Mar 25, 2021
By Jane Brown
The cost of elder care in Canada is on the rise as the baby boomer generation ages into old age.
A new study commissioned by the Canadian Medical Association predicts the cost of elder care will nearly double by 2031, going from $30-billion a year to close to $60-billion.
The leading edge of the baby boom generation is 75 years old this year and the report’s authors say more than 2 million of them will need long term home and institutional care by 2031.
The study estimates that 606,000 patients will seek long-term care in 2031, up from 380,000 in 2019.
In addition the report details that demand for home care will increase to roughly 1.8 million patients, up from nearly 1.2 million. That increase is projected to cost $490.6 billion over the next 10 years.
CMA president Dr. Ann Collins says the COVID-19 pandemic has exposed “major cracks in seniors’ care,” adding that “improvements beyond tinkering around the edges are needed.”
The study highlights potential solutions that could lower the cost of services, noting a downward trend in the use of long-term care by seniors.
The Zoomers Advocacy group CARP has been pushing for more and better home care as a way to reduce costs and improve lifestyle for older Canadians.