search
top

With baby boomers aging, the cost of long-term care is set to triple

Bonnie-Jeanne MacDonald and Michael Wolfson, The Globe and Mail

First published on October 8, 2019

Long-term care in Canada is facing major sustainability challenges – and it’s an issue that we cannot afford to ignore. Research released in October 2019  by the National Institute on Ageing at Ryerson University shows that if Canada continues on its current track, the cost of publicly funded long-term care for seniors – including nursing homes and home care – is expected to more than triple in 30 years, rising from $22-billion to $71-billion, in today’s dollars. Keep in mind that governments fund these costs from general tax revenues. Unlike the Canada/Quebec Pension Plan, there is no special fund or program to cover the costs of long-term care in Canada. And it is not covered under the Canada Health Act in the same way as physician and hospital care. 

Read the rest here:
https://www.theglobeandmail.com/investing/personal-finance/retirement/article-with-baby-boomers-aging-the-cost-of-long-term-care-is-set-to-triple/

top