- NextStep Victoria
- Advocacy Services for Seniors
Recently, I worked with a gentleman who wanted to know one thing: what kind of care could he
afford, and for how long? He was 85 years old, living independently in his Vancouver condo, and facing a transition into assisted living. He had worked hard his whole life and built a solid financial foundation. But like many people in BC, he had no clear picture of what his money
could actually do for him.
That process — working through the numbers, mapping the options, and arriving at a clear and
confident plan — is something any family in BC can start on their own. This guide walks you
through it step by step.
His healthcare advocate at Patient Pathways reached out to NextStep Advocacy Services to help
provide that picture.
If at any point it starts to feel overwhelming, that is completely normal. We are here to help. But start here first.
Most families come to us at NextStep Victoria after something has already gone wrong. A fall. A hospitalization. A health scare that makes the current living situation feel unsafe. Those situations are manageable, but they are stressful because the timeline is no longer yours.
One couple we worked with recently were different. Their adult children live locally in Victoria and had been gently raising the conversation for a couple of years. The family home was getting harder to manage. The yard, the stairs, the maintenance. All of it was taking more energy than it was giving back. The couple were still healthy and independent, but they were wise enough to see that would not always be the case.
They came to NextStep Victoria before they had to. That one decision changed everything about how their move unfolded.
Step 1 Understand What Level of Care Is Actually Needed
Before you can plan for the cost of care, you need to understand what kind of care you or your
loved one actually needs right now, and what they are likely to need in the years ahead. These
are very different things and the cost gap between them is significant.
The four main levels of care in BC:
Independent Living is for seniors who are largely self-sufficient but want community,
convenience, and support nearby. No personal care is included. Costs typically range from
$2,500 to $5,500 or more per month depending on location and community. Private pay only.
Assisted Living is for seniors who need help with daily activities like bathing, medications, or
mobility. Personal care is included in the monthly fee. Private Assisted Living in BC typically
ranges from $5,000 to $10,000 per month. Publicly subsidized Assisted Living is also available
through your local health authority at a cost based on 70% of net income, with a minimum of
approximately $1,163 per month.
Long-Term Care and Memory Care is for seniors who need 24-hour nursing supervision.
This is the highest level of residential care. Public LTC in BC is income-based, not asset-based,
with a maximum of approximately $4,100 per month. Private LTC in BC ranges from $8,000 to
$20,000 or more per month.
Home Support allows seniors to stay in their own home with care brought to them. Publicly
funded home support is available through your local health authority and is income-based.
Private home support ranges from occasional visits to full-time live-in care.
What to ask yourself:
- What can you or your loved one do independently today?
- What do they need help with?
- Is the current situation sustainable for the next one to three years?
- What is likely to change?
Step 2 Build a Full Financial Picture
This is the foundation of everything. You cannot plan for the cost of care without knowing what
you are working with. Gather the following information:
Income sources:
- CPP monthly amount
- OAS monthly amount (note: OAS is reduced or eliminated above approximately $90,997 in
annual income due to the clawback) - Any pension income
- Any investment income
- Total annual after-tax income
Assets:
- Investment portfolio value, registered and non-registered
- Property value if applicable, and estimated net proceeds after selling costs (typically 5-7%)
- Any other savings or assets
Current monthly expenses:
Write out everything you or your loved one currently spends. Then go through each item and ask: will this cost continue after they move into care? Housing, meals, utilities, housekeeping, laundry, and home support will typically be covered by the care fee. Clothing, therapies, technology, and personal care items will continue.
Write out everything you or your loved one currently spends. Then go through each item and ask: will this cost continue after they move into care? Housing, meals, utilities, housekeeping, laundry, and home support will typically be covered by the care fee. Clothing, therapies, technology, and personal care items will continue.
The total cost of staying in the family home is often higher than families realize once you add
up property tax, utilities, maintenance, home support, and unexpected repairs. A proper
comparison between staying home and moving into care often looks very different from what
people expect.
Step 3 Model the Scenarios
Once you have the financial picture, you can start running the numbers. A basic care cost model
looks like this:
Start with the monthly care fee for the option you are considering. Add any ongoing personal
expenses that will continue (typically $800 to $1,200 per month). Subtract the person’s monthly
income. The result is the monthly amount that needs to come from savings. Multiply that by 12
to get the annual draw on savings. Then look at total available assets and ask: how many years
does this sustain?
Model at least two scenarios:
A conservative scenario using a higher care cost estimate. In our work with clients, we often
use $20,000 per month as a worst-case even when actual costs are lower. This way the plan
holds up even if costs increase or care needs change over time.
A realistic scenario using the actual expected cost of the facility or care option you are
considering.
If there are family considerations:
If there is a wish to set aside a sum for an inheritance, model that separately. Remove that amount from available assets and run the same calculation. In many cases the plan still works well.
If there is a wish to set aside a sum for an inheritance, model that separately. Remove that amount from available assets and run the same calculation. In many cases the plan still works well.
Care costs typically increase each year. A 5% annual increase is a reasonable conservative
assumption for modelling purposes.
Step 4 Flag the Things Most People Miss
There are several factors that families commonly overlook in care transition planning. Check
each of these before you finalize your picture.
The Disability Tax Credit (DTC)
If your loved one has a significant physical or mental impairment that affects daily living, they may qualify for the Disability Tax Credit. This can meaningfully reduce the amount of income tax they pay each year. It is worth investigating early. Patient Pathways (patientpathways.ca) can help with the application process.
If your loved one has a significant physical or mental impairment that affects daily living, they may qualify for the Disability Tax Credit. This can meaningfully reduce the amount of income tax they pay each year. It is worth investigating early. Patient Pathways (patientpathways.ca) can help with the application process.
OAS Clawback
If the person’s income exceeds approximately $90,997 per year, their Old Age Security benefit is reduced or eliminated. Make sure you are working from accurate after-tax, after-clawback income figures.
If the person’s income exceeds approximately $90,997 per year, their Old Age Security benefit is reduced or eliminated. Make sure you are working from accurate after-tax, after-clawback income figures.
Investment Returns
A basic cost model treats savings as a static pool being drawn down. In reality, a portfolio continues to earn returns while it is being drawn from. Depending on how the money is invested, this can meaningfully extend how long the money lasts. This is a conversation worth having with a financial advisor.
A basic cost model treats savings as a static pool being drawn down. In reality, a portfolio continues to earn returns while it is being drawn from. Depending on how the money is invested, this can meaningfully extend how long the money lasts. This is a conversation worth having with a financial advisor.
The Public LTC Waitlist Reality
Public Long-Term Care is available in BC and costs are income-based. However, wait times for preferred facilities can be years. In practice, families who are already connected to the care system and receiving formal support services tend to move through the process more effectively. If public LTC is part of your plan, start the conversation with a case manager at your local health authority early. A healthcare navigator can be invaluable here — someone who knows the system and can help you move through it effectively on your behalf.
Public Long-Term Care is available in BC and costs are income-based. However, wait times for preferred facilities can be years. In practice, families who are already connected to the care system and receiving formal support services tend to move through the process more effectively. If public LTC is part of your plan, start the conversation with a case manager at your local health authority early. A healthcare navigator can be invaluable here — someone who knows the system and can help you move through it effectively on your behalf.
The Combination Model
Some private Assisted Living communities in BC have a service agreement with their local health authority, meaning a resident pays privately for their suite but receives publicly funded personal care. This option is not widely known and is worth asking about when exploring facilities.
Some private Assisted Living communities in BC have a service agreement with their local health authority, meaning a resident pays privately for their suite but receives publicly funded personal care. This option is not widely known and is worth asking about when exploring facilities.
Step 5 Make a Decision Framework
Once you have the numbers, work through these questions:
- Does the plan sustain for a reasonable period — ideally seven to ten years or more at the anticipated level of care?
- Is there enough flexibility built in to handle higher care needs or increased costs over time?
- Are family wishes — including any desire to preserve assets for others — achievable within the plan?
- Is public care a viable backup option, and has the process been started if so?
- Is the senior comfortable and at peace with the plan?
A plan does not need to be perfect to be good. It needs to be honest, realistic, and flexible
enough to adjust as circumstances change. The goal is not to predict the future exactly — it is
to feel confident and informed going into it.
If This Feels Overwhelming, We Are Here to Help
This process can feel like a lot — especially when you are managing it alongside work, family,
and the emotional weight of watching a loved one or yourself age or decline.
An important note: NextStep Advocacy Services is not a financial planning firm and we do not
provide financial advice. What we do is help families build a clear picture of their care options
and costs, and work alongside your financial planner, your healthcare navigator, and other
professionals to make sure everything is coordinated. If you do not have a financial planner,
we are happy to connect you with one.
At NextStep Advocacy Services, we do this work every day. Here is what we can do with you and for you:
- Build the full financial picture from your or your loved one's actual income, assets, and expenses
- Model multiple care scenarios side by side so you can see exactly what each option looks like over time, including conservative worst-case projections
- Identify things families commonly miss — the Disability Tax Credit, the OAS clawback, the combination care model, the public waitlist process
- Work alongside your financial planner and healthcare navigator so everyone has the same picture and nothing falls through the cracks
- Connect you with a healthcare navigator who can help manage the care side of the transition — including facility tours, waitlist applications, and care coordination
- Present the findings in a clear, plain-language report that can be understood and the whole family can work from.
You do not need to have it all figured out before you reach out. That is exactly what the first
conversation is for.
Book a free initial consultation and let us help you build a plan that gives your family real clarity and real peace of mind.
To book your free consultation: nextstepvictoria.ca or call 250-886-8808.