As they grow older, many Canadians say they are most concerned about losing their ability to live independently.
A recent poll conducted by the BMO Wealth Institute asked people about the health-care situations that concern them most as they age: 40% said they were worried about losing the ability to live independently, 17% were afraid they would not have enough money to pay for adequate health care, and 15% were anxious about not being able to remain in their own homes throughout their lifetimes.
As for how they intend to fund any future long-term care needs (respondents could give more than one answer), 73% said they plan to use their own savings, 45% will take government assistance, 20% will use a reverse mortgage, and 19% say they have long-term care insurance.
The survey also revealed that 56% of Canadians want to receive their long-term care in their own homes, compared to the 20% who opted for an assisted-living facility and 13% who would prefer a retirement or nursing home.
BMO notes that 37% of those surveyed indicated that they have not discussed any financial issues related to future long-term care needs with their partner or adult child, and that just 42% have talked about naming a power of attorney for health or drawing up a living will.