Because Canadians are fortunate enough to have most of our healthcare needs provided for by the government, it’s easy to neglect to plan for some out of pocket expenses. For example, you will no longer have to arrange time off from work to keep up with your regularly scheduled dental appointments, but you will need to address the issue of the employer-funded health and dental insurance that once paid for your treatments.
If you are one of the lucky ones who are retiring this year, there are some important dental insurance considerations you need to keep in mind.
Dental Care May be More Expensive Than you Think
If you have had employer-sponsored benefits for your dental care, you may not have tallied the costs of your trips to the dentist over the year. While it’s true that a routine appointment for a cleaning and x-rays is easy enough to cover out of pocket, it’s what the dentist will find while they’re at it that you need to worry about.
Dental care can be expensive for the uninsured. A simple procedure like a root canal can easily run over $1,000 depending on the extent of the damage and the type of crown that is placed after the procedure. That’s just the cost to repair one tooth! If you need partial or full dentures, the costs may be much more than you expect.
The dental care needs of older Canadians differ from those of their younger counterparts, and this could cause serious financial difficulties for people on a fixed income. Worse still, many retirees forego necessary dental care because they simply can’t afford it. To avoid these difficult circumstances, there are private health and dental insurance options available to Canadians in all stages of life, including retirees.
Dental Insurance Provides Certainty
Health and dental insurance is very important for retiring Canadians. Though insurance premiums may seem expensive at first, it’s wise to keep in mind that it is a fixed cost; other than incremental rate adjustments occasionally. Some insurance providers also have category increases every few years, so make sure you ask about these when applying for insurance so you can stay within your budget.
The costs of dental procedures can vary from year to year and even office to office. The certainty that comes with one expense every month or year can be very reassuring to those on a fixed income.
Coverage for some dental treatments, including major services like dentures, is often subject to a waiting period. If you are still working but are looking forward to the end of your career, now is the best time to start investigating your health and dental insurance options. If you are applying for individual health and dental coverage within 60 days of losing your group benefits, you may be eligible for guaranteed coverage, regardless of your current health status.
Retirement is a significant rite of passage. To get the most out of it, be sure to speak about your coverage needs with an insurance broker today!