New report highlights shortfalls in current tax credits and identifies new solutions to better support seniors and caregivers
OTTAWA,March 7, 2019 /CNW/ - A new study reveals that total private coverage for home care and long-term care in Canada is expected to balloon from $9.6 billion in
The study, Measures to Better Support Seniors and Their Caregivers by the Conference Board of Canada confirms that seniors and their caregivers face out-of-pocket expenses estimated at an average of $5,800 per year., These private costs are projected to significantly outpace the growth of disposable household income. While federal tax credits exist for caregiving and health expenses, the study notes they are largely ineffective in addressing the financial burden facing seniors and their families. These credits are underutilized and insufficient, with only 4.6% of caregivers receiving any support.
"Taking care of seniors comes at a high price for many Canadian families," says Dr. Gigi Osler, CMA President. "Current programs are inadequate, and the issue will only get worse as our population ages. We must address this and provide the kind of support seniors and their families not only deserve but desperately need."
The study explored two options that the federal government should consider to better support seniors and caregivers:
"With seniors aged 65 and over projected to make up nearly a quarter of our population by 2036, demand for health care will rise sharply, putting increased pressure on middle to low income families to help pay for care for their loved ones", says study author Alan Arcand, Associate Director at The Conference Board of Canada.
The study which was commissioned by the Canadian Medical Association shows that while the federal government offers tax credits to support caregivers and seniors, these credits are currently insufficient in addressing the growing private care costs being carried by seniors and their caregivers, and vastly underutilized by the middle to lower income families that need the support most.
Since 1867, the Canadian Medical Association has been the national voice of Canada's medical profession. We work with physicians, residents and medical students on issues that matter to the profession and the health of Canadians. We advocate for policy and programs that drive meaningful change for physicians and their patients.
SOURCE Canadian Medical Association
Subscribe to our Free Newsletters!