Perspectives On Longevity Newsletter
As some of you may remember, Neela and I became business partners a decade ago. During that time we have seen our practice grow, and become more involved in the lives of our clients who we consider part of the Blue Wing Advisory Group family. Blue Wing? What is that?
Neela and I rebranded our practice in the late fall. Yes we are still 3Macs, a division of Raymond James Ltd. The decision to rebrand came with serious thought and consideration to how we manage our practice. It is not just asset allocation. It is about goals, aspirations, health, and aging. This is all part of holistic planning and is a collaboration between ourselves and our clients. Blue Wing Advisory Group seemed to imbue our skill set and determination to collaborate.
Aging, longevity planning, patient navigation is one of our unique specialties. As some of you may know, Neela’s educational background was in Gerontology and Psychology, and her first career was in long term care. In addition to that she is a Certified Professional Consultant on Aging (CPCA®), Elder Planning Counsellor (EPC™), Certified Dementia Care Provider (CDCP™), Certified Patient Navigator, and participated in death doula training. Added to this level of experience, she was a caregiver to both her parents spanning a decade. Also, for the past three years, we have been offering the monthly webinar series called The Open Dialogue on Aging ™. This is a monthly educational series focusing on every aspect of aging, and the importance of planning ahead of a crisis. We feel that it is now more important than ever to be able to offer a tailored service that evolves with life challenges. Aging being at the forefront. We are here to help with those challenging conversations.
- Conversations and challenges that we are encountering more and more are dealing aging, whether it be health care crisis, and a dementia diagnosis. Numbers we should be aware of:
- By 2030, 21 new cases of dementia will be diagnosed every hour. And that number increases to 29 new cases/hour by 2050.
- It is estimated that 70% of people with dementia will require long term care
- In Ontario, the current wait list for long term care homes is 38,000
- In 2020, there was 1 geriatrician for every 20,905 seniors
- Currently, there are 6.5 million Canadians without access to primary care, and another 5 million who have a primary care doctor but cannot get access. This urgent issue is escalating.
The majority of retirees (67%) say that one of their biggest fears is becoming a burden to their families, yet only 77% plan to rely on their families for care. The biggest expenditure for retirees over the age of 65 is healthcare, yet only 14% of retirees have budgeted for health and long term care expenses.
As a team, we understand the expression, It takes a village. The act of expressing need for help is emotional and delicate and has an undeniable effect on relationships. Planning ahead can mean the difference between positive or negative outcomes. Good decision making never comes out of chaos.
Being a caregiver, aging in place, what is the criterion for admission to long term care vs retirement homes, planning and safety measures ahead of cognitive decline. These are all conversations that take time, and we are here to help create a blueprint to help with these age and stage issues.