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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

Feb. 2022 – 15 min read

Thankfully, there are several options for health insurance in retirement. Find a plan that works for you.

You can apply for personal insurance online in less than 15 minutes

Want to learn more about Freedom to Choose™ health and dental insurance?

Enter your email if you would like to receive updates about Freedom to Choose health and dental insurance. You can withdraw your consent at any time. Click to see our privacy guidelinesOpens in a new window, which includes our mailing address.

If you’re approaching retirement, an important question you may want to ask your employer is “Will I have health and dental benefits when I retire?”. 

While some retirees may be fortunate enough to have healthcare benefits continue into retirement, most won’t.

Most people won’t have an employer-sponsored healthcare benefits plan available to them in retirement.1

A few may be able to keep their plans by paying the same as they are now. 

A few will be able to keep their plan by paying more for their insurance.

And a few will be able to join a separate “rollover” plan through their employer or association within a short time after they retire. With this type of plan, you won’t have to answer medical questions or have a medical exam to qualify. The cost of insurance is based on your age, and you can choose the coverage package you need from basic to more enhanced.

Provinces provide certain services and supplies for eligible residents, such as:

If your health and dental benefits don’t fall into one of the situations described above, you can also think about personal health insurance. But is it worth it? It depends on:

Where you live – Because what’s covered by provincial/territorial health care plans varies by province, what you might get in Ontario, could cost you hundreds of dollars in Nova Scotia. Get to know what’s covered in the province where you live. 

Your health – If you currently have expensive prescriptions or rely on medical equipment, and those costs aren’t covered under your provincial/territorial plan, personal health insurance may be worth it.

Your mindset – For some people the benefits of knowing they’re covered if something unexpected happens to their health outweighs the cost of insurance.

Generally, the people who purchase personal health insurance value the group benefits they had when they were working. 

William and Maureen are retiring soon and have always had health insurance. They take prescription medications for ongoing medical conditions, know they’re going to need expensive dental care in the future and use a lot of paramedical services such as massage or physiotherapy. They also plan to vacation out of the country. 

They know the government won’t cover all their healthcare costs, and that their healthcare costs will be more than the premiums for a personal healthcare plan. They also won’t want to worry about qualifying for coverage or purchasing travel insurance separately. 

It can range from just over $100 to over $400 per month. The cost will vary depending on your age, where you live and how much coverage you need.

There are great options available for retirees.

Now that you understand more about health insurance in retirement, you may want to:

Want to learn more about Freedom to Choose™ health and dental insurance?

Enter your email if you would like to receive updates about Freedom to Choose health and dental insurance. You can withdraw your consent at any time. Click to see our privacy guidelinesOpens in a new window, which includes our mailing address.

If you’d like to explore plans and see how much they could cost you, get a quote

If you are a Quebec resident, personal health insurance can provide supplemental coverage to the prescription drug coverage provided under the Régie de l’assurance maladie du Québec (RAMQ) basic prescription drug insurance plan. Personal health insurance doesn’t remove your obligation to have drug coverage through the RAMQ drug public plan, through your employer or an association you are a member of or through the employer of your spouse.

This information is general in nature, and is intended for informational purposes only. For specific situations you should consult the appropriate legal, accounting or tax advisor.

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