RSSHow Will You Afford It?
LONG TERM CARE INSURANCE
WHAT TYPE OF CARE DO YOU WANT?
HOW WILL YOU AFFORD IT?
When the time comes, do you want to
- Remain at home?
- Go to a private-care facility?
- Go to a government subsidized facility?
Home care
With nursing care, the total cost of home care can easily add up to $3,000 per month.
- Home caregiver $20 to $25 per hour (average 3 hours per day)
- Home nursing care $30 to $60 per hour (average 1 hour per day)
- Domestic services $18 to $25 per hour (average 3 hours per week)
- Physiotherapy or occupational therapy $60 to $90 per hour (average 3 hours per week)
- Modifications/Renovations to residence $4,000 to $25,000
Government-subsidized facility
Private room:
From $1,500 to $4,100 per month, depending on the province and area of residence.
Subject to a waiting period of up to two years.
Private long-term care facility
From $1,500 to $5,000 per month, depending on the province and area of residence.
Subject to a waiting period of two to nine months.
WHAT WILL CANADA LOOK LIKE IN 2020?
After World War II, births in Canada increased to 28 births per 1,000 people — today its about 11 births per 1,000 people. As these baby boomers born between 1945 and 1960 retire, a shift in demographics will occur in Canada — ARE YOU PREPARED?
Baby boomers will retire which means 50% of the population will NOT be paying taxes
Increased expenditures in healthcare will occur as baby boomers put a strain on our system
Federal payments to seniors will increase such as Old Age Pension and Guaranteed Income Supplement
Nursing homes will become highly popluated
People are living longer which will strectch out the expenditures on the government
The baby boomer’s tab:
The first of Canada’s aging baby boomers are poised to turn 65, and with this milestone birthday comes a variety of new health care concerns. In response to these changing medical needs, the Canadian health care system is preparing to handle some 10 million boomers whose reasons for visiting the hospital will range from hearing loss to long-term care. The aging of this Canadian demographic is inevitable, but falling into financial debt in order to pay for these services can be avoided. By thinking ahead to what medical services may be required, individuals are able to customize their health insurance accordingly.
Living in a country like Canada where health care is provided for all is an undeniable luxury. Yet, despite the many benefits of Canadian health care, there are gaps that exist in coverage. These gaps dictate the need for supplementary health insurance. Sadly, there are many instances where people have met with unexpected illness, but there are also many health issues that can be planned for. Aging is one such issue.