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Financing Your Future Health Care

Author: Marion Humphries, Registered Retirement Consultant, Certified Health Specialist

Many people believe that retirement planning is just about RRSP’s, and savings to provide income in retirement, but it is much more than that. 

One area that is often overlooked is care planning.  A comprehensive retirement plan is made up of many components.   The care plan is just one of the important aspects of retirement that should not be ignored. 

With aging we often see some loss of independence and loss of  mobility which may eventually lead to a need for extra health services such as personal support and long term care.   Many of the needed medical services are covered by government programs, but the cost of accommodations and other non-medical services are not covered.  These costs can be quite high and must be borne by the individual.

A long term care facility is one that offers 24 hour nursing care and personal assistance with daily activities, when one is no longer able to be independent.  The six instrumental activities of daily living include eating, transferring, dressing, bathing, continence, and toileting.    To qualify for long term care in Ontario, the adult must be unable to perform at least two of the activities on their own.  They must require assistance for a period of at least 90 days to qualify.   Alternatively, the individual will immediately qualify if they have a severe cognitive impairment and require special care and a safe environment.

The average cost of accommodations in a long term care facility in Ontario is $40,000 a year and is payable on a monthly basis. ($3,333 /month).  Additional costs for grooming and non-medical services such as TV cable, telephone, etc. are not covered by the government.

For more on long-term care costs in Ontario visit:

An assessment of your current retirement plan is essential.  Your retirement plan may have some significant gaps that will put you at risk.   Everyone needs a Care Plan that will address any additional costs that may arise as you age.  You can choose to self-fund your care plan or look at alternatives such as long term care insurance. 

We offer a Care Plan Assessment

We look at your family’s health history, your lifestyle, and your financial plan.  We will make recommendations to help you make some important decisions about your future.


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