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Will you be able to afford long-term care?
– moneysense.ca
A BMO Wealth Institute study finds that the greatest health-care-related aging concerns include:
losing the ability to live independently (40%);
not having enough money to pay for adequate health care (17%); and
not being able to afford to remain in their own homes throughout their lifetimes (15%)
Three quarters (73%) said they plan to use their own savings to fund any future long-term care needs. Other funding options include:
government assistance (45%);
Accessing home equity via a reverse mortgage (20%); and
long-term care insurance (19%).
The study also examined Canadians’ views on where they would prefer to receive long-term care, finding that the majority (56%) would prefer to receive it in their own home rather than in an assisted-living facility (20%). Thirteen percent would like to receive long-term care in a retirement or nursing home.
Receiving care in-home rather than in a facility, while potentially more affordable, can put pressure on family and friends who may need to take on some of the caregiving responsibilities for their loved ones…
