Medical and Health Care Options for Retirees

Medical and Health Care Options for Retirees

While working many Canadians have medical and health insurance as an employee benefit. Their company often pays for a substantial portion of the coverage, and most often medical and health insurance expires when you retire. So, a common question or concern as people approach retirement is what should they do about medical and health care coverage when they retire? The typical insurance coverage a person may have while working with a company group health and medical plan are: Life InsuranceShort-term and Long-term Disability InsurancePrescription Drug coverageDental careExtended Health care such as therapists and vison care.Semiprivate and private hospital ward coverageOut of province/country medical and health insurance Once you retire, typically the coverage will retire with you, unless you are fortunate to have a company retirement package that will include that as a benefit. What are your options: If you wish to replace the coverage you had when working, you have three main options: Some companies offer an employer-sponsored group plan that you can take, and often you...
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Smart Tax Strategies for Retirees: Keep Track of Health & Medical Expenses

Smart Tax Strategies for Retirees: Keep Track of Health & Medical Expenses

Unfortunately, as you age, you may have increased health care and medical costs that are not paid for by the government.   A smart tax strategy during retirement is to keep track of your medical expenses and take advantage of any credits that may be available.   Common expenses that may be tax-deductible are personal health care plans, prescription drugs, hearing aids, mobility aids, and some of the costs if you live in a nursing or retirement home.  Some of the credits you may be entitled to are: Medical Expenses Tax Credit Disability Tax CreditCanadian Caregiver AmountHome Accessibility ExpensesSeniors' Home Safety Tax Credit What is a tax credit?  A tax credit is a non-refundable item that reduces the amount of tax that is owed, whereas a tax deduction reduces your taxable income. Key Tax Credits to Review Medical Expenses – Tax Credit Some of the medical expenses that you may be able to claim include: Prescription drugsPersonal health plansCare Facilities, expenses for attendant care and care in a facility such as a nursing...
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