Tag: universal healthcare

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SAVING MONEY TORONTO: FOLLOWING YOUR DOCTOR’S ORDERS CAN SAVE YOU MONEY

saving money toronto
saving money toronto

Saving money Toronto: Introduction

I can see some of you scratching your heads right now. You are wondering how in the world following your doctor’s orders can save you money; but it really can saving money Toronto. Even in Canada where we have Universal Healthcare, it does not cover 100% of all prescription medication. This unfortunately can lead to non-compliance which can be very costly and even deadly.

Saving money Toronto: Don’t put yourself at risk

“People put themselves at risk,” warns LIUNA General Secretary Treasurer and LHSFNA Labor Co-Chairman Armand E. Sabitoni, “when they are prescribed a medication that they choose not to take, do not take as directed, do not finish or just plain forget to take at all.”. Three out of every four Americans do not take their medication as directed. Every year in the United States and Canada, it leads to thousands of deaths and billions of dollars unnecessarily spent on health care.

Saving money Toronto: Why aren’t we taking our medications as prescribed?

  1. Cost: Even in Canada, coverage by our Universal Healthcare for the costs of prescription drugs is not always 100%. Some medications can be extremely expensive.
  2. Quick response to treatment: After a few days on the medication, the patient feels great and stops taking the medicine instead of completing the course of treatment.
  3. Side effects: The patient feels worse from the side effects than from the illness.

Saving money Toronto: Why should you always take your medication as directed?

“These choices are counterproductive,” Sabitoni stresses. “Taking medication as directed saves you money, keeps you healthier and helps you live a longer life. Never cut corners with your medicines. That’s one of the most important decisions you will ever make.” Following doctor’s orders will keep you healthy and save you money!

Saving money Toronto: What if you can’t afford to follow your Doctor’s orders?

If you’re not taking your medication because the cost causes you more pain than your illness, you need professional help and you need it now! Ira Smith Trustee & Receiver Inc. understands financial pain and can help you solve your financial problems and get you back on track to debt free living Starting Over, Starting Now. Call the Ira Smith Team today so that we can end your pain and you won’t have to worry about paying for prescription medication again. Don’t delay. Give us a call today!

saving money toronto
saving money toronto
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Brandon Blog Post

MANAGING HEALTHCARE EXPENSES IN RETIREMENT: ARE CANADIANS PROPERLY PREPARED?

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Managing Healthcare Expenses in Retirement

Managing Healthcare Expenses in Retirement: The Myth

We Canadians tend to wrap ourselves with our secure universal healthcare program without paying any mind to the fact that some things are not covered (and coverage varies from province to province). Most people working don’t worry about managing healthcare expenses in retirement.

Some of the items not covered or only partly covered may include:

  • Prescription drugs
  • Eye glasses and contact lenses
  • Para-medical services like physiotherapy
  • Dental Care
  • Dentures

Unfortunately the older we get, the more likely it is we’ll be availing ourselves of these types of services. However, we don’t seem to be saving for these expenses.

Managing Health Care Expenses in Retirement: What should the average Canadian be saving?

According to the Canadian Institute for Health Information costs paid out-of-pocket for healthcare expenses not covered by our provincial plans are on average:

  • $2,700 for people between the ages of 55 and 80
  • More than $5,600 a year for those 80+

The time to start managing healthcare expenses in retirement is now. By 2063 it’s estimated that 20% of Canadians will be 65 and older. And the cost of healthcare is only going to rise making managing healthcare expenses in retirement more challenging.

If you’re living paycheque to paycheque or are a senior on a fixed income, how will you come up with the money to pay for prescription drugs or para-medical expenses? Sadly there are those who are denying themselves their medical necessities because the money is just not there. Or, they’re accumulating debt month over month to try to keep up with expenses. Neither one of these options is a good solution.

Managing healthcare expenses in retirement: What Can You Do If You Have Too Much Debt?

If you’re teetering on the brink of insolvency, Ira Smith Trustee & Receiver Inc. is here to throw you a life jacket. There is no reason to drown in debt when help is at hand. Give us a call today and meet with us for a free, no obligation consultation. We’ll evaluate your situation and come up with a solid plan so that Starting Over, Starting Now you can be on your way to debt free living.

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Brandon Blog Post

MEDICAL DEBTS? DON’T BE FOOLED BY UNIVERSAL HEALTHCARE

medical debts, free healthcare, universal healthcare, healthcare debt, disability, long-term care, prescription drugs, medical debt, medical debt assistance, medical dental, medical bills, debt, ira smith trustee, starting over starting nowMedical debts? Don’t we have free healthcare?

As Canadians we pride ourselves on our universal healthcare system, which we view as free healthcare. We therefore assume that medical debts cannot arise. However, when I read that Pamela Bowes, manager of the Money Matters and workplace programs at Wellspring in Toronto recently said, “I have had more people tell me they worry more about money than they worry about cancer”, I was quite frankly shocked. Clearly