LTC FACTS & STATS
Long-term care services may be provided in a variety of settings: at home, through adult day care, in a retirement home, assisted-living setting or long-term care facility. Most individuals favour receiving assistance while residing in their own home as long as possible, instead of moving to a facility.
- As a couple, there is an 81.5% chance that one of the two will need long-term care in their lifetime.
- 22% of all long-term care individuals will survive 10 years or more
- 43% of family caregivers still have children living at home
- Furthermore, long-term care insurance is not only for the elderly as 37.5% of individuals needing long term care are younger than age 65.
Full-time nursing home care in a private room can be in excess of $5000 per month, making it unaffordable for most people. This amount does not even include personal or skilled nursing care, which can amount to an additional several thousand dollars per month.
- 3 out of 4 Canadians say their personal finances would be impacted if they were to develop a chronic health condition.
- The average Canadian will live a decade in sickness, disability and/or immobility in their lifetime.
- Over the past 10 years, inflation in Canada has increased an average of 2% annually, whereas health care inflation has averaged an increase of 4%.
- 3 out of 4 Canadians report that their household income is lower than before they retired.
According to a 2014 Canadian Health Index Survey (as reported by Canadian Press):
- 66% of respondents say that deteriorating health was their biggest worry going into old age
- Only 22% of respondents had made financial plans for unexpected health emergencies once retired
- 47% of respondents worried about needing more long term care that than they have money for
Long term Care Need during one’s lifetime in Canada:
*the chance that one of the spouse or both need long term care in his/her lifetime
Age 65-74: 1 out of 3 people have lost their independence
Age 85 or older: 4 out of 5 people have lost their independence
Average Length of Time In State of Dependency:
Men: 3.4 Years (at $3000/month = $117,000)
Women: 6.5 Years (at $3000/month = $234,000)
For A Person Diagnosed With Alzheimer’s: 8-12 Years (at $3000/month = $288,000-$432,000)