Coverage for Retirees: Getting Health Insurance 65 and Older

Posted on May 3, 2021

It's one thing to dream about everything you want to do when you retire, and another to make sure your transition into this chapter of life goes as planned. While you're busy thinking about where you'd like to retire and all the ways you want to spend your free time, you also have to consider the more practical side of being retired.

How are you going to pay for all your living expenses?

What kind of health insurance will you get once you leave your job?

These are just a couple of the important questions to ask yourself before you retire. Carefully planning for the not-so-fun aspects of retirement better prepares you to actually enjoy yourself when the time comes.

As far as getting health insurance 65 and older goes, here's everything you need to do to make sure you're covered.

Gather Your Proof of Age Documents

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Before you get into the nitty-gritty of determining what you need and comparing senior health insurance plans, make sure you have all of your proof of age documents. This is an essential part of getting coverage as a senior.

The appropriate documents vary depending on the health insurance provider you choose to work with and the province in which you live. But, they typically include:

  • Your birth certificate
  • Your Canadian passport
  • Your immigration paperwork and Canadian citizenship certificate

Most health insurance providers will require the original versions of these forms for processing. Be sure to check if you need to provide any additional paperwork like health records or prescriptions.

Assess All Your Insurance Options

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The next part of acquiring senior health insurance coverage is to identify the right plan for you.

This is a multi-step process.

First, you need to consider if you're going to take the rollover plan offered by your last employer or if you'd like to apply for individual coverage. Rollover plans are pretty easy to obtain, but they may not offer everything you need. You're more limited in this case than if you were to apply for coverage outside of what your employer offers.

The thing about applying for insurance on your own, though, is that it can be a bit of a daunting process. There are many kinds of insurance plans to pick from, each with various deductible and benefit policies. It's best to take your time going through each option to make sure you end up in the ideal situation.

Talk to your retired friends and your loved ones during this time. It's worth asking for insight from people who have already gone through this. Not to mention, it may be in your best interest to get an insurance plan you and your spouse can share.

Understand the Benefits Available to You

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Once you've determined the kind of insurance plan you want to get, it's time to read the fine print. Make sure you fully understand how much you'll end up paying for your prescriptions and doctor's visits, and the deductible you have to meet before benefits kick in.

More so, think about what may happen if you find yourself in need of an ambulance or home nursing care. These are situations most people don't worry about, but they're more and more likely to come up for senior citizens.

Many health insurance plans for people 65 and over can make you eligible to use an ambulance free of cost or to have easier access to home care. Still, it's good to double check the specifics of the plan you're interested in registering for.

Think About Your Changing Health Condition

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Keep in mind the benefits you need now are subject to change 2 or 3 years down the line. But, you shouldn't have to go through the entire process of picking a new health insurance plan every year. To make things easier on yourself, find a plan that is capable of covering new health needs as your body changes.

Health needs that may come up include:

  • Diabetic treatment
  • Blood pressure treatment
  • Physical injury care
  • Mental health support
  • Chronic health treatment

Don't forget about dental coverage and eye care, either. These don't always fall under the same health insurance plan. You may have to find a separate insurance provider to cover these medical needs.

Consider Additional Insurance Needs

Health insurance is just one of the many kinds of coverage you need as a senior citizen. You also have to think about things like disability insurance, life insurance, and burial insurance.

These may not be the most exciting aspects of entering retirement, but they're not matters you can afford to neglect. Finding the right insurance plans for you ensures you and your loved ones are well taken care of. Not to mention, handling these issues now means you can better enjoy your retirement later.

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Health Insurance 65 and Older Made Simple

Not sure how to determine what kind of health insurance plan is best for you? Thinking about going without health insurance 65 and older altogether?

Before you make any decision regarding your insurance policies during retirement, the best thing you can do is educate yourself. Research every single option available to you and talk to your doctor to learn more about how healthy you really are. Ask every single question you can think of and take your time to select your final option.

After all, the kind of health insurance you purchase will have a big impact on your financial stability and overall wellbeing as you age. It's not a matter to take lightly, but thankfully, it's not something that needs to be super complicated, either

Click here to learn more about your post-retirement insurance opportunities.

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