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Debbie McNamara

Whether you are a business owner looking to gear down or an employee looking to retire, shifting into a different phase of life often comes with the question, do I still need benefits after age 65?

The short answer is yes, and here’s why:

Government Health Benefits Have Their Limitations

As you may know, the provincial government offers a prescription drug program for those over 65 called the Ontario Drug Benefit (ODB). This program covers a formulary of somewhere in the neighbourhood of 4,400 drugs on the market. In comparison, a private health insurance plan has a more expansive formulary with upwards of 11,000 drugs available for coverage.

This is not meant to discount the ODB, as this benefit is definitely of value to anyone in the 65+ age bracket, but it does have its limitations. If the prescription you are taking is not covered by the ODB, then you will be out of pocket for the expense, regardless of the cost. Additionally, formularies are consistently being update, so what might be covered today may not be covered tomorrow.

Additional Coverage To Benefit You

There are numerous benefits that are covered under a private plan, but not through government sponsored benefits. These coverages include dental (if not considered low income), paramedical benefits (massage, physiotherapy, chiropractor, etc.) and travel insurance and many others.

As you get older, the need for things like hospital coverage, or more comprehensive dental coverage may become more prevalent, and travel insurance becomes more expensive, and harder to qualify for as we age. Private coverage can address these concerns and as you can see, offers tremendous value.

What Types Of Insurance Is Available To Me?

If you are currently a client of the Chambers Plan, there is a retiree option available to owners, executives and tenured employees 55+. Additionally, there are individual health and dental plans on the market that often come with guaranteed coverage as long as the application is received within a specified number of days of losing your group coverage.

Debbie McNamara

Debbie is the perfect fit for business owners and employers, providing a great resource to those looking to retain and engage employees. Employee Benefits Consultant is her official title, but what she really offers is a business administration education, an LLQP certification, 20 years of professional experience in upper management, and an understanding of the needs and challenges facing both employers and employees. Off the clock, Debbie takes great pride in giving back to her community as an active member on a number of volunteer boards. With whatever extra time is left over, she can be found fulfilling a lifetime commitment to health and fitness by participating in individual sports such as running and CrossFit, as well as a variety of team sports including softball, indoor soccer, and volleyball.
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