As we age, everyone obtains the understanding that the need for healthcare for us and our family members will increase. But unfortunately, even with the knowledge of this need, the majority of individuals do not plan for or think about setting up financial savings to cover healthcare expenses if and when they become needed.
Normally, individuals tend to think about retirement savings as being designed for a leisurely and enjoyable time of life. But one thing that cannot be ignored is the utility of having some of those savings set aside for contingency or unexpected healthcare expenses.
Some very common healthcare expenses that generally fly under the radar during the ‘planning for your future’ stage, while surprising us once we enter our senior years are as follows;
Vision Care – General medical insurance does not always cover vision care. Many seniors need their vision checked regularly, and usually, eyeglasses are needed to correct aging vision. There are also many eye diseases such as glaucoma or cataracts that go along with physical maturity and frequently require treatments or surgeries. As some vision care may be covered by Canada Health or an insurance plan, not all will. It is a good idea to try and plan to have available funds to cover these concerns later in life.
Dental Care – As all of us know, dental care is expensive. Even if you are lucky to never need complex work done, it can still be a drain on your wallet. If you do not have any insurance to cover dental work, this is an area you cannot afford to overlook in your retirement financial planning.
Hearing Service – When we enter into our senior years it is almost always the case that hearing starts to fade. Many seniors need hearing aids in order to function daily. The costs of hearing aids are very high. If you do not have any coverage for these services, those bills are going to be coming out of your wallet!
Pharmaceuticals – Pharmaceuticals are one of those things that you hope that you will not need to rely on at any point in your life. But the reality is that most people will need pharmaceuticals or natural vitamins/minerals in order to live wholly from day-to-day. These products are not cheap. Some insurance covers pharmaceuticals, but not all. And natural or holistic treatments are almost never covered.
Long-Term Care - Seven in 10 retirees can expect to need long-term care at some point in their lives, and it isn’t affordable for most Canadians! Most insurance does not cover long-term care and if the need for a nursing home does become a necessity, it can be a very large expense. Blossoms Senior Care offers many affordable services that can both help delay the need for moving into a nursing home as well as help minimize long-term care costs. Regardless, be proactive in thinking about this potential retirement/senior care cost.
How to Plan for Unexpected Expenses
The best way to be proactive in planning for these unexpected expenses is a full review of your insurance policies. Understanding what you are covered for is the first step in preparation. If there are areas in which you are not covered, research on policies that do should be prepared. As many of these policies are very expensive, a special savings account garnering interest or a portion of your retirement savings should be segmented to cover these potential costly expenses.
If you are interested in planning for your future or if you do currently find yourself in need of long-term care and would like to discuss options. Contact Blossoms Senior Care today!