Insurance Benefits for Canadian Retirees
Tuesday, April 16, 2013
With the aging of the Canadian population, insurance benefits for the elderly and retired generation have become urgent. The urgency is reflected in the frequency with which the topic is discussed and the policies are updated.
Some of the benefits that Canadian retirees and seniors qualify for are the following:
- The Old Age Security program (OAS) gives Canadian citizens a monthly payment. It can also include a guaranteed income supplement to provide extra money to low-income retirees before they are old enough to officially qualify for the The Old Age Security program, and the Guaranteed Income Supplement (GIS) for low-income 65-year-olds.
- Many Canadian retirees lose their health benefits when they stop working. Most insurance companies offer policies to help them through this period. Healthy retirees often choose the same individual or family health and dental plan that is available to all Canadians, while others choose an insurance plan that is designed specifically for seniors.
- Insurance companies have become increasingly creative in devising policies designed particularly for seniors. Many of them now cover pre-existing conditions and are designed around increased coverage for conditions that the insured person has a reason for expecting in his own life.
- With the increase in disability caused by strokes, heart conditions and dementia, many life insurance policies can now pay out either upon the person's death or in event of such a disability for income replacement.
- Life insurance policies have also become more creative and targeted to specific needs. For example, to combat the increasingly common practice of caregivers taking money from the elderly people for which they care, many insurers now offer life insurance policies that guarantee that the elderly person's expenses are covered and that her preferred beneficiaries alone can receive her last legacy.
- Retirees also qualify for a host of other discounts, depending on the insurance company and the policy. For example, if they buy certain types of vehicles, they may pay lower premiums. Or if they take out their home and car insurance with specific insurance companies, they may pay less. These group discounts are typically organised by group insurers or by organisations that lobby for pensionars' benefits.
As with any insurance matter, the key is to ask for which benefits one qualifies and to shop around for the best deal available.