RETIREMENT IS A MILESTONE that many Canadians build towards for a large portion of their adulthood, making it a highly anticipated transition when the time finally comes. When preparing for that long-awaited goal of life after work, a priority for many is to ensure they have sufficient financial resources to replace income and maintain a desirable lifestyle. But some may not realize that it’s also important to consider potential health care needs and costs. For those leaving a workplace wellness insurance plan, having an effective and affordable replacement can lessen the financial burden of out-of pocket health costs.
Health needs in retirement
Longevity and wellness are top of mind for many Canadians, but we may be more prone to health issues as we age. Among Canadians aged 65 and older, almost 90 per cent have one or more chronic conditions, such as arthritis, osteoporosis or cardiovascular disease. These conditions may require everything from accessibility equipment to physiotherapy to nursing care.