Why Do You Need Health Insurance for Seniors?

Health Insurance for Seniors

Health insurance for seniors is important to consider as you move toward retirement. During our working years, the focus is on protecting our family income. At this stage in life it becomes very important to protect the financial resources you’ve worked so hard to build. One way to protect these hard earned resources is to have adequate health insurance.

Here are some reasons you should consider health insurance for seniors:

  • Health insurance can help cover the costs of care and recovery so you can focus on what matters most – getting better
  • One of the inevitable realities of aging is increased visits to doctors, dentists or other specialists
  • Depending upon our state of health in our early and ensuing retirement years, many retirees and seniors must contend with an increase in the number of prescriptions and medications required to manage and control the onset of age related afflictions even illnesses
  • In some cases hospitalization in the short term might be required and in other instances longer stays might be necessary

What Kind of Health Insurance Coverage do You Need?

Here are some things to consider when deciding what kind of health insurance for seniors you need:

  • While some health costs are covered under provincial and federal government plans it is important to realize coverage provisions are limited in both scope and allowances including cost of coverage and frequency of visits to doctors, dentists, and other specialists
  • Coverage varies among provinces and states so it is important to know the details of government sponsored plans
  • Where do you plan to live in your retirement years
  • Do you plan to spend part of the year in one country and perhaps “winter over” in another
  • Will you need travel medical insurance
  • Pre-existent health conditions might preclude travel outside of your province, state or country of residence
  • Understand your unique circumstances, health requirements, and any corresponding restrictions or conditions and plan accordingly
  • Most company health benefits cease at the time of an employee’s termination, resignation, or retirement
  • In some cases retirees and pensioners might have some degree of coverage available to them which carried forward as a continuing benefit from their previous places of employment
  • Continuing coverage from previous employers might only be a fraction or percentage of what was previously available
  • Depending upon your present and future needs, you might require supplemental health insurance to ensure adequate and affordable coverage is available when needed

Who to Contact for Health Insurance for Seniors

As with any other type of insurance policy it is important to consult with someone who can help you determine your needs. Here are some ideas:

  • An insurance broker
  • A professional
  • A financial planner
  • A medical practitioner

This person should assist you in drafting a well thought out, comprehensive health insurance plan which will provide the care necessary and integrate this plan with your overall retirement planning objectives. Here are some specific items that should be covered:

  • Review your current health circumstances
  • Review your present health needs
  • Review your possible future health needs
  • Review the health plan options available to best suit your unique situation
  • Consider any new or additional health policy in relation to other health insurance plans you might already have in place (Long Term Care for example)


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