationadministrationandassistancewithbathingiftheyneedit.Theyresideinasectionoftheretirementhomewhereonlyalowlevelofcareisoffered.
Theymaintainanactivesociallifebytakingpartinseveralonsitefitnessandsocialprograms,theyenjoyweekendvisitsandoutingswiththeirchildrenandgrandchildren,andtheyaccompanytheirchildrenandgrandchildrenonshort-termvisitstothecottage.
Inadditiontothecoststhatarecoveredbythegovernment,PaulandLilyspendacombinedtotalofabout$6,575 per monthontheirmedicationsandresidentialfees.
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
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T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 9
Here’sabreakdownoftheirhealth-relatedcostsinStage3:
Description tOtaL monthly cost
Covered by government
tOtaL out-of-pocket monthly costs
Paul nitrolingualsprayforangina81mgASAand50mgAtenololforpostmyocardialinfarction
20mgofrosuvastinand10mgofezetrolforcholesterol
1,000mgmetforminand100mgofjanuviafordiabetes
12.5mgofHydrochlorothiazideand300mgIrbesartanforhypertension
5mgAriceptforforgetfulness/dementia
$429.07 $175.57 $253.50
Lily 100mgCelebrexand15-20mgmethotrexate(weekly)forarthritis
1,200mgCalcium,800uIVitaminDand70mgAlendronate(weekly)
$119.77 $48.07 $71.70
Paul and Lily rentfora1-bedroomsuite(couplesrate)intheretirementhome
$6,250 $0 $6,250
tOtaL $6,798.84 $223.64 $6,575.20
InStage3,PaulandLily’smonthlyhealth-careneedscostthem$6,575.
Askyourself:
Wouldyouconsidermovingtoaretirementcommunityoneday?
Wouldyoufeelcomfortablerelyingonafamilymemberforhelpwithyourpersonalcare?
Haveyoutalkedtoyourfamilyaboutyourexpectations?
stage 4: CrisismanagementThe Crisis management stageisaboutbecomingdependentonothersforextensivehealthandpersonalcareneeds.Careneedsaredifficultforthefamilytomanageandtheyturntocareprofessionalsandformalcaremanagementforsupport.
the average 65 year old couple has an 82% chance that at least one of them will need long-term care in their retirement.
Source: Munich Re, 2011.
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10 T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T
What’sgoingonwithPaulandLilynow?
Lily(81)andPaul(83)liveinthememorycareunitoftheirretirementhome.Theirsonmarkismarriednowandstilllivesintheu.S.forwork.DaughterLaurarunsherownbusinessandismarriedwithtwoyoungchildren.AndsonDanlivestwohoursaway,isdivorcedandraisingtwoteenageboys.
Paulhasdifficultywithhisvisionbecauseofhisdiabetes,andhisdementiahasprogressed.Heneedssupervisiontotakehismedicationsandavoidwanderingandneedscuesforeating,dressingandhygiene.
Lilyhadarecentfallandsufferedfromcompressionfracturesinhervertebrae–acommonailmentforpeoplelikeLily,whosufferfromosteoporosis.Shetakesmedicationtomanageherarthritisandtohelpwiththepain,andsheseesaphysiotherapistregularly.
PaulandLilyarecomfortablelivingintheretirementresidencesettingwheremealpreparation,cleaningandtransportationarearrangedforthem.Theywanttocontinuelivingtogether,butPaul’sdementiaischallengingforLilytocopewithonherown.Theydecidedtomovetothememorycareunitoftheretirementhome.
TravellingcanbeexhaustingforLily,andPauliseasilydisorientedinunfamiliarplaces,butkeepingintouchwiththeirfriendsandfamilyisstillveryimportanttothem.
PaulandLilyarenowreceivingthesupporttheyneedinthememorycareunitoftheretirementhome:meals,housekeeping,laundry,medicationadministration,assistancewithbathingasneededanddailypersonalcareassistancewithcueingandsupervision.Lilyalsoseesaphysiotherapistthreetimesaweek.
WiththeadditionaldailyhelpforPaul,Lilyisabletostayinvolvedinmanyofthesocialprogramssheenjoysattheresidence.Lilyfindsitdifficulttotraveloutsidetheresidence.Theirchildrenandgrandchildrenvisitwhentheycan,butdistanceisbecomingabarrier.It’smorecommonforthemtokeepintouchwithfamilyandfriendsbyphone.
