According to the National Institute on Aging (NIA) survey and 2023 report on Aging in Canada there are three key dimensions of ageing well — social well-being, financial security, and health and independence. With governments struggling with healthcare budgets, managing healthcare costs that you receive at home often must be paid out-of-pocket.
How can you take steps to ensure that you can remain healthy and independent? You will need not only access to basic health care services provided by the government like physician care and hospitalization, but home care too.
Having your own health insurance in place is more important than ever so you can lead the life you plan.
The advantages (and challenges) of independent living
Independent living is the goal for many of us as we age and retire – planning that life will become more active and relaxed at the same time. You imagine finally having time to join the pickleball club, learn ballroom dancing, spending time with the kids and grandkids and maybe even travelling. You think that doing the housework and a little home maintenance will be easy to fit into your calendar and look forward to discovering new recipes to keep your day-to-day interesting and just a little adventurous.
Regardless of how old we are, we are optimistic that we can follow through to enjoy the many advantages to aging in place, continuing to live in our own homes for as long as we would like.
But on the flip side there are challenges we need to be prepared to face. Inflation. The rising cost of living. Reductions in some and changes to other government health and dental benefits. These are just some of the top concerns of older Canadians who worry about running out of money and not being able to afford health care expenses – because health issues will happen.
How health insurance can help you live independently
According to the NIA study, eight in 10 (81%) Canadians aged 50 years and older report that they currently have at least one chronic health condition – and that’s where health insurance can provide some help.
Support for dealing with chronic pain
Chronic pain may increase or decrease at times, but it doesn’t get better. Often it is caused by arthritis that makes your joints stiff and swollen and hard to move, or by fibromyalgia that makes your muscles feel very sore and tender, even though you haven’t done anything strenuous. Or, you may have an injury that takes a long time to heal, resulting in continued back, shoulder, hip or knee pain.
To address chronic pain that can become a barrier to living independently you may consider the advantages of physical therapies. Chiropractic care, massage performed by registered therapists and eastern-based acupuncture services are not covered by your government health plan, and you will be charged a fee. Health insurance can partially cover costs based on a dollar amount per visit and an annual combined maximum benefit.
Most health insurance plans will also cover medication if it is prescribed and not available over the counter and not already covered by your government plan.
Here is more information on how health insurance helps with chronic pain.
Support for dealing with chronic conditions
Maintaining our independence is more challenging when we are dealing with diabetes, mood, and anxiety issues and even vision problems – which are all commonly experienced.
Health insurance can help with the costs of diabetes management and mental health support.
Plus, when you want to stay independent and home-based, many health insurance plans include access to medical professionals for video consultations, eliminating the obstacles of travel and waiting room time delays. It can help you shorten the cycle between identifying a health problem and implementing a clinical solution, making taking care of your health more convenient and easier than ever. You can even consider using a wider range of healthcare services without having to travel to a healthcare facility, like talking to a dietician.
Here is more information on how health insurance helps with chronic conditions.
Homecare support
Your health insurance will cover the services of registered health professionals that come to your home to provide care when you may need it after an unexpected illness or accident, including
- registered nurse
- registered healthcare aid or nursing assistant
- personal support workers.
Here is more information on how health insurance helps with homecare and nursing care.
You also have coverage to help with costs for the purchase or rental of medical equipment such as crutches, a wheelchair, hospital bed, oxygen and other equipment recommended by your doctor, and even casts, artificial limbs and breast prostheses following mastectomies.
Your health insurance will have a maximum dollar amount for benefits you can claim each year, and some have a lifetime maximum.
Health insurance helps ensure you can live independently
You can purchase an individual health insurance plan to cover yourself, and your family to help safeguard against the costs of healthcare. There are two main types of individual health insurance plans: medically underwritten and guaranteed issue.
When you apply for a medically underwritten health insurance plan, you will need to answer a medical questionnaire. If you already have health issues, you may not qualify for coverage, or the medically underwritten plan offered to you may be charged a higher amount for your premium (this is referred to as being ‘rated’) and/or have exclusions related to your health condition.
The good news is that there are many guaranteed issue plans available – providing the coverage options you may need to help you live independently, and plans that are especially designed to provide broader coverage options if you apply within 90 days of leaving your employer health plan.
Health insurance is renewable year after year for your entire life – helping you maintain control of your health and your independence. Give us a call at SBIS today at 1-800-667-0429 or 416-601-0429 Monday to Friday, 8:45 a.m. to 4:45 p.m. ET to discuss your needs or go online to discover health insurance options for yourself.
