A Guide to Retirement Living in Canada

A retirement home is a housing facility intended solely for seniors. These residences offer apartment style rooms or suites. Various services are available to the residents in the retirement homes. Some of the services offered here include recreational programs, healthcare services, and meals.

In Canada, home health care is required for seniors and others that need access to 24-hour nursing care and assisted living for a range of cognitive and/or physical conditions. Residents in these nursing homes must first be assessed and deemed eligible by social service agencies that are operated at the provincial level. To learn more, visit Sienna Living.

Long term care is the proper solution for those assessed by medical professionals as needing nursing supervision and constant monitoring and other specialized care that may not be met in their own homes. Provinces across Canada, such as Alberta and Ontario, fully fund medical and support services in long term care.

Average senior housing costs in Alberta and Ontario
The accommodation charges, however, are catered for by the residents in the respective nursing homes. In some cases, long term care is offered in the same residences as other types of care but may be subject to different aspects of the care. The average rent for an Alberta assisted living unit amounted to $2,798 in 2013; the heavy care units averaged $3,774 during the same period.

In Ontario, the average rent for assisted living units amounted to $3,204 in 2013 with the heavy care units rent averaging to $4,584. Nursing homes in Canada are dedicated to creating vibrant communities that support aging with dignity and community interaction for seniors.

Ways to pay for nursing homes

1. Private pay options
There are a couple of ways to pay for senior housing using your own private sources. The private pay options may include your personal income and saving, pooling family support, selling a life insurance policy, and home equity. All these are viable ways to access the financing needed to cover for senior services privately.

2. Long term care insurance
This insurance helps to pay for costs that are not covered by private medical insurance. This plan covers the costs of assisted living, home care services, adult daycare services, and the costs incurred while one is hosted in a nursing home facility.

3. Reverse mortgages
Reverse mortgages were introduced in Canada in 1986 under the Canadian Home Income Plan (CHIP). One must be at least 62 years of age to qualify for a reverse mortgage

4. Government Resources
Federal sources of monthly income may be quite helpful in paying for care. Some of the sources include the Canadian Pension Plan (CPP), Guarantee Income Supplement (GIS), and Old Age Security (AOS).

Jun 5, 2017 Category: Articles Posted by: admin