ConsumerInfo on Health Insurance
Long-Term-Care Insurance and Some Canadian Facts
Health Canada research shows that Canadians continue to live longer. In fact, it is estimated that the growth of the seniors' population will account for close to half of the growth of the overall Canadian population in the next four decades*.
Living longer means many Canadians will need larger retirement savings to handle long term care needs. One option when planning for long term living needs is long term care insurance.
- Long term care insurance can help protect one's savings, assets and financial security by helping to pay the cost of long term care.
- It can also provide more flexibility for care options, by allowing an individual to select a suitable private care facility or receive professional attention in the comfort of their own home.
Fast facts on aging in Canada*
- According to Health Canada research, seniors (individuals aged 65 and over) constitute the fastest growing population group in Canada.
- In 2001, it was estimated that 3.92 million Canadians were 65 years of age or older, a figure that is two thirds more than in 1981.
- As the baby boomers age (born between 1946 and 1965), the seniors' population is expected to reach 6.7 million in 2021 and 9.2 million in 2041 (nearly one in four Canadians).
- In fact, the growth of the seniors' population will account for close to half of the growth of the overall Canadian population in the next four decades.
Typical home care costs**:
- RN or auxiliary nurse, $30 to $38 per hour
- Medical services aid, $14 to $19 per hour
Typical long term care facility care costs***:
For Certified facilities with government subsidies:
- A private facility may cost $1,901.23 per month
- Semi-private may cost $1,597.06
- Ward facility may cost $1,353.73 (or $919.73 with additional subsidy based on income test)
* Source: Health Canada - 'Canada's Aging Population' report
** Source: Victoria Order of Nurses
*** Source: Province of Alberta Health Care Web site
(note: costs provide an indication of national standards as at November 2001)
Compiled by RBC Insurance at www.rbcinsurance.com