When you’re working, it’s easy to take health and dental benefits for granted, I know I did. But when you retire, one of the biggest surprises can be realizing just how much those workplace plans used to cover, and how much you may need to pay out-of-pocket now.
If you’re planning
your retirement, or already retired, understanding your healthcare options
isn’t just smart, it’s essential.
What Is Covered by Government Programs?
In Canada, we’re
fortunate to have publicly funded healthcare. The provincial and territorial health plans (like BC MSP or Ontario
Health Insurance Plan) cover most medically necessary hospital and physician
services. But they do not cover:
·
Most
prescription drugs (outside of hospitals)
·
Dental
care
·
Vision
care (eye exams and glasses)
·
Hearing
aids
·
Physiotherapy
·
Private
or semi-private hospital rooms
·
Ambulance
services in some provinces
What About Prescription Drug Coverage?
Thankfully, there
are public
drug programs
for seniors. These vary by province, but here are a few examples:
·
BC Fair Pharmacare: Deductible and co-payment model based on income;
applies to residents over 65.
·
Ontario Drug Benefit (ODB): Available at age 65, it
covers over 5,000 prescription drugs.
·
Alberta Coverage for Seniors: Covers prescriptions and
other health-related services at reduced cost.
Tip: Contact your
province’s Ministry of Health or search “[Your Province] drug coverage for
seniors” to find out exactly what’s available.
Dental and Vision: Often Overlooked, Always
Important
Government coverage
for dental and vision care is extremely limited
for most seniors. If your teeth and eyes are important to your quality of life
(and they are!), you’ll likely want to budget for private care, or consider a retiree health benefits plan that includes these
services.
Some provinces are
beginning to expand dental programs for lower-income seniors, such as:
·
Ontario Seniors Dental Care Program (for those 65+ with low
income)
·
Alberta Dental Assistance for Seniors Program
·
Quebec's RAMQ dental coverage (very limited)
Private Health and Dental Plans for Retirees
Some employers
offer retiree
benefits,
but they are becoming rarer. If you don’t have one, consider buying individual health and dental insurance. These plans help cover
services not included in government programs, and they come in various tiers.
Common providers in Canada include:
·
Green
Shield Canada
·
Sun
Life
·
Manulife
·
Blue
Cross
·
Canada
Life
Some plans
guarantee acceptance if you apply within 60 to 90 days of losing workplace benefits, without needing a
medical exam.
Tip: Look for plans
that cover your specific needs and let you keep your family doctor or dentist.
What About Long-Term Care and Home Care?
Publicly funded home care and long-term care are available across Canada
but often come with wait times and means-testing. Services include:
·
Nursing
support
·
Personal
care (bathing, dressing)
·
Meal
delivery
·
Respite
for caregivers
If aging at home is
your goal, now is the time to learn about what's available and plan ahead. Many
seniors also buy long-term
care insurance,
although premiums can be high, especially if purchased later in life.
How to Plan Smartly
1.
Inventory your current benefits – What will end when you
retire?
2.
Understand government coverage – Know what’s included and
what isn’t.
3.
Shop around for private plans – Get quotes, compare
options, and don’t wait too long.
4.
Talk to your doctor and dentist – Ask what services you
might need more of as you age.
5. Factor these costs into your retirement plan – Health isn’t just medical, it’s financial too.
Universal Healthcare: Canada has a universal healthcare system, meaning everyone, including retirees, has access to essential medical services.
Helpful Links (all Canadian sources)
·
OntarioSeniors Dental Care Program
·
SunLife Health Insurance for Retirees
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