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The golden Years
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live better, longer Enjoy your seniors years to the fullest through essential finanical planning, vital healthcare support and maintaining a sense of community.
Living longer Developing research on aging
Insurance Protecting you and your family’s future
Retirement living Mapping out all available options
A sPonsoReD feAtuRe by MeDIAPLAnet
3FACTSABOUT Aging in OnTAriO
rEAd On TO Find OUT hOw TO win A FrEE CriUSE FOr TwO!
2 · June 2013 A sponsored feAture by MediAplAnet
Challenges Enjoying your retirement years means not having to worry about your money, your health, or where you live.
The changing landscape of aging in ontario
M any people who are r e a c h i n g retirement age feel like they’re entering into
a period of uncertainty regarding their finances and health, but this needn’t be the case.
With some conscientious finan- cial, health, and lifestyle plan- ning, and an understanding of the options available to them as their health declines, retirees can be free to relax and truly enjoy their golden years.
Planning ahead “Financial planning is unbelievably important,” explained Shirley Rob- erts, Author of Doris Inc.: A Business Approach to Caring for Your Elderly Parents. “People fail to realize that they may eventually need to live in an assisted-living residence, or a nursing home. The annual cost of these options can range from $20,000, for basic accommodations in a nursing home, to $45,000+ for a private apartment in an assisted- living retirement residence.”
retirement living Whether you decide to enter a retirement community or you opt to stay at home, there are posi- tives attached to both aspects of retirement living. What some don’t realize is that standards of home health care are just as high as those in assisted-living, so that shouldn’t be a worry.
Deciding to remain at home can be preferable for the staunchly independent individual who is suited to living alone or with a spouse. Alternatively, in a retire- ment home there are always orga- nized events and days out, so resi- dents are sure to stay physically, mentally, and socially active.
insurance Personalized insurance plans are an effective way of ensuring that funds are in place if a medi- cal problem does arise. “If you get to the point where you can’t care for yourself, money comes to you tax free,” explained Cynthia Schindler, Director of Advertising and Public Relations at MyDignity. “People need to have that piece of mind, and that will only come
when they’re being educated about what’s available to them.”
It can be troublesome to be approved for such an insurance plan though; 50 percent of all applications are denied. “All the more reason for people to source out those entities that have a clear understanding of the problem,” said Schindler. “Entities with an understanding of how to get
around issues, and find the solu- tions so that people are not left high and dry.”
Prevention Executive Director of the Ontario Gerontology Association, Norm Shulman, believes that, as well as planning for your financial and domestic future, it’s important to think about how you will spend all of the free time that retirement suddenly thrusts upon you.
“Think seriously about what your life is going to look like when you don’t have to go into work anymore, and how you’re going to keep yourself involved,” he said.
“You need some structure to your week; it may be that on Mon- days you volunteer somewhere, on Tuesdays you play cards with the boys, and on Wednesday you golf. Be as physically and men- tally active as you can possibly be. It appears that physical, men- tal, and social activity postpone dementia.”
Julie wong Learn about implementing simple lifestyle changes to help preserve your memory.
the golden years 5th edition, june 2013
Publisher: madisyn mcKee [email protected] Business developer: miguel Van den oever [email protected] Managing director: joshua nagel [email protected] Production Manager: maggie ritchie [email protected] Lead designer: alana giordano [email protected] designer: laura shaw [email protected]
Contributors: david Blodgett, stacey daub, stephen frank, andy Kovacs, lori holloway, robin hurst, Pauleanna ried, chris riddell, joe rosengarten, gordon and jean Vokey, terrance Whitney
distributed within: toronto star, june 2013 this section was created by mediaplanet and did not involve the toronto star or its editorial departments.
Mediaplanet’s business is to create new customers for our advertisers by providing readers with high-quality editorial content that motivates them to act.
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norm Shulman executive Director, ontario gerontology Association
Shirley roberts Author of Doris Inc.: A Business Approach to Caring for your Elderly Parents
Cynthia Schindler Director, Advertising and Public Relations, MyDignity
1FACT OnTAriO hAS
OvEr 900 rETirEMEnT rESidEnCES
June 2013 · 3A sponsored feAture by MediAplAnet
■ Specified medical or paramedi- cal services (eg services from chi- ropractors, physiotherapists, podiatrists, osteopaths and optom- etrists)
■■ Vision care (eyeglasses and con- tact lenses)
The need for insurance It is for this reason that over 10.7 million of Ontarians enhance their government coverage with private health insurance. Many individu- als access supplemental coverage through their employer. Alterna- tively, individuals can purchase individual coverage to help defray any unexpected medical costs.
One size does not fit all, however, and there are many different kinds and levels of benefits offered by insurers in Ontario. So it is impor- tant to carefully review the features of your group plan, or an individual plan you are considering purchas- ing, in order to make sure it is appro- priate for your individual needs.
Professional help Retirement planning involves looking at how your needs will change over time and how you’ll meet them. Start with the basics and understand their costs. For example, what will you pay for essentials like food, clothing, and housing? Then determine how things like travel, family time or volunteering fit into the lifestyle you’d like. It’s also important to consider emerging health expenses. As we get older, we need more help, which comes at a cost.
There are products to help ensure you have guaranteed income to cover some of your expenses. An advisor can help create a plan that includes the right products for your needs and help you retire with confidence.
neWs in Brief
generally speaking, OhiP provides comprehensive coverage of all insured medically necessary services provided by physicians. This also includes any treatment or prescription drugs that are provided in hospital.
Covered or not covered? Once an individual moves beyond their physician’s office and the hos- pital, the situation becomes more complex. The province will some- times cover, in whole or in part, cer- tain other types of health care pro- viders for individuals who qualify. For example, services provided by podiatrists and physiotherapists may be partially covered under OHIP but often must be covered privately through insurance or out of pocket. The same is true of dental surgery and eye examinations.
Similarly, if you are over the age of 65 or on social assistance, your prescription drugs will be covered by the Ontario Drug Benefit pro- gram. Otherwise, individuals are responsible for covering the costs of their prescription drugs up to a maximum amount of roughly four
percent of family income.
Knowing the facts So what does this mean for Ontari- ans? It means Ontarians are largely responsible for their own costs for a wide range of medical services, including:
■■ Long-term care and home care ■■ Prescription drugs/medicines
■■ Semi-private or private hospital accommodation
■■ Special nursing services ■■ Ambulance services ■■ Hospital and medical expenses
incurred outside canada ■■ Artificial limbs, prostheses and
medical appliances ■■ Wheel chairs and other durable
Why insurance matters
andy kovacs, cfp® cLU® chs™ sUn LIfe fInancIaL advIsoR,
MUtUaL fUnds offeRed by sUn LIfe fInancIaL InvestMent
seRvIces (canada) Inc. [email protected]
Planning an annual getaway or a dream vacation? Make sure you know your:
■■ Medical history When apply- ing for travel health insurance, the conditions you have been diagnosed with and any treat- ments and medications you are taking and why, will determine your eligibility to purchase and whether or not some conditions are excluded from coverage. Dur- ing your trip, you and your travel- ling companion should both know your medical history so someone can inform the treating physi- cian to ensure safe and effective treatment.
■■ Policy information before