Retirement - should I fund the equivalent of company health benefits?
While we have universal health care in Canada there are many things that are not covered - dental and medication and disability. Over the years we have both watched our benefits decrease and get more expensive. We aren't on medication but do regularly use the dental portion. Since we work for 2 different companies we currently have 2 plans which ends up covering most of our costs.
Some companies (fewer and fewer) continue those benefits after retirements. That's not the case for either of us so we're looking around. One of the things to keep in mind is whether you are eligible for any kind of group plan because they are generally less expensive. They can be available though Alumni Associations or membership cards. They also offer different levels of support. If we go with this insurance we wouldn't want less than what we have now.
Two places we've looked is Blue Cross and CAA - which offers coverage through Manulife. CAA is less expensive, as expected, but the part that is appealing is the seamless transfer from a work benefit to CAA coverage with no health assessments and you have 3 months to decide. I'm covered by SunLife at work and if I want coverage my health will be assess at the time of application and my policy cost determined at that time. Just age would likely put me at a higher premium.
Do you carry supplemental insurance?
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I work for a multinational. I've been there long enough that I get a defined pension but not extended benefits in retirement. Unions could provide retirement group benefits too.
ReplyDeleteI have no idea lol.
ReplyDeleteWhen I bought Canadian medicine in the 2000s, it was half the cost of the same meds in the U.S. And no insurance covered the purchase. Even with medicines not covered, you still have advantages.
ReplyDeleteI thought I heard something about expanding to cover medication as part of health care. They should at least for things like diabetes and MS.
ReplyDeleteDon't know the answer but having complete coverage for medication up to your 25 birthday in Ontario is nice.
ReplyDelete