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Health Insurance for Canadian Retirees

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Canada’s government health insurance coverage is the envy of many parts of the world. Still, there are a number of services such as prescription drugs, semi-private or private hospital rooms, and paramedical services like chiropractic care and ambulance transportation, that are not covered.

While employed full-time, many Canadians are in the fortunate position of having company-provided health and dental insurance to help offset the costs of these services that fall outside the provincial and territorial government plans.

Canadians reaching the age of 60 who have not already left the workplace are eligible for retirement pension and may choose to stop working. While it’s thrilling to reach the next chapter in one’s life, there are some less exciting new challenges. One of those challenges is finding personal health insurance coverage to pick up where government plans leave off.

Do Seniors need Health and Dental Insurance?

As part of the Canadian Medical Association (CMA) National Listening Tour, a 2019 survey found that

  • Canadians are feeling nervous about the future of their health and Canada’s health system
  • Health and healthcare top the list of personal worries and worries for Canada.
  • When asked what emotions describe how they feel when they think about the future of healthcare in Canada, 62% feel nervous, afraid or distressed about the future of healthcare
  • Canadians are concerned they will have to pay more for healthcare down the road.

And concerns about the cost of healthcare during retirement are not new. A 2014 poll published by Global News indicates that many Canadians fear the costs of health expenses as they age. That fear is well founded; the report findings indicate that, on average, respondents expect to pay $5,391 in out-of-pocket medical expenses every year after the age of 65. Average life expectancies continue to rise, and currently many healthy Canadians can expect to live for at least 15 years after retirement. It doesn’t take a lot of financial planning experience to see that high medical expenses can leave a huge hole in the retirement savings plans of many Canadians.

Prepare for your future with Health Insurance

The first and easiest consideration when preparing to offset the high costs of out-of-pocket medical expenses in retirement is to purchase health and dental insurance coverage.

At first glance, the cost of health and dental insurance premiums for older Canadians may seem high, but when stacked against the high cost of prescription drugs to manage chronic health conditions, paramedical services, and medical supplies, it becomes clear that health insurance is a necessary investment in a senior’s future well-being.

Now is the Time to Apply

While it is true that most applicants will be considered for health insurance coverage with SBIS’ wide range of options, it is best to apply as soon as possible when you learn that you are losing your health insurance benefits. Additional options are available to those who apply for benefits within 60 to 90 days of losing their group coverage. The peace of mind that comes with having insurance coverage to protect your physical and financial health simply cannot be measured.

Want to learn more?

At SBIS we have the information you need to help you make your best decisions, like these helpful articles:

Want to ask a question or talk to an expert? At SBIS we are ready to help. Give us a call today. 1-800-667-0429 Monday to Friday, 8:45 a.m. to 4:45 p.m. ET.

18 Responses

  1. As a Sr. of 80 years young and having lost my coverage as a spouse of a Sears Retiree, I’m having a hard time finding a health plan. Any suggestions?

    1. We have the Prism Contiuum ‎health insurance plan for those individuals who have recently lost their company group benefits. No enrollment age restriction as long as you apply within 90 days of losing your benefits.
      Give us a call to discuss at 1-800-667-0429.

  2. I am a retired Partner. I am inured under option 3 of the Plan. My premium went from 194.58 in November to 263.58 in December. That seems excessive.

    1. Thank you for your comment, however I do not believe you’re commenting to the proper individuals. We are a brokerage for individual health and dental plans from a number of different insurance companies. That being said we do not have you as one of our clients either. The insurance companies we offer typically have rate increases in January, April or July. We have never had a November rate adjustment. Please check your ID card as that will tell you who to contact regarding your issues.

  3. I am 78 and still enjoying working part time supporting a family business. I will be traveling to a condo outside Canada once in a while and would like to have more than gov’t coverage. I am very healthy and have a very busy schedule. I take no drugs (script). what do you have or can you make some suggestions…? Thanks.

    1. There are a multitude of different products we offer that would fit your needs and situation. Please give us a call at your convenience, Monday to Friday, 8:45am to 4:45pm eastern time) to talk more about them so we can get you the perfect product for your needs and budget. 1-800-667-0429.

    1. Thank you for your comment. As a health and dental insurance brokerage we have over 35 different plans to choose from across Canada. Please give us a call or fill out our 2 minute questionnaire to see what plans we would have for individuals with your specific needs and budget.

    1. Thank you for your comment. We would be able to help you with your transition to your retirement. We have over 40 different individual health and dental plans from numerous major insurance companies across Canada. It may be easier to give us a call at 1-800-667-0429 to discuss all your specific details to get you the best plan for your situation.

    1. Thank you for your comment. We have over 40 different health and dental plans we can offer you in Saskatchewan. I will email you now with my contact information so we can discuss your situation and needs furhter.

    1. Thank you for your comment. It may be best to contact us at 1-800-667-0429 to discuss your needs and budget so we can get you the best plan for your situation.

    1. Thank you for your comment/question. I will reach out directly via email to you with a few options once we get some preliminary answers from you.

    1. Thank you for your comment. I will reach out to you directly through email for more information about your needs so we can find you the best plan for you.

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