Retirement and Health Insurance

A great number of Canadians are working well past the age of their desired retirement and it’s not necessarily because they want to keep busy! Many people remain active in the work force for financial reasons, the like of which could be based on health issues that require the health insurance coverage they receive in the workplace. Under such circumstances, they find it worrisome to contemplate retirement.

People who are fortunate enough to have a health insurance plan at work must take into account the fact that they will lose that coverage once they retire. Aging Canadians, who suffer from chronic health conditions, understand the importance of health insurance as they deal with the costs of prescription medications and medical treatments. Some provinces subsidize certain expenses for those over 65, but not all medicines and treatments are covered.

Working Canadians must bear in mind the ‘what if’s’ when considering retirement. For those who are beginning to deal with health issues, one of their main concerns is this:  Will I be able to absorb the medical costs should I need a caregiver (a personal support assistant or nurse) when I retire? Home care expenses can run anywhere between $2,000 and $5,000 a month, depending on the level of care required. 

As we age, our body changes.  One can expect diminishing vision and increasing dental upkeep, and one should also be prepared in the event that the aid of medical devices might be required to help with mobility or hearing loss. 

There’s a way to alleviate your worries. CAA Health & Dental Insurance offers enhanced plans to early retirees and seniors that specifically address the needs of particular age groups. Health insurance companies - CAAhealth.ca - understand that every life stage has its own specific needs and for that reason, they offer customizable packages that fit the needs and the budget.