The majority of older Canadians aren’t aware of the costs associated with long-term care, and few are financially prepared to cover expenses, according to a poll conducted on behalf of the Canadian Life and Health Association (CLHIA).
Fifty-six percent aren’t familiar with the costs of long-term care in their province, and two-thirds don’t have a financial plan to cover the costs of ongoing long-term care.
“We need to acknowledge that we are facing a looming crisis in this country,” says Frank Swedlove, president of the CLHIA. “Canadians are on the verge of sticker shock when they inevitably come up against the need for long-term care services.”
“We calculate that the baby boomer generation alone will require $1.2 trillion to meet their long-term care needs,” he adds. The organization estimates that currently available government programs would only cover about half of this amount.
Women in particular are less prepared, with 70% saying they don’t have a financial plan to cover the costs associated with possible long-term care needs, compared with 62% of men.
Two-thirds of Canadians over the age of 60 say they would put money aside for long-term care if the government matched dollars they saved, similar to a registered education savings plan.
Fifty-one percent of respondents would prefer if the government take the lead and add to the long-term care programs it offers—even if it means higher taxes.