Without doubt, that is the correct approach, but it has to be paid upfront. You do not want the government monitoring medicare usage and enforcement of promises or obligations post-arrival. It has to be a one-lump-sum amount paid upfront directly to the Government of Canada in the same way they are doing it now. When the parent comes to visit Canada, they are required to obtain one-year travel insurance. It's the same principle. Extend it to the permanent resident situation. That's the fast answer.
On October 20th, 2011. See this statement in context.