A new report from a Toronto Metropolitan University think tank has proposed that public insurance for long-term care services could be a 'financial lifeline' for Canada’s aging population.
A new report from a Toronto Metropolitan University think tank has proposed that public insurance for long-term care services could be a “financial lifeline” for Canada’s aging population.
In-home services can cost up to $3,500 per month, and 24-hour support can reach $25,000 per month, the report said. The report added that those prices tags can be “crippling” for older adults, who now live about 22 years past the age of 65. Those countries brought in their programs to help alleviate the financial burden of paying for long-term care, while other countries like the Netherlands and South Korea began their programs earlier in their demographic transitions.
It could also “greatly reduce fragmentation and lead to more equitable service coverage and financial protection,” the report said.The case studies researchers looked at funded their programs through social insurance contributions or taxation, as well as some premiums collected at the point of service. There were also some contributions from employers, insurance programs and various levels of government.
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