“Caring for aging parents already costs Canadians $33 billion a year in direct out-of-pocket expenses and time off work, a number that will only grow over time, finds a new report by CIBC Capital Markets. The report, Who Cares: The Economics of Caring For Aging Parents, co-authored by CIBC Deputy Chief Economist Benjamin Tal and Senior Economist Royce Mendes, estimates the direct and indirect costs associated with the elderly to mushroom by more than 20 per cent in real dollars over the next 10 years due solely to changing demographics.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Well, I guess we can’t head north to solve our LTC problems any more than to find better medical care.
Caring for Aging Parents Costing Canadians $33B Annually