Who Is Going To Pay?
The reality is Canadians are living longer thanks to medical advances and healthier lifestyles. The longer you live, the more likely you will eventually need assistance in caring for yourself due to aging or cognitive impairment.
Here are the statistics:
- 60% of Canadian seniors will need long-term care or home care.
- The average stay in a nursing home or long-term care facility is between three to four years.
- One in five people who enter a long term care facility will stay more than five years.
- Couples over age 65 have a two in three chance that at least one spouse will enter a long-term care facility at some point.
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Many people automatically think of nursing homes when they think of long-term care, but there are other options available as well, some provided in your own home or others in the community.
Long-term care is so expensive that many people risk losing their life savings within a year of having such care. A year in a nursing home can cost from $20,000 to $100,000, depending on the area of the country. Even a temporary stay in a nursing home can derail years of careful financial planning.
Experts estimate that about one-third of all long-term care services are paid for by individuals out of their own savings or investments. The funds may come from pension plans, employee stock ownership plans, single premium annuities, the cash value of life insurance or savings.
Don’t learn about long-term care the hard way! No matter what age or stage of life you are in, it is never too early to think about protecting your well-being from the cost of long-term care. While no amount of planning can lessen the chances of needing long-term care, it can help preserve your quality of life when you need it most.
Learn more about Long Term Care or contact Barrons to arrange a no obligation consultation.
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