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Health Insurance Brings Peace of Mind

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Every year, thousands of Canadians reach the age of eligibility for retirement. Canadian seniors are in the fortunate position of having most of their health care needs taken care of by their province or territory of residence. As many of us already know, some supplementary health services like prescription drugs, physiotherapy, private or semi-private hospital rooms and ambulance rides are, with only very few exceptions, not covered by government health insurance. Those who have been healthy for their entire adult lives may have no idea how expensive it can be to pay for uncovered services out-of-pocket. It's just not something they've had to think about.

If you have made it all the way to retirement age with no serious health conditions, consider yourself very fortunate indeed. You may be looking forward to a long period of rest after winding down your career. But please do keep in mind though, that in light of strained resources for their pensioners, many companies are choosing to do away with some perks that were previously offered to retirees. Supplementary health and dental insurance benefits rank very high on the list of cuts. That may not be too concerning if you’re in good health right now, just know that might not always be the case.

Nobody likes to think about the inevitability of declining health as we age, and yet the numbers don’t lie:

These are sobering statistics, and ones that you must consider as you plan for your retirement. This is especially true when it comes to managing multiple chronic conditions, a growing problem Canadian seniors face every year.

When you look at the number of people who are facing serious health conditions, you must gather that it could one day be your turn. Will you have to add paying for treatments to the list of things to worry about when facing a health crisis?

Health Insurance Reduces Your Worry at a Difficult Time

Of course private health insurance can’t cure heart disease or cancer, but it can help to manage the high costs often associated with treating chronic health conditions. Many retiring Canadians think that because there are programs in many provinces to help cover the costs of prescription drugs, health insurance is no longer necessary. While that’s true, many other health care services remain outside the government insurance plans. For example, if you end up in the hospital, you could also find yourself in a ward room with other patients because private or semi-private hospital rooms are very expensive, and they are not covered by provincial health plans.

As you make plans for the next phase of your life, make sure your medical needs are provided for with private health and dental insurance coverage. Talk to a broker today.

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