![]() Although there is some government assistance to add ramps or chair lifts to your home, you may not qualify at certain income levels. Wheelchairs can cost $4,000 and up, while electric wheelchairs and other mobility aids can cost $2,000 to $10,000 or more. ![]() Mobility aids: whether you need a cane, walker, scooter, or wheelchair, you may be paying a portion of the costs out of pocket.Many of you may spend as much as $1500 a year on prescription drugs alone! Prescription drugs: the average Canadian household spends $450 per year on prescription drugs and another $550 on private health plan premiums.Individuals without private coverage may spend over $5,000 per year on out-of-pocket medical expenses, but this can increase to $30,000 for people over 60. This may include: However, in Canada, public healthcare covers only about 70% of the total medical expenses, while the remaining is split between private insurance and self-contribution. It remains to be seen how the pandemic will impact healthcare costs over the next decade. Before COVID-19, it was projected that healthcare costs would increase by 5.4% annually. Find out how! Medical expenses in Canada: breaking down the costsĬanadian healthcare cost inflation continues to rise rapidly with each passing year. There are solutions to financing these expenses in the years to come and pay for your additional medical expenses not covered by federal programs. ![]() The provincial health insurance programs may not be able to cover your prescription drugs, mobility aids, physiotherapy and other medical expenses. At the end of the year, maximize recovery of your expenses by earning back what you spend in the form of a non-refundable Medical Expense Tax Credit (METC) through CRA allowable medical expenses claims.Ĭombining these benefits boost your retirement finances while alleviating the burden of rising healthcare costs. You decide whether to receive regularly scheduled payments or a lump sum of cash. A reverse mortgage can help you to tap into your home’s equity and access tax-free cash. Recurring, out-of-pocket medical expenses can cut into your monthly budget. ![]() Bridge the gap between your limited budget and ever-increasing healthcare expenses by checking out the benefits of a reverse mortgage and combining that with your CRA medical expenses claims. Provincial health insurance programs won’t cover all your healthcare costs. As you get closer to your golden years, it’s natural to worry about rising medical expenses. Healthcare costs are a significant burden among most Canadians. ![]()
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