Inadditiontothecoststhatarecoveredbythegovernment,PaulandLilyspendacombinedtotalofabout$9,615 per month ontheirmedicationsandresidentialfees.
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Here’sabreakdownoftheirhealth-relatedcostsinStage4:
Description tOtaL monthly cost
Covered by government
tOtaL out-of-pocket monthly costs
Paul 81mgASAand50mgAtenololforpostmyocardialinfarction
20mgofrosuvastinand10mgofezetrolforcholesterol
1,000mgmetforminand100mgofjanuviafordiabetes
12.5mgofHydrochlorothiazideand300mgIrbesartanforhypertension
5mgAriceptforforgetfulness/dementia
$536.85 $168.10 $368.75
Lily 100mgCelebrexand15-20mgmethotrexate(weekly)forarthritis
1,200mgCalcium,800uIVitaminDand70mgAlendronate(weekly)and37.5mgTramacetforosteoporosis
Physiotherapyat3hours/week
$1,593.38 $48.07 $1,545.31
Paul and Lily rentfora1-bedroomsuite(couplesrate)inthememorycareunitoftheretirementhome
$7,700 $0 $7,700
tOtaL $9,830.23 $216.17 $9,614.06
InStage4,PaulandLily’smonthlyhealth-careneedscostthem$9,615.
Askyourself:
Doyouhaveanyexperienceorhaveyouwitnessedfamiliescopingwithasuddenseriousillness?
Howconfidentareyouthatthegovernmentwillcoveryourhealth-careneedsinretirement?
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 1 1
stage 5: DependenceThe Dependence stageisaboutneeding24-hourmedicalsupportandcare.extensivecareneedscannolongerbemanagedbymostfamiliesandtheresponsibilityforcaregivingistransferredtofull-timecaregiversinalong-termcarefacility.
an estimated $1.2 trillion will be needed to provide long-term care to the baby boomer generation. current government programs will only cover about half of this liability. individuals will need to fund the remaining $590 billion shortfall – that’s equal to about 95% of all individual registered savings plans in canada today.
Source: Canadian Life and Health Insurance Association (CLHIA), 2012.
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What’sgoingonwithPaulandLilynow?
Lily(86)andPaul(88)liveinthesameretirementhome,butLilylivesintheassistedcarewingandPaullivesinthelong-termcarewing.Theirsonmarkismarriedandlivesintheu.S.forwork.DaughterLaurarunsherownbusinessandismarriedwithtwochildren.AndsonDanlivestwohoursaway,isdivorcedandhistwosonsattenduniversity.
Paul’sdiabetesanddementiahaveworsened.Heisnolongermobileandnowrequirescontinualsupervisionanddailymedicalattention.Lily’sarthritisandosteoporosishaveprogressedandshereliesonanelectricwheelchairtogetaround.Shetakesseveralmedications,seesaphysiotherapistregularlyandneedsassistancewithmostofherdailyactivities.
Lilyremainssocialinherretirementcommunity,butcarefullychoosestoparticipateinactivitiesthatmatchherphysicalabilities.TravellinglongdistancesistooexhaustingforLily,butsheenjoysgettingoutsideeachdayandvisitingwithPaul.
AlthoughitwasdifficultforLilytodecidetochangetheirlivingarrangements,theynowreceivetheappropriatelevelofcarethateachofthemdeservesandtheystillliveinthesamecommunitymakingdailyvisitsconvenient.Paulstaysinaprivateroominthelong-termcareunitwherehereceives24-hourmedicalcareandsupervision.
Lilylivesina1-bedroomsuiteintheassistedcareunit,offering:meals,housekeeping,laundry,medicationadministration,anddailyassistancewithheractivitiesofdailyliving–bathing,dressing,transferringandtoileting.Shealsoseesaphysiotherapistthreetimesaweek.Theirfamilyvisitsonweekendsandholidays.Thefacilityoffersareasandeventsthatsupportfamilyvisitswiththegrandchildren.
Inadditiontothecoststhatarecoveredbythegovernment,LilyandPaulspendacombinedtotalofabout$12,060 per monthonmedicationsandresidentialfees.
