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THE BASICS
This may surprise you
It is difficult to imagine when we are healthy and independent that at some point in
our lives our health status could change and we could require specialized, ongoing
care from someone else.
Often, when we think of the need for long-term care, we think of the elderly and
the need for care in a nursing home. Let's not forget there can be circumstances in
a younger person's life when long-term care could be required.
An unexpected debilitating illness or an accident could result in the need for
around-the-clock care for people of all ages.
Planning ahead is not only for the aged
Many Canadians mistakenly believe that full-time care in a long-term care facility
will be fully paid by government health care programs. However, long-term care is
not covered by the public health care system. The truth is that government health
care programs may cover only a small part of the costs for a nursing home or
other specialized residential care facility, or perhaps none at all depending on the
circumstances. This means that individuals (or their families) will have to pay for
a significant portion of the costs associated with a long-term care situation out of
their own pockets.
Yet, most Canadians haven't contemplated the need for long-term care in their
retirement planning. Three quarters of Canadians (74 per cent) admit they have
no financial plan to pay for long-term care if they needed it, according to a Leger
Marketing survey conducted on behalf of the CLHIA.
