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Insights | Healthcare costs on the rise in Canada
Today, advisors in Canada continue to neglect healthcare research because they believe healthcare expenses to be insignificant. However, advisors have recognized that long-term care and assisted living are important factors to consider when planning for retirement.
Key findings in this whitepaper include:
- Canadians now have a better chance than ever to live more than 100 years, with the number of centenarians projected to top 78,000 in the next 50 years.
- Healthcare costs are rising at a significant rate that is faster than the rising costs of inflation, shelter, clothing, and food.
- Out-of-pocket healthcare expenses are a significant cost for Canadians with the most common being vision care, dental care, prescription drugs, ambulance services, and independent living.
- Disability costs are a rising concern for Canadian seniors between the ages of 65 and 74 as nearly a quarter of these individuals will become disabled.
- Though many Canadians believe full-time care in a long-term facility will be covered by government programs, the trust is only a small party of these expenses may be covered.
44% of Canadians do not expect to pay anything for prescription drugs during retirement and unless they have private health insurance they will be misinformed.