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
Here’sabreakdownoftheirhealth-relatedcostsinStage5:
Description tOtaL monthly cost
Covered by government
tOtaL out-of-pocket monthly costs
Paul 81mgASAand50mgAtenololforpostmyocardialinfarction
20mgofrosuvastinand10mgofezetrolforcholesterol
1,000mgmetforminand100mgofjanuviafordiabetes
12.5mgofHydrochlorothiazideand300mgIrbesartanforhypertension
5mgAriceptand10mgmemantineforforgetfulness/dementia
$536.85 $168.10 $368.75
Lily 100mgCelebrexand15-20mgmethotrexate(weekly)forarthritis
1,200mgCalcium,800uIVitaminDand70mgAlendronate(weekly)and37.5mgTramacetforosteoporosis
electricwheelchairrentalPhysiotherapyat3hours/week
$1,873.38 $48.07 $1,825.31
Paul and Lily Privateroom(co-paymentrate)forPaulinthelong-termcaresectionoftheretirementhome
1-bedroomsuite(singlerate)forLilyintheassistedcaresectionoftheretirementhome
$9,866.58 $0 $9,866.58
tOtaL $12,276.81 $216.17 $12,060.64
InStage5,PaulandLily’smonthlyhealth-careneedscostthem$12,060.
Askyourself:
Haveyouevermadearrangementsforanagingfamilymembertomoveintoanursinghome?
Whatkindofaccommodationsandserviceswouldyouprefertohave?
Wherewouldyourspouseliveifyoumovedtoanursinghome?
Point in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support CostsPoint in time Health status Lifestyle Care & support Costs
Point in time Health status Lifestyle Care & support Costs
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 1 3
PaulandLily’sjourneythroughthe5 stages of care:
AsPaulandLilyagedandmovedthroughthefivestages,theiremergingcareneedsnotonlymeantadditionalexpenses,butitalsoaffectedtheirlifestylechoicesandtheirfamily’sroleintheirretirement.
Twentyyearsfromnow,theimpactofthesecostscouldbeevenmoresignificantconsideringthehealth-carerateofinflationhasdoubledthegeneralinflationrateoverthepast10years–at4%peryear1comparedto2%peryear2.
Point in time Health status Lifestyle Care & support Costs
$215/month
Independence
Point in time Health status Lifestyle Care & support Costs
$670/month
Interdependence
Point in time Health status Lifestyle Care & support Costs
$6,575/month
supportive living
Point in time Health status Lifestyle Care & support Costs
$9,615/month
Crisis management
Point in time Health status Lifestyle Care & support Costs
$12,060/month
Dependence
14 T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T14
1 Sun Life Financial Homecare Survey, 2011. 2 Statistics Canada CANSIM, 2012.
Askyourself:
Haveyouconsideredwhatyourhealth-carecostscouldbeinretirement?
WhatcanPaulandLilydotoprotecttheirretirement?
We’veseenhowmuchPauland
Lilywillspendontheirchanging
health-careneedsastheyage.
Withoutaretirementplanthat
addressestheseemergingcare
costs,PaulandLilywillbeatriskof
outlivingtheirmoney.Toprotect
theirretirement,theycanchoose
tousewealthsolutionstoself-fund
therisk,ortransfersomeofthat
risktohealthinsurance.
Planning ahead with insurance solutions:
Personal health insurance helps pay for minor health
expenses–they’llbereimbursed,uptopre-determined
maximums,forthecostofeligiblemedicalprescriptions,
therapiesanddentalexpenses.
Critical illness insurance helps pay for expenses related
to a major health event –they’llreceivealumpsum
paymentifdiagnosedwithacoveredconditionandthey
survivethewaitingperiodsetoutintheirplan.
Long term care insurance helps pay for ongoing care
expenses–they’llreceiveanincome-stylebenefit,
meaningtheyreceivemoneyonaregularbasiswhen
theybecomephysicallydependentrequiringsubstantial
assistanceorconstantcare.
T H e 5 STAg e S O F C A r e : A j O u r n e y T H rO u g H r e T I r e m e n T 1 5
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With the right plan in place, you can prepare for your health-care needs in retirement and the costs that come with them. Talk to an advisor about Money for Life™.
Life’s brighter under the sun©SunLifeAssuranceCompanyofCanada,2013.SunLifeAssuranceCompanyofCanadaisamemberoftheSunLifeFinancialgroupofcompanies.
Planningforretirement?Itstartswithaconversation.