What is the best retirement health insurance in 2024?

Retirement health insurance is vital for Canadian retirees as it complements universal healthcare by covering prescription drugs, long-term care, and dental and vision care—services not included in the universal system.

Healthcare costs in Canada are steadily increasing, necessitating additional coverage to avoid financial strain during retirement. This specialized insurance ensures retirees have financial support for medical needs, safeguarding their well-being.

Read on to find out the best retirement health insurance Canada plans, what they cover, their premiums, and more. You can use our comparator to compare plans and get free health insurance quotes so you can find a plan that truly suits you best.

Our top 4 Canada's best retirement health insurance plans 2024

If you are looking for early retirement health insurance options in Canada, your search ends here. Here are our top picks for the best health insurance after retirement in Canada:

Sun Life retirement health insurance: Diverse and flexible plans

Sun Life health insurance's Sun Retirement Health Assist helps you with your retirement planning, guarding you against the potential financial burdens of personal care and assistance as you age.

• Sun Life’s coverage is meticulously crafted to safeguard you after reaching the age of 65, or just 5 years after turning 60 if you make a purchase then.
• In the initial 1 or 2 years following your dependence, the associated costs will be your responsibility.
• However, should your dependence extend beyond this period, the benefits derived from Sun Retirement Health Assist will step in to support you and your loved ones in maintaining your care.

The beauty of this plan lies in the flexibility it offers. The choice of care and its location rests entirely in your hands:

• In the comfort of your own personal residence
• Within a retirement home
• At a long-term care facility

Eligibility Age Range	Between 45 and 71 years old
Benefit Amounts	Minimum Weekly Benefit: $125 Maximum Weekly Benefit: $2,300
Benefit Period	Unlimited
Coverage Effective Date	5 consecutive policy years from the policy date OR The policy anniversary immediately following your 65th birthday
Waiting Period	Choose between: 365 days (1 year) or 730 days (2 years)

You must compare multiple plans before zeroing in on one and you can do it right here using our comparator below. Weigh multiple plans and get free quotes for the best health insurance plans in seconds.

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Group Medical Services: Extensive customization options

GMS health insurance offers three retirement health insurance plans:

1. PremierPlan stands as the ultimate choice. It offers unparalleled flexibility, ensuring that you can seamlessly adapt to life's transitions, whether you're changing jobs, embarking on a new venture, or transitioning into retirement.
2. ChoicePlan is designed to encompass all the essentials for a well-lived life. It includes coverage for prescription drug coverage, addressing your current health needs.
3. EssentialPlan provides coverage for those crucial aspects that aren't part of a government health plan, enabling you to maintain a healthy lifestyle.

Here are the key details of the PremierPlan, ChoicePlan, and EssentialPlan:

Coverage Category	PremierPlan	ChoicePlan	EssentialPlan
Prescription Drugs	80% coverage up to $2,500	80% coverage up to $1,250
Dental Care	80% preventative & basic 50% major $1,500 combined maximum	80% preventative & basic 50% major $1,250 combined maximum	80% preventative & basic 50% major $1,000 combined maximum
Accidental Dental	$2,000 per injury	$2,000 per injury	$2,000 per injury
Private Duty Nursing	80% coverage up to $5,000	80% coverage up to $3,000	80% coverage up to $1,000
Preferred Hospital Room	80% coverage up to $10,000 annual max	80% coverage up to $5,000 annual max	80% coverage up to $2,000 annual max
Health Practitioners	$600 combined maximum	80% coverage up to $600 combined max	50% coverage up to $600 combined max
Vision Care	$300 every 2 years combined maximum Includes 1 eye exam every 2 years	$150 every 2 years combined maximum Includes 1 eye exam every 2 years	$100 every 2 years combined maximum Includes 1 eye exam every 2 years
Hearing Aids	$800 every 5 years	$500 every 5 years	$500 every 5 years
Ground & Air Ambulance	Unlimited	Unlimited	Unlimited
Medical Equipment & Supplies	$3,000 combined maximum $2,500 lifetime limit on sleep apnea machine	$3,000 combined maximum $2,500 lifetime limit on sleep apnea machine	$3,000 combined maximum $2,500 lifetime limit on sleep apnea machine
Wheelchairs, Motorized Scooters & Hospital Beds	80% coverage up to $10,000 combined lifetime maximum	80% coverage up to $10,000 combined lifetime maximum	80% coverage up to $10,000 combined lifetime maximum
Artificial Limbs, Eyes & Larynx	$10,000 combined lifetime maximum	$10,000 combined lifetime maximum	$10,000 combined lifetime maximum
Breast Prosthesis	$325 single per 2 years $650 bi-lateral per 2 years	$325 single per 2 years $650 bi-lateral per 2 years	$325 single per 2 years $650 bi-lateral per 2 years
TELUS Health

Desjardins retirement health insurance: Quick application and approval

Desjardins insurance offers you 3 options for health insurance after retirement in Canada, but you need to apply within 60 days of the date your group insurance ends.

