You’re in your final months of your career and can’t wait to finally retire – no more rush hour commutes, meetings that could be emails, or thinking about quarterly budgets. Then, one day after a routine visit to the dentist, it hits you: you haven’t considered your post-retirement health coverage.
Panic sets in as you start crunching the numbers. Will you be able to afford that bucket list vacation and your monthly registered massage appointment, or will you have to choose between a root canal and your bathroom renovation? It’s natural to feel anxious after a lifetime of saving for retirement, only to realize you’ve overlooked your health and dental coverage.
The good news is that with some research and planning, you can protect both your health and your finances. We’re here to help you achieve the retirement of your dreams.
What is retirement health insurance?
While you were employed, your extended health insurance provided by your employer likely covered all, or a portion of, your expenses for extended health care, prescription drugs, dental and vision.
Once you retire, all health, dental and medical expenses covered by your employer will be transferred to you. Retirement health insurance offers flexible, customizable health plans to keep these out-of-pocket costs low.
How do I find out how much coverage I need?
Understanding your costs is key to a healthy, happy retirement. Start by using Health Gateway to view all your prescriptions, then use Pharmacy Compass to compare drug prices at pharmacies across British Columbia (BC). Once you have a clear picture of your drug costs, it will be easier to determine the drug coverage you need. Don’t forget to factor in other expenses, such as dental, vision, and services from other practitioners, like physiotherapy.
How do I know if I qualify for retirement health insurance through my employer?
About 50 per cent of BC employers provide health plans to their retirees - check with your employer or trusted advisor to find out whether this is an option for you. Make sure you understand how much coverage you may or may not receive through this plan.
When is the best time to buy retirement health insurance?
Don’t wait to purchase extended health insurance. The ideal time to buy an individual health plan is while
you are healthy; you will get the best coverage at the best rate. Some plans are only available for a limited time and
require application within 60 days of group coverage cancellation. Missed the 60-day window? No worries – our
Guaranteed Acceptance plan has got your back.
What is the best insurance to have when you retire?
There’s no one plan that is best for everyone, as individual health care needs differ. Fortunately, Pacific Blue Cross plans offer flexibility to pick the coverage that suits your needs best.
- Choose from Bronze, Silver or Gold coverage for health, prescriptions and dental for a fully personalized plan. Includes mental wellness coverage, vision, and paramedical coverage.
- To qualify, you are:
- Applying within 60 days of the date which your group coverage was cancelled
- Retiring
- Aged 50+
- Leaving a recognized Canadian group plan with at least six months of continuous coverage
- Actively enrolled in the government health plan of British Columbia or Yukon
- Offers health and dental coverage and fast, easy enrollment. Group Conversion and Guaranteed Acceptance are our only plans that cover pre-existing conditions.
- To qualify, you must have had group health plan coverage within the last 60 days. Unlike other options, this plan can backdate coverage to the first of the month after the group plan ends, so there is no gap in coverage.
- Build your own plan by selecting between different tiers of health and dental coverage to suit your budget and health needs. Plus, you can update your plan once a year in case your needs change. Also covers pre-existing conditions.
- Covers major dental, medical services and supplies.
- Comprehensive coverage with no age restrictions, a flexible plan design, and mental wellness coverage. Includes the option to upgrade on your plan anniversary. Also provides some of the highest coverage for practitioner services.
- Flexibility to downgrade your plan every two years.
How long does retirement health insurance last, and are there any age restrictions?
Once enrolled, coverage for most plans begins on the first of the following month. We understand that health needs may change as you get older, so we offer the flexibility to upgrade or downgrade your coverage as needed at your plan anniversary. Our individual plans don’t have a maximum age, so there’s no need to worry about losing coverage as you get older.
What’s next?
Whether you are supplementing your retirement benefits, public health care or providing yourself with peace of mind for the future, an individual health plan can protect you from unexpected health costs. Call one of our local retirement experts at 1 877 722-2583 or 604 419-2200 or talk to your trusted advisor to discuss your options.
