Many Canadians believe the government will pay for the long-term care services they need when they’re older. To an extent, that’s true. Healthcare coverage pays for the medical aspects of long-term care, and the government steps in to subsidize care for those who truly can’t afford it. However, seniors relying on subsidized care won’t enjoy the same freedom of choice as those who self-fund long-term care. Seniors who want to be in charge of where they age and the care they receive should be prepared to pay for long-term care.
Long-Term Care: Who Pays What?
The medical side of long-term care services is included in Canada’s health coverage. However, that leaves a big chunk of expenses unaccounted for. Patients are responsible for their own room and board fees, which can make up more than half the cost of living in a long-term care facility. Many older adults don’t realize they’re responsible for part of the bill. According to Canadian Nurse, 55 percent of Canadians believe the government will pay for half or more than half of their long-term care expenses. That belief is so strong that 74 percent of Canadians have done no financial planning related to long-term care.
Seniors won’t be denied care if they’re unable to pay. Provincial governments subsidize the care of needy seniors so they don’t go without. However, seniors receiving a subsidized rate don’t get to choose the facility where they’re placed and are limited to shared rooms. They may also be subject to long waiting periods before placement. Frail seniors may have no choice but to remain in the hospital until a long-term care bed is available. For more information about subsidized care in BC, visit the province’s website. Seniors in another province will need to find information specific to their location.
Non-Residential Long-Term Care
Moving into a residential facility isn’t seniors’ only option for receiving long-term care. Eligible seniors can receive government subsidies for home-care services. For seniors who don’t qualify for assistance, home-based care can be an affordable option compared to residential care.
Home-based care doesn’t make sense for everyone. If a senior’s home isn’t safe for aging, remaining at home poses a risk to their health and safety. It only takes one fall to completely change the trajectory of a senior’s health.
Seniors with homes that are adapted to the needs of elderly residents have the best chance of aging successfully at home. Aging-in-place modifications range from expensive to thrifty. On the high end, seniors can install walk-in showers, wider doorways, and additional lighting throughout the home. On the affordable end, seniors can remove area rugs and loose carpeting, install railings along staircases, and add grab bars in bathrooms. Adults interested in receiving care at home should complete a home assessment and factor remodeling costs into their budget.
Privately Run Residential Care
Living in a privately run community offers Canadian seniors the most freedom of choice. However, it also means the highest bills. Like all long-term care facilities, seniors living in for-profit communities are responsible for rent, hospitality services, and non-essential fees. However, unlike not-for-profit facilities, rates for these services aren’t subject to a daily or monthly price cap. Nonetheless, many seniors choose to stay in a privately run community, either permanently or temporarily while waiting for placement in a long-term care facility. Seniors interested in privately run facilities should research prices in their province to approximate long-term care expenses, factoring inflation into their calculations.
It’s important to note, however, that due to lower staffing levels, for-profit facilities may not be ideal for seniors with high care needs.
Canadians have a lot of choices when it comes to their long-term care. But sometimes, those choices lead to more questions. If you’re having trouble navigating your long-term care options, reach out to a financial advisor or senior advisor to guide your decision-making.
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