There are many things to consider when determining your needs, including current income requirements, long term care costs in your area and other annual expenses. For example:
- Accommodation in a long term care facility can cost from $800 to over $5,000 per month depending on the room type and the level of government funding available in your province.
- Private home care service costs range up to $26 an hour for homemaking and personal care up to $60 an hour for nursing care.*
- More than one-third of Canadians aged 45 - 64 who provided informal care to a family member or friend incurred extra expenses as a result of their caregiving duties.**
If you choose to receive care in your own home, you should know that home care services provided by the government vary according to the resources available in your community. You may receive a fixed number of hours of home care services, but if you need to purchase private care beyond what your province provides, the costs for homemaking, personal care and nursing care can vary depending on the type of care you need and the costs in your area.*
If you have a spouse, you’ll still need to have savings or an income to provide for that person while you cover your long term care needs.
If you have extended health or other benefits, you’ll need to understand exactly what they cover, and whether that coverage will end at age 65.
Fast Facts
- About 50,000 strokes occur in Canada each year. Stroke is the leading cause of transfer from hospital to long term care.
- The average age of diagnosis for Multiple Sclerosis is 30. (Source: Multiple Sclerosis Society of Canada, 2003)
- Almost all spinal cord injuries (97%) occur prior to age 50.
- The average age of major trauma patients is 43. (Source: Canadian Institute for Health Information,2003 National Trauma Registry Major Injury in Canada)
- 1 in 13 Canadians over age 65 is affected by Alzheimer’s Disease or a related dementia.
- 7% of Canadians age 65 and over reside in health care institutions.
- An additional 28% of Canadians age 65 and over receive care due to a long term health problem, although they who do not live in a health care institution.
Sources:
Multiple Sclerosis Society of Canada website, 2005.
Canadian Paraplegic Association, 2000.
Canadian Institute for Health Information, 2003.
Alzheimer Society website, 2004.
Statistics Canada, 2002.
Use our insurance calculator to get an idea of how much it will cost to receive the care you're looking for, specific to your situation. You can then seek out an adviser to help you make an informed decision.