Health, Dental & Drug Insurance/Benefit Plan for an early retiree - Page 2
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Thread: Health, Dental & Drug Insurance/Benefit Plan for an early retiree

  1. #11
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    But good to start planning 2 years out like you are, as you can get any needed treatment done while covered, to reduce some of your future out of pocket expenses.


  2. #12
    Senior Member RedRose's Avatar
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    This is so opportune, I am just looking for a plan myself, so far I have checked out Manulife.
    Their Enhanced package is $184 a month which seems to cover most things.

    I am basically looking for hospital, physio, and drug benefits, the dental would be a nice feature but not a necessity.
    I am a tad anxious right now and have problems making decisions, can't sort the wheat from the chaff. What else is new!!!

    I just got news yesterday that I have Stage-1 Breast Cancer so I know I will need some help with medical expenses in the coming months.
    I am 4 months off 65 so I know that the Ontario drug program will kick in just not sure about hospital and allied professionals for the upcoming months and year.

    I apologise if this has highjacked your question but I thank you for starting the discussion.

    I will be checking into Blue Cross as some of you have suggested that is the better one.
    Any further contributions welcome too.

  3. #13
    Senior Member the-royal-mail's Avatar
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    ^ Sorry to hear about the bad news.

    To address your point, you will have to disclose all your health conditions and drugs etc. Those things will cost you extra in addition to the base rate you mentioned.

    I stand by my assertions above.

    Best,

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  5. #14
    Senior Member RedRose's Avatar
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    Oh Thank YOU royal mail for your prompt response.

    I was just getting a bit concerned over the hospital coverage for a private or semi private room.
    I guess I could pay out of pocket like you say the premiums would be higher.

    The allied professionals, physiotherapists and such are a handy component. I just paid $90 yesterday for a consult.
    Oh onwards and upwards and the beat goes on...

  6. #15
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    RedRose ,
    I am sorry to hear your news but you are very lucky they caught it early.There are social workers in the hospital that will do assessments for you and some things are covered depending on your income.
    My brother`s medications at home are $450 a week but thank god his insurance covers 80%. If I can give you one piece of advise it is to get CCAC involved while in the hospital to avoid wait times when you are home because even if you do not qualify for funding these guys have every kind of support you will even need on one piece of paper for you.My brother has good insurance and we are paying privately for what he is not covered for but they have helped us get massage and foot care and they got us rates about 30% less than I could find for PSW and nursing which has saved us about $5000 this year.You are definitely not alone in this battle.

    Marina

  7. #16
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    Quote Originally Posted by jimbob.seeker View Post

    1. wife and I plan to retire in less than two years at the respective ages of 57 and 59.....Should I be looking for a plan that covers drugs until we are 65
    2. My dentist says he has yet to see a dental plan that's worth the paper it's written on. Comments on this anyone?
    1. I would say most definitely, as lots can happen in that 6 & 8 year gap [65 - 57/59]. You know how it is, that you need it most when you don't have it and/or least expect it. Keep in mind how expensive some drugs are.

    Just get a quote from all the health plans you know [I would get quotes from 5 at least] to compare coverage & prices.

    You may find some useful information here:
    http://www.insurance-canada.ca/consi...healthins1.php

    2. You know that you will need major restorative services at some point, but rather than spending hundreds per month on private insurance, you could self-insure, ie: save a monthly amount yourself rather than paying one. For example, $100/month x 3 years = $3,600, which would more than cover basic cleaning once/per year for both, and if you're good with this, + floss, etc., you might delay the more expensive services for years, so with a bit of luck also, you might not need major work until you have saved enough to pay for those services as well. However, if you can find a plan with reasonable combined premiums for health/dental, then you might consider that, too.

    To give you an average approx. cost of the more expensive services: [in my city anyway]

    - root canal: anywhere from $400 to $1K per tooth [depending on tooth# - see below link]
    http://www.dental-picture-show.com/e...ot-canals.html

    - crowns: $1K+ [normally need them after a root canal as dead teeth without nerves become brittle].
    http://www.frontrangedentalcenter.co...-dental-crown/

    - dentures: $800 to $2K, depending whether partial or full [upper/lower] - I'm guessing u have a few years to save for this.

    - implants: most plans don't even cover for these, which happen to be the most expensive given the procedure is quite involved.
    http://www.cda-adc.ca/en/oral_health...ntal_implants/

  8. #17
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    Quote Originally Posted by RedRose View Post

    Stage-1 Breast Cancer.
    Sorry Rose to hear about your health news, but early detection, in most cases, mean microscopic & limited invasion, so you're very lucky to have been diagnosed at almost the earliest possible time! I would consider a 2nd opinion.

  9. #18
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    That's all well and good but most insurance individual plans have maximums to ensure that the those unexpected large costs don't end up getting paid by the insurance company.

    As I said before, unless you have an employer willing to garner the lion's share of the cost, you are effectively on your own. You can either pay the lower costs of the all the drugs and dental work, no matter how large that number may be, or you can pay the higher cost of an individual insurance plan. That is how it will work for 99 out of a 100 people.

    I wish there was a way to grow money on trees, but there just isn't.

  10. #19
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    Quote Originally Posted by OptsyEagle View Post

    1. That's all well and good....
    2. but most insurance individual plans have maximums to ensure that the those unexpected large costs don't end up getting paid by the insurance company.
    3. You can either pay the lower costs of the all the drugs.......
    1. What is well & good?

    2. Sure they are not unlimited plans, I mean money does not grow on trees for the insurance companies either.

    I don't know what would be the lowest drug max. for a basic health only plan, but I would say around $5K/year per insured. I have no clue as to the premiums for such a plan mind you, but all I'm saying is that when it comes to health [excluding dental], you don't know what's awaiting you as you get older, ie: heart disease, etc., and I don't agree that you have to do it all alone either, that's why there is insurance.

    3. I know for a fact that certain drugs can be very expensive, even for migraines.

    For myself [even when far from retirement], I certainly would not want to be without health coverage for even 1 year, never mind 8, and especially between late 50's and mid 60's as per the OP's case.
    Last edited by Toronto.gal; 2013-09-19 at 03:25 PM.

  11. #20
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    We are a small company and we pay $60,000 a year in insurance premiums for our 20 or so staff ,roughly $250 a month each.The average employee is 37 years old with a family and even with basic medical needs like treating kids for a cold , chiropractor ,bit of massage or glass our employees said they would pay this premium themselves rather than lose the plan.Until you have a illness you probably assume you can risk not having private insurance.For example basic insulin supplies are $300 -$500 a month and more and more people are developing Diabetes .


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