With baby boomers aging, the cost of long-term care is set to triple in the next 30 years. What’s our plan for dealing with this?
Long-term care in Canada is facing major sustainability challenges – and it’s an issue that we cannot afford to ignore.
Research released Tuesday 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.
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