Many Ontario residents considering in-home care, but unable to afford it

 

As the pandemic hits a full year, many older Canadians have serious concerns regarding moving into long-term care facilities.

However, according to a recent Ipsos survey, many Canadians can't afford to pay for in-home care.

Based on the findings, nearly half of Canadians aged 55 and older are seriously considering in-home care due to the pandemic, but 66 per cent are unable to afford the costs associated with it.

Because of this, 22 per cent are considering a reverse mortgage to help cover the costs.

Additionally, according to the available research, it would be cheaper to allow Canadians remain in their homes rather than a facility--In-home care for Ontario residents costs $103 per day, while that's nearly doubled, $201 per day, for residents of long-term care facilities.

“Over 90 per cent of older Canadians want to age in place at home and we need to provide them with the right tools to make that happen. Not only are they happier at home, but it also makes more financial sense for them to age in place," Steven Ranson, CEO of HomeEquity Bank, said in a news release.