What is the best retirement health insurance in 2024?
verified information
Information verified by Alexandre Desoutter
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodology
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.
Best retirement health insurance Canada plans
- Sun Life retirement health insurance: Diverse and flexible plans
- Group Medical Services (GMS): Extensive customization options
- Desjardins: Quick application and approval
- Blue Cross retirement health insurance: Tailored health coverage choices
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.
Compare The Best Health Insurance Plans in Seconds
Group Medical Services: Extensive customization options
GMS health insurance offers three retirement health insurance plans:
- 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.
- 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.
- 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 |
<strong>How much do GMS health insurance retirement plans cost? </strong>
Here is what the cost of GMS retirement health insurance plans look like:
- Essential: Price as low as $80.00/Month
- Choice: Price as low as $155.50/Month
- Premier: Price as low as $191.50/Month
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:
- 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.
- You should have previously held healthcare coverage as part of your group plan.
- At the time your group plan terminated, you must have been actively employed.
- You must submit your application within 60 days from the date your group insurance plan ends.
- You need to maintain coverage under your provincial healthcare and hospitalization insurance plan.
- 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.
For example
Gold with optional dental care insurance will have a monthly premium of $244.14.
- Bronze: $84.24 per month.
- Silver: $96.54 per month.
- Gold: $177.55 per month
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.
Compare The Best Health Insurance Plans in Seconds
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.
For example
Blue Cross retirement health insurance cost
- If you choose the Gold health plan with the Silver dental plan, it will cost you $137 monthly ($1561 annually).
- For choosing Gold plans in both, it will be $153 monthly ($1743 annually).
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.
For example
For example, if you have a chronic health condition, you are likely to pay higher premiums than someone who is healthy. Additionally, if you live in a province with higher healthcare costs, such as Ontario or British Columbia, you can expect to pay higher premiums.
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.
Compare The Best Health Insurance Plans in Seconds
How to get health insurance after retirement at 62?
There are a few ways to get health insurance after retirement at 62 in Canada:
- 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.
- 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.
- 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.