Benefits	BRONZE	SILVER	GOLD
Basic healthcare insurance
Higher reimbursement maximums
Travel insurance	60 days	90 days	180 days
Vision care, convalescent care and massage therapy
Optional dental care insurance

To qualify for the BRONZE, SILVER, and GOLD plan options, the following criteria must be met:

1. You must have been enrolled in a group insurance plan through Desjardins or another insurer, and this coverage is either ending or has already concluded.
2. You should have previously held healthcare coverage as part of your group plan.
3. At the time your group plan terminated, you must have been actively employed.
4. You must submit your application within 60 days from the date your group insurance plan ends.
5. You need to maintain coverage under your provincial healthcare and hospitalization insurance plan.
6. You must be a resident of Canada.

To be eligible for the GOLD option, inclusive of optional dental care insurance, the additional requirement is that you should have had dental care coverage as part of your group plan.

Health insurance premiums vary based on your unique health condition and factors like age, location, and more. So it's best to get personalized quotes before buying a policy. You can use our comparator below to compare plans and get free quotes based on your preferences and situation.

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Blue Cross retirement health insurance: Tailored health coverage choices

Blue Cross allows you to customize your retirement health insurance. You can choose from three health plans and optional dental plans to create a customized plan for yourself.

Step 1: Choose from Bronze, Silver, or Gold Health coverage.

Step 1: Health	BRONZE	SILVER	GOLD
Lifetime maximum	$375,000	$500,000	Unlimited
Prescription drugs	$5,000 Limit 70 or 80% $5 dispensing fee	$10,000 Limit 70 or 90% $10 dispensing fee	Unlimited 80 or 90% $10 dispensing fee
Practitioner services	$30/session max $400/pract/year	$40/session max $600/pract/year	$50/session max $800/pract/year
Mental wellness services	$750 combined/year	$750 combined/year	$1,500 combined per year
Hearing aids 3-month waiting period	$250 $60 eye exam Every 2 years	$300 $80 eye exam Every 2 years	$400 $80 eye exam Every 2 years
Family planning benefit 1-year waiting period	$300 Every 4 years	$400 Every 4 years	$600 Every 4 years
Family planning benefit 1 year waiting period			$5,000/family/year - fertility drugs $5,000/family/year - fertility treatment & adoption

Step 2: Choose a dental plan from Bronze, Silver, and Gold. The bronze dental plan is not available if you choose the Gold healthcare plan.

How much does health insurance cost in retirement?

The cost of health insurance in retirement can vary depending on a number of factors, including your age, health, province of residence, and the type of plan you choose. However, in general, health insurance premiums for retirees are higher than those for working-age adults.

• According to a 2023 report by the Canadian Institute for Health Information (CIHI), the average annual premium for individual health insurance in Canada is $1,332 for people aged 65-74.
• It costs $2,184 for people aged 75 and over.

However, these are just averages, and the actual cost of your premiums will vary depending on the factors mentioned above.

The type of health insurance plan you choose will also affect the cost of your premiums. For example, plans that offer more comprehensive coverage, including prescription drugs or dental care, will typically have higher premiums than plans that offer more basic coverage. To get more information on plans and premiums, you can use our comparator below. Get free personalized quotes in no time.

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How to get health insurance after retirement at 62?

There are a few ways to get health insurance after retirement at 62 in Canada:

1. Through your former employer: Some employers offer retiree health insurance plans to their former employees. If you are eligible for a retiree health insurance plan through your former employer, this is often the most affordable option.
2. Via a provincial or territorial health insurance plan: Most provinces and territories in Canada offer health insurance plans for retirees. However, these plans typically do not cover everything, such as prescription drugs and dental care.
3. Through a private insurance company: There are a number of private insurance companies that offer health insurance plans for retirees. These plans can vary in terms of their coverage and premiums.

To get health insurance after retirement at 62, you should contact your former employer, your provincial or territorial health insurance plan, and private insurance companies to compare different plans and choose the one that is best for your needs and budget.

Do federal employees get health insurance after retirement?

Yes, federal employees get health insurance after retirement in Canada. The Public Service Health Care Plan (PSHCP) is a health insurance plan for federal public service employees and their dependents. The plan also offers coverage to retired federal public servants and their dependents.

To be eligible for PSHCP coverage in retirement, you must have at least six years of pensionable service. If you are eligible for PSHCP coverage in retirement, you will need to pay monthly contributions to maintain your coverage. The amount of your contribution will depend on your level of coverage and your age.

The PSHCP offers a variety of health insurance benefits, including:

• Hospitalization coverage
• Physician services coverage
• Prescription drug coverage
• Dental coverage
• Vision coverage
• Travel health insurance

How to get the best retirement health insurance?

Here are some tips for getting health insurance after retirement in Canada:

• Start planning early: The sooner you start planning for your health insurance needs, the better. This will give you time to compare different plans and choose the one that is right for you. Use our comparator to compare and get free quotes.
• Consider your needs: When choosing a health insurance plan, it is important to consider your individual needs. For example, if you have a chronic health condition, you will need to choose a plan that covers your medical expenses.
• Get help from a professional: If you are unsure about which health insurance plan is right for you, you can get help from a professional, such as a financial advisor or an insurance broker.