- Hockey Players
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Canadians are living longer than ever before, which is great news. But as we reach age 65, the likelihood of needing some form of long-term care support reaches 43%(1).
If you become unable to care for yourself, or should the same happen to your spouse or parent, long-term care—at either a facility or at home—may be necessary. With the high cost of care and the coverage gaps that exist in provincial health insurance plans, the expenses can be staggering:
Provincial health insurance plans simply don’t have the resources to pay the full cost of long-term care, even in subsidized facilities. They offer NO coverage for private facility care, and pay only a limited amount for care at home. The expenses for private nursing, cooking, cleaning, shopping, etc. will be largely your responsibility.
Over time, these expenses can add up to thousands of dollars. Without proper planning, the cost of long-term care may quickly deplete your savings, assets and retirement income.