It turns out that many Canadians are confused about what’s covered by OHIP after retirement. Retirees are often shocked by hidden healthcare costs. And if you were fortunate enough to have a good health plan through your employer, the sticker shock of medical expenses not covered may be especially alarming.
The amount of out-of-pocket medical expenses faced by seniors and their caregivers this year averaged around $5,800, according to the Conference Board of Canada. Costs will continue to rise per capita and are expected to reach at least $8,000 by the year 2035.
As Canadians, we are fortunate to have much of our medical care covered. Even with long wait times and sometimes limited access to doctors, depending where you live, OHIP covers visits to the doctor or nurse practitioner and hospital visits and stays.
Government programs are also available to qualifying seniors to help cover some of the cost of prescriptions and assistive devices. Unfortunately, this doesn’t go very far, especially on a limited income or when living with a chronic disease or disability:
Things not covered by OHIP:
Other out-of-pocket medical expenses to consider:
Medical expenses not covered by OHIP can leave you blindsided even if you’ve been diligent about saving for retirement and creating financial security for your golden years. Even if you’re fit as a fiddle, it’s important to factor the cost of long-term care when planning your retirement. Doing so can help you maintain your quality of life and ability perform everyday activities as you age or if injury or illness makes it challenging for an extended period.
Educate yourself on available government tax credits and programs for seniors and private health insurance plans to help offset medical costs. Also consider looking into home care services, including free assessment with our registered nurse who can review and assess your health and caregiving needs.
Living Assistance Services offers a team of personal caregivers (PSW’S) to provide home health care, elder care, palliative care and chronic disease care all over southern Ontario.
We provide safe, trusted, compassionate senior home care where seniors want to be as they grow older–happily at home. Many home care services are available, including health/care assessments, personal care, meal prep, housekeeping and laundry, chronic disease care (Alzheimer’s, dementia, cancer, Parkinson’s) and palliative care.