Despite all the hype, the aging population adds a little less than one percent to the cost of healthcare per year.
The major increase in costs for our healthcare system comes from wage increases, the use of new and more expensive technologies and other factors, but not as a result of an aging population.
Our health system is designed for a younger population and to treat acute illnesses. Yes we have an aging population that suffers primarily from chronic conditions best treated under a home care model.
Fewer workers today than a half-century ago have workplace pensions…and, clearly, Canadians are not filling the void with increased personal savings. Instead, they take on ever-increasing levels of debt.
According to the evidence, a significant proportion of future Canadian retirees are going to suffer measurable deterioration in their standards of living.
The best available Canadian data all have the same bottom line: without pension reform, many Canadians will experience a significant decline in standard of living at retirement.
Having access to employer health insurance plans is a safeguard and one that should not be denied based on age.
Many health and employment policies have not kept up with the changing demographic reality.
Imagine having your private health insurance — dental, vision, prescription drug, life, travel and disability coverage — suddenly terminated by your employer at age 65 while you’re still working for them, and just when you may really need it.
Last week, the media carried a story about a nine-year-old boy in New Brunswick who was denied private health coverage because of his weight (at 5 foot 2 inches and 135 pounds). His family were shocked – as were many reading the story – that a child could be denied private health coverage in Canada.