The Canadian Special Senate Committee on Aging has proposed the establishment of a registered chronic care savings plan to help address the health care bills of the Canadian elderly. The proposal acknowledges the failure of the country's health care system to cover home or long-term care of Canadians with chronic ailments.
The proposal would be similar to a registered retirement savings plan which provides a tax shelter for a portion of an employee's income if it is being saved for retirement. Its focus, though, would be to utilize the savings for health needs when one reaches the twilight years when chronic ailments often kick in.
