Long-Term Care: Sticker Shock
While more Canadians are living longer healthier lives, a recent study suggests that the majority of us don’t know what aging will cost us from a long-term care perspective, nor how we’re going to afford to pay for it.
A recent Leger Marketing poll of Canadians aged 60 plus – conducted on behalf of The Canadian Life and Health Insurance Association (CLHIA) – showed that 56 per cent of Canadians are not familiar with the costs of long-term care in their province and that two-thirds (67 per cent) haven’t built a financial plan to cover the costs.
Many people don’t realize that Canada’s Health Act does not cover long-term care, the bulk of which comes in the form of home care or long-term care facilities. Up to 42 per cent of those over the age of 85 require home care and 7 per cent of those over 65 reside in long-term care institutions.