How Much Does Long Term Care Cost in Ontario?

The cost of a long-term illness or other health condition that will require an extended stay in a long-term care facilities is one of, if not the largest unknown expense that a retiree may encounter as they age. According to the Long Term Care Association, 1 in 5 seniors over the age of 80 has a complex healthcare need that can only safely be met in a long-term care facility. And according to Statista from survey data gathered in 2021 - 40% of long term care stays are between 1 and 3 years, 21% are between 3 and 5 years, and 14% of stays are greater than 5 years. While many seniors may be fortunate enough to avoid needing enhanced care services in retirement - the risk is still significant enough that retirees should be discussing how they would respond in the event that the need for this type of care arises. In this video we will cover the health conditions that may necessitate a stay in long term care, the different types and levels of long-term care support in Canada and their associated costs, and how retirees should be planning for the potential costs and lifestyle impact that a move to long-term care will bring. 📬📬📬 Send Mark your Retirement Question for a Future Mailbag Video - https://forms.office.com/r/WVu9HrbdaG Email Mark : [email protected] 📅 Book an Introductory Call with Mark https://outlook.office365.com/book/Wa... 🗞️😄 RETIREMENT ROUNDUP🗞️😄 To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below: https://mailchi.mp/walhoutfinancial/r... 📓📋 Retirement Spending Planner https://mailchi.mp/walhoutfinancial/s... TIMELINE: 0:00 - Intro 1:17 - Conditions requiring long term care support 2:35 - Different forms long term care can take 6:09 - How to plan for a long term care need & case study 9:37 - Closing