Aging Canadians and the Impact on Health Care Costs

In 2010, 4.8 million Canadians were seniors. Based on the established growth rate, that number will steadily climb to about 10.4 million in the next 20 years.

By 2031, all members of the baby boom generation will have reached the age of 65. The issue of whether or not Canada’s health care system will be able to meet their medical needs as time goes on is a significant concern. Canada’s health care system may very well have to change and adapt itself to adequately fulfill the needs of seniors.

Even though the elderly make up only 14% of the population, they incur about 45% of provincial and territorial health care expenditures. Today’s seniors are living longer than those of previous generations, a fact that has shifted the Canadian demography to an older population. Aging brings about limitations and chronic conditions that increase health care costs.

We need to think about how well we’ll do in the future under the existing public health care system. More and more seniors are relying on retirement savings and other income sources to help pay for medicines, treatments and/or services not covered by the government program.

Fortunately, there are health insurance plans available that focus on fulfilling the needs of baby boomers and seniors. Such policies include coverage for things like orthotics, home care, medical equipment, hearing aids, and hospital benefits.