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Old 07-31-2016, 11:08 PM
 
Location: Canada
3,929 posts, read 2,742,451 times
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Quote:
Originally Posted by Lieneke View Post
It seems like senior's homes are preying on the income of successful seniors - calculating that $5000/month is $60k per year, and after 5 years the senior's $300k nest egg belongs to someone else. If they live 10 years, $600k. Seniors today say that they need one million to be financially safe as a senior.
That's not been the experience with my mother in Manitoba. She was paying about $3,000 per month in supportive housing (more support than assisted living, less support than a nursing home) a couple of years ago. That included all meals, utilities except for phone, recreational activities, housekeeping, non medical staff assistance 24/7 as needed. Her only routine costs were toiletries, clothing, special treats and prescription costs before Pharmacare kicked in each year. The facility was privately owned but I think the province covered some of the costs of supportive staff which explains the rent not being too high.

My mother is in a nursing home now. Rent is based on income. She pays about $1,500 per month and that rent would apply no matter what nursing home was chosen in the province. All prescription costs are included in the rent.

Edited to add: A big expense that I suspect the elderly don't plan for are hearing aids. They are actually mini computers and are expensive. I think my mother's current hearing aids cost around $7,000 and they only have a life expectancy of about 6 years. That cost includes regular checkups and cleaning.

Last edited by cdnirene; 07-31-2016 at 11:23 PM..
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Old 08-01-2016, 09:15 AM
 
18,357 posts, read 10,426,450 times
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Ontario also has a "means" based cost arrangement with senior's facilities. Should you not be capable to live alone or not have a remaining family home, the provincial government subsidises your residency in a senior home.

Lifestyle choices during your working years are the predominant cause pf any hardship endured during your retirement with unforeseen events probably coming in at number two.

Responsibility for ones retirement should rest squarely on the shoulders of the individual with any pension or subsidy system being designed primarily for the "unforeseen" or permanent disability aspect of retirement without resources. A mandatory contributions to provincially run system is merely a panacea if it does not result in enough savings to sustain basic needs.
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Old 08-01-2016, 11:18 AM
 
Location: Canada
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Quote:
Originally Posted by Lieneke View Post
Does the senior have to be destitute to receive government benefit for not entering a care facility?
This is what is done in Ontario: https://www.ontario.ca/page/homecare-seniors
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Old 08-01-2016, 12:07 PM
 
Location: Vancouver
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Quote:
Originally Posted by Lieneke View Post
That is obviously not enough to live on. Senior's homes cost $5-6000 per month. Without a work based pension plan, how do people survive in their golden years?
I wasn't saying it was. In my case, I'll get the over 900 from CPP, 550 or so for OAS PLUS I have my work pension and I'm getting a nice inheritance as well.

The pension numbers are as of today, they will change by the time I am old enough to collect in a few years.

As fo Seniors, homes, here in BC yes the private ones are very expensive, the private government subsidized ones are 80 percent of your income.

I've had my grandmother in one, very nice actually. Now my mother is looking at going to one.
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Old 08-01-2016, 12:23 PM
 
Location: Vancouver
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Quote:
Originally Posted by Lieneke View Post
Exactly - many seniors are unable to continue living at the standard of living that they enjoyed throughout their lives.

Why are there no senior's home where the cost for a single room with one daily hot meal in a well balanced facility is consistent with what the government deems appropriate income for a senior? It seems like senior's homes are preying on the income of successful seniors - calculating that $5000/month is $60k per year, and after 5 years the senior's $300k nest egg belongs to someone else. If they live 10 years, $600k. Seniors today say that they need one million to be financially safe as a senior.

Why doesn't the government develop a similar model at a reasonable price - where senior cost is more in line with management cost minus the profit that senior facility companies currently collect?

How many provinces provide an benefit if seniors are cared for at home? Can the caregiver be a family member? Does the senior have to be destitute to receive government benefit for not entering a care facility?
Here in BC you don't need to be destitute to enter a care facility , and I'd be surprised if that was the case anywhere in Canada.

This is the formula here in B.C.

"Is there a cost for long-term residential care services?

If you receive publicly subsidized long-term residential care services, you will pay a monthly rate of up to 80 per cent of your after tax income towards the cost of housing and hospitality services, subject to a minimum and maximum monthly rate. Your monthly rate is calculated based on your “after tax income” (as defined in the Continuing Care Fees Regulation) in one of two ways:

If your after tax income is less than $19,500 per year, your monthly rate is calculated as your after tax income less $3,900 and divided by 12 (Formula A).

Note: The $3,900 deduction ($325 per month X 12 months) is set to ensure that most clients have at least $325 of income remaining per month after paying their monthly rate.

If your after tax income is equal to or greater than $19,500 per year, your monthly rate is calculated as your after tax income multiplied by 80 per cent and divided by 12 (Formula B)."
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Old 08-01-2016, 01:04 PM
 
Location: Canada
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In Manitoba, the cost of nursing home care currently varies from a minimum rate of $34.50 per day to a maximum rate of $80.60 per day, dependant on income.

The maximum rate applies to a resident with a net income after taxes of $67,000 or more.
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Old 08-01-2016, 04:46 PM
 
4,249 posts, read 8,155,486 times
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Quote:
Originally Posted by cdnirene View Post
Edited to add: A big expense that I suspect the elderly don't plan for are hearing aids. They are actually mini computers and are expensive. I think my mother's current hearing aids cost around $7,000 and they only have a life expectancy of about 6 years. That cost includes regular checkups and cleaning.
Another point for Quebec:
Hearing aids*| RAMQ
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Old 08-02-2016, 10:40 AM
 
Location: Vancouver
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Quote:
Originally Posted by nuala View Post
Another point for Quebec:
Hearing aids*| RAMQ
My mother is covered by her private insurance thank goodness because they are expensive!!

Here's an article about the lack of coverage for hearing aids in BC.

B.C.'s hearing aid subsidies among Canada's worst - British Columbia - CBC News


How does it work in Quebec? I found this about tariffs? If someone goes out and pays $7,000 dollars for a set, but the province says they only should of paid $5,000 what happens???

https://www.prod.ramq.gouv.qc.ca/DPI...6_07_01_en.pdf
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Old 08-03-2016, 02:18 PM
 
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My mother is moving into assisted living place next month, I think her cost will be about double of what she is paying for her apartment but she is also going from two to one bedrooms. She still is going to be paying I think it is 3500 per month but she does not get any subsidies party due to collecting a veterans widows pension.
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Old 08-06-2016, 01:15 AM
 
5,097 posts, read 2,499,519 times
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Quote:
Originally Posted by cdnirene View Post
In Manitoba, the cost of nursing home care currently varies from a minimum rate of $34.50 per day to a maximum rate of $80.60 per day, dependant on income.

The maximum rate applies to a resident with a net income after taxes of $67,000 or more.
Residential care to the consumer, the senior, can run as high as $67k annually if annual earning is above poverty level? ... so up to $300k annually?


That's obscene for a one bedroom in a communal residence with cafeteria food. No one in any other age group would pay that much for so little.


Why could so little cost so much only for older people?
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