In-home care versus long-term care facilities

There will be a substantial increase in the need for senior care services in the future years as Canada's ageing population grows at an unprecedented rate. With approximately 9 million baby boomers in Canada today, the elderly population is expanding at a rate that far outpaces the country's overall birth rate.

Asa society, we will need to adapt and become more creative in how we care for our ageing population.

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Developments in care for the elderly

In Canada, long-term care facility construction dramatically increased in the second part of the 20th century. For elderly people who needed care in their later years, nursing homes were the most common option.

Even though they don't offer all the amenities of home, these homes offer round-the-clock care by qualified caregivers, and they swiftly established themselves as the standard in Canadian society. However, this isn't true everywhere. Elderly relatives are frequently cared for at home in many cultures, with long-term care institutions only being considered in extreme cases.

The way people think about options for later-life care is changing more and more in Canada as well.

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Why is there a rise in demand for In-Home Care?

While long-term care facilities used to be the most common type of care for senior citizens in Canada, this trend is starting to change. Compared to other long-term care options, in-home care has a wide range of advantages.

A high standard of care is possible with in-home care    

The COVID pandemic has highlighted the discrepancies in care quality amongst different Canadian nursing homes. When care is provided in the comfort of a patient's own home, it's much simpler to maintain a high standard of excellence, plus and this is very important, family members can visit without restrictions! In-home care for an elderly relative provides reassurance that your loved one is receiving the best possible attention and that their needs are being addressed.

Long-term care is expensive

The expense of long-term care facilities can be very costly, but the cost of providing in-home care for the elderly can be rather high as well. Rates per month can range from the thousands to the tens of thousands of dollars, depending on the facility's amenities and level of care. Meals, cleaning, and other personal care items may add up quickly.

There is a shortage of nursing homes that can provide 24-hour care

Long-term care facilities are plentiful around the country, but they aren't quite enough to satisfy the needs of our ageing population. Due to the extensive length of waiting lists for nursing and retirement facilities, seniors may have to wait years before they are able to move into the living arrangements of their choice. It's not uncommon for someone to have to settle for a less desirable room or less desirable location simply to get entry to a house, especially if time is of the essence.

Many cultures reject long-term care for seniors            

Moving elderly loved ones into nursing facilities is generally accepted in the West but is frowned upon in many parts of the world where in-home care is the norm. Canada welcomes nearly 300,000 newcomers annually, many of whom are staunch advocates of home care. The necessity for home health care services has skyrocketed as a result of this trend.

Consistency and familiarity are two major benefits of In-Home Care

The stress and difficulty of adjusting to a new environment or way of life is well-documented. Even though long-term care facilities make an effort to replicate the comforts of home, there is no substitute for actually living there. Care can be tailored to an individual rather than a group, and schedules can be modified to accommodate different preferences and requirements.

Having care provided in the comfort of home can alleviate stress

When loved ones are cared for in the comfort of their own homes, family members can rest easy knowing their loved ones are near by and getting the attention they need. Spending time with your elderly loved one is important, and you can do so with peace of mind when you arrange for in home care for them.‍

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Ok, so in home care is preferred but how can we pay for this?

Care for the elderly, no matter what approach is taken, maybe highly costly. In-home care often necessitates making the house more handicapped-accessible. Installation of aids like ramps and stair lifts may be necessary. Whether your loved one needs nursing home care or assistance at home, the costs can add up quickly. Considerable additional expenses may be incurred for things like transportation, meal delivery services, and emergency home safety monitoring.

If you or a loved one needs assistance but would want to stay in your own home, a Reverse Mortgage may be the perfect option.

Canadians over the age of 55 can take advantage of Reverse Mortgages to borrow up to a maximum of 55% of the equity in their homes. Homeowners with reverse mortgages can keep living in and maintaining their properties without making monthly mortgage payments.

Because of the dramatic rise in Canadian real estate values over the past few years, many retirees who own their own homes now have access to far greater financial resources than they did previously. Home equity can bean excellent way to pay for expensive end-of-life costs like in-home care.

Could a Reverse Mortgage help you or your loved one afford in-home care? If you have any questions about whether this solution would work for you, please contact one of our  Mortgage  Broker  at   250.212.4424

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