Estate Planning

Coping with the Demands of an Aging Population

By Hull & Hull LLP

Both the British and Canadian Governments have, in recent days, been urged to direct their attention to the impending costs of providing for the long-term care of their aging populations. 

In a Report released yesterday, parliamentary "budget watchdog" Kevin Page raised a warning of the impending cost to Canada.  In its review of the report, the Globe & Mail noted that "the year 2011 is the beginning of what has been called a "demographic time bomb" for Canada: an explosion of the 65-plus population over two decades coupled with a sharply declining proportion of Canadians in the work force as boomers retire....The number of workers supporting each elderly Canadian is expected to dwindle to 2.5 to one in 2030 from five to one today because of this country's low birth rate, rising life expectancy and aging boomers."

And in the United Kingdom, the BBC notes that the Audit Commission has urged the adoption of innovative means of providing services, particularly by embracing technology, in an attempt to lower the financial burden on government.  It highlighted a number of examples of how "telecare" was being used to provide such things as electronic links between services and people living in their own homes (Lifeline in Canada is such an example), and the fitting of exit sensors, fall detectors and flood alerts to monitor vulnerable people in their own homes.  The increased involvement of neighbours was also proposed as another solution to the growing demands.

Have a great weekend.

David Morgan Smith

Full post as published by Toronto Estate Law Blog on February 19, 2010 (boomark / email).