For many, Ottawa retirement is a period full of change and excitement. Some have plans to travel and things they’d like to complete at home.
One aspect of retirement that is sometimes not mentioned can be the demise of advantages and health insurance. Many retirees are over 65 years old and have health conditions that predate them and prescription medication.
Another thing to think about at retirement is provincial health insurance, which includes things like prescription drugs and certain vision-related costs. Knowing that local healthcare plans differ from province to province is essential. However, generally speaking, seniors receive more excellent coverage than non-seniors, particularly in the case of prescription drugs.
If they retire in Ottawa, who is covered by the provincial health plans that cover their prescriptions? What’s the benefit of obtaining a private individual health insurance policy?
Why Purchase a Health Plan for Retirement Group Conversion?
The group conversion plans get created for people who recently lost coverage from their group benefits. Acceptance gets guaranteed for as long as you apply within the specified period after losing that group coverage.
However, why should you consider purchasing an insurance plan for conversion after retirement?
Additionally, private health plans provide a broad selection of coverage beyond prescription medications. Some examples include:
- Health benefits for the dental (routine and emergency expenses).
- Hospitals cover semi-private and private rooms.
- Vision treatment (although provincial health plans provide some vision coverage).
- Travel medical insurance.
- Registered specialists, including chiropractors, massage therapists, and physiotherapists, are examples.
- Durable medical equipment includes walkers, wheelchairs, or walking aids.
- In-home nursing services (private duty nursing, personal home support workers, etc.)
Another factor is that Ottawa insurance companies know that provincial healthcare plans pay for most retirees’ drug costs. They consider this little drug exposure when determining the cost of plan conversions for groups.
More Information About Retirement Health Insurance
A variety of types are available for private Ottawa healthcare insurance. There are plans with medical underwriting. However, accepting these plans is contingent on the answer to medical questions and assessing one’s health background. So, most retired persons will not be eligible to be covered under these plans.
Conversion plans are a type of insured issue plan. They are typically the most appropriate option for retirees since many people who retire in Ottawa also leave a full-time position offering group benefits. The best option is guaranteed issue plans that do not require medical.
Do you need help with retirement health insurance? We can assist you in getting your life insurance. Call Ottawa Life Insurance at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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