A public national long-term care insurance could help pay for costly and unexpected expenses due to ill health or fragility that can be financially devastating says a new white paper from the National Institute on Ageing.
Canada is a laggard in long-term care insurance, trailing numerous jurisdictions that prepared for their aging population with benefits that help older adults pay for private home care or nursing home fees, saysThe problem is that even if the federal government acts quickly to launch a nation-wide plan – funded by a range of options from paycheque deductions to taxes – its impact on the eldest of boomers would be minimal because of limited contributions, said Dr.
Nation-wide long-term-care insurance, it said, could “greatly reduce fragmentation and lead to more equitable service coverage and financial protection.” Pat Armstrong, editor emeritus at York University and long-term-care expert, said the assumption that care will be provided by family, especially women, often leads to an unhappy awakening, given that many caregivers are not qualified to provide the support needed.
“That requires an incredible amount of training and skill. And the recognition that those skills mean you have to pay for them.” There is no “one size fits all” approach, the paper noted, with programs in those six jurisdictions funded a combination of ways, including taxes or “social contributions” from employees and employers.
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