Employer-Sponsored Health Insurance
Many full-time employees are offered access to health coverage through an employer-sponsored health insurance plan. Usually, an employee keeps this plan until they either quit the job, or retire. It’s great that some employers take care of their former workers, but with rising costs, this may not always be the case.
Health insurance costs have deterred employers from providing a plan to their retirees, which is an unfortunate reality in today’s fluctuating market. They may feel that they would rather provide coverage for active employees, and in doing so, would cancel coverage upon a worker’s retirement.
This leaves the retired employee with little choice but to purchase their own plan.
As we age, our bodies don’t work the way they used to. Consider the following:
- Doctor visits become more frequent.
- More medications need to be taken.
- Our vision begins to fail.
- We may need therapies we never needed before, such as massage or chiropractic, for instance.
All those costs add up. If you were to pay out of pocket for these services, you’d be depleting your retirement fund in short order. The best way to prevent this from happening is to purchase a health insurance plan that will meet your needs.
Provincial Health Insurance
All the provinces in Canada provide health insurance coverage to their residents for a basic set of products and services. This coverage is expanded for seniors, but only a small amount. Thankfully, the most expensive things, such as doctor and hospital fees, are covered by the provinces.
In Ontario, OHIP will only pay for certain services, which they detail on their website, and it’s rather sparse.
What about the rest? While seniors do have some coverage for drugs, it’s only a small percentage. Even with the extra funds for seniors, it’s still not enough to cover all the health services you might need.
If you previously had an employer-sponsored plan, take the time to evaluate the coverage provided by your provincial plan, and consider whether or not you’ll need more than that. (Chances are, you will!)
Choosing a Retirement Health Insurance Plan
Thankfully, there are many plans to choose from. You will likely find one that not only covers what your provincial plan doesn’t, but might even be better than the one you enjoyed as a full-time employee. Many plans have a deadline to enrol for guaranteed coverage, so be sure to act fast.
Don’t forget though, that there are different levels of coverage, varying from plan to plan. The cost depends on the level of coverage you choose and your age. Some plans are basic and include just what you need, while others are more detailed, and cover much more than that.
Finding the perfect plan sounds overwhelming, but it doesn’t have to be. Speak to a customer service representative at SBIS, and we will be more than happy to help you choose a plan that meets your needs and is within your budget. We can answer any questions you may have.
Getting older comes with its challenges, but purchasing health insurance doesn’t have to be one of them. Contact us today and we can help you get started!