Tag: provincial healthcare plans

Categories
Brandon Blog Post

MANAGING HEALTHCARE EXPENSES IN RETIREMENT: ARE CANADIANS PROPERLY PREPARED?

healthcare expenses statement, managing healthcare expenses in retirement, eligible healthcare expenses, healthcare expenses in retirement, health care cost growth, health care expenses and retirement income, medical expenses per month, what does unreimbursed health care expenses mean, medical expenses canada, managing health care expenses in retirement, how does health care expenses affect the economy, health care expenses in canada, medical expenses not eligible, retirement, managing healthcare expenses, healthcare expenses, universal healthcare, provincial healthcare plans, insolvency, ira smith trustee

Managing Healthcare Expenses in Retirement

Managing Healthcare Expenses in Retirement: The Myth

We Canadians tend to wrap ourselves with our secure universal healthcare program without paying any mind to the fact that some things are not covered (and coverage varies from province to province). Most people working don’t worry about managing healthcare expenses in retirement.

Some of the items not covered or only partly covered may include:

  • Prescription drugs
  • Eye glasses and contact lenses
  • Para-medical services like physiotherapy
  • Dental Care
  • Dentures

Unfortunately the older we get, the more likely it is we’ll be availing ourselves of these types of services. However, we don’t seem to be saving for these expenses.

Managing Health Care Expenses in Retirement: What should the average Canadian be saving?

According to the Canadian Institute for Health Information costs paid out-of-pocket for healthcare expenses not covered by our provincial plans are on average:

  • $2,700 for people between the ages of 55 and 80
  • More than $5,600 a year for those 80+

The time to start managing healthcare expenses in retirement is now. By 2063 it’s estimated that 20% of Canadians will be 65 and older. And the cost of healthcare is only going to rise making managing healthcare expenses in retirement more challenging.

If you’re living paycheque to paycheque or are a senior on a fixed income, how will you come up with the money to pay for prescription drugs or para-medical expenses? Sadly there are those who are denying themselves their medical necessities because the money is just not there. Or, they’re accumulating debt month over month to try to keep up with expenses. Neither one of these options is a good solution.

Managing healthcare expenses in retirement: What Can You Do If You Have Too Much Debt?

If you’re teetering on the brink of insolvency, Ira Smith Trustee & Receiver Inc. is here to throw you a life jacket. There is no reason to drown in debt when help is at hand. Give us a call today and meet with us for a free, no obligation consultation. We’ll evaluate your situation and come up with a solid plan so that Starting Over, Starting Now you can be on your way to debt free living.

Call a Trustee Now!