Can You Afford Retirement Living?

True or False: The government covers the cost of senior living. 

Answer: It’s more complicated than this.

In Canada, funding is a provincial matter, and each province has its own rules and regulations around who qualifies for what. In some cases, the government may cover the cost of the care itself — after you’ve undergone a health assessment, which in term dictates the specific type of care you need — and will cover part, or all, of the care-specific costs, leaving you to pay for the rest.

“It’s never too early to start thinking about costs,” says Laurie Johnston, CEO of the Ontario Retirement Communities Association.

It’s complicated, to say the least. And here, we’re not just talking numbers on a spreadsheet. There are also less-obvious costs and benefits to consider. For example, aging in place, in your own home, might seem like the best option. After all, you can function independently, for the most part.
 
But are you spending much of your time alone?

“It’s never too early to start thinking about costs.”

Weighing the costs and benefits of home care, retirement residences and long term care means including everything from nutrition to your social circle to your specific needs and preferences.

“Social isolation is a huge contributor to dementia,” says Johnston. “Families all need to have those discussions — sooner rather than later.”

Ready to talk costs? Click here to get started.