In HOOPP’s latest 2016 research, we collaborated with the University of Toronto’s Institute for Health Policy, Management and Evaluation (IHPME) to conduct a study regarding the impact of out-of-pocket healthcare expenses and retirement savings on Canadian retirement security.
This Health and Retirement Security Research factored in the wide range of costs associated with long-term care including, publicly funded nursing homes, publicly funded home care, and privately funded assisted living in seniors’ residences.
Some of the key findings from the research include:
- Approximately 323,000 Canadians have inadequate retirement income once long-term care costs are factored in, which can grow to approximately 815,500 by 2038 if factors remain unchanged.
- Out of pocket healthcare costs tend to rise with age.
- The percentage of 85-year old women with inadequate retirement income rises from 25% to 44% when long-term care costs are considered (the study defines inadequate retirement income as those with less than a 50% net income replacement rate).
- Retirement insecurity among Canadians will impact those who support the GIS and OAS, and the healthcare system.
Read an article published in The Globe and Mail
discussing the research findings.