Turning 65 is a milestone birthday and an age at which many individuals consider retirement. Unfortunately, the same time many people think of retiring is the same time needs for health care services such as prescriptions, physiotherapy, and other medical costs increase. Without a strategy for covering increased health care costs during retirement, many individuals put their personal savings at risk.
We are fortunate in Canada to have a publicly-funded health care system. While there are many services to take advantage of throughout our lifetime, many of the services we have become accustomed to accessing through employee benefits become less affordable in retirement. Medical prescriptions are often at the top of the list.
At the age of 65, the Ontario government covers some prescriptions; approximately 30% of the available drugs. Starting August 1 of each year, individuals must satisfy a $100 deductible towards prescription medications, after which individuals pay a dispensing fee for each prescription. This works well provided the medications are covered. What happens when the medications are not covered? Those prescriptions must be paid for out of the individual’s pocket.
Individuals can protect themselves from increasing drug costs through personal insurance. Even with pre-existing conditions, retirees can have a portion of prescription costs paid for by purchasing an insurance plan for themselves and/or their family. Personal insurance plans can also cover semi-private hospital rooms, ambulance transportation, out-of-country travel insurance, medical equipment, paramedicals (physiotherapy, massage therapy, acupuncture, podiatrist, psychologist, etc.) and much more.
Doucett Insurance offers a variety of personal insurance plans to individuals in Carleton Place, Almonte, Perth, Carp, Stittsville, Smiths Falls, and beyond that accommodate every budget. Contact us today to learn how we can help take the shock out of hidden health care costs for your retirement years.