Do you need long-term care insurance? Aug 12th

How to go about securing the best policy for your insurance in Canada.

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Do you need long-term care insurance?

– moneysense.ca

No offence to any of us but, as a country, we’re getting old. The average age of a Canadian in 2024 was 41.6 years, according to Statistics Canada, and by 2030, one in four Canadians will be 65 or older.

That means there’s a growing demand for health services and long-term care solutions, according to the National Institute on Ageing. The cost of a space in a long-term care (LTC) home starts at $2,000 a month for basic costs and can run up to $15,000 per month for a private home.

Plus, Canadians mostly prefer to grow old in their own home. The issue is that a lot of us haven’t planned for it financially. According to an Ipsos poll for HomeEquity Bank, 90% of those surveyed would choose at-home care, but only 13% have planned for it.

It’s going to be expensive. The cost for a personal support worker (PSW) in Ontario, for example, ranges from $28 to $35 per hour. That goes up if you’re looking for at-home nursing care. A registered nurse can cost between $45 to $80 an hour and a physiotherapist, $90 to $150…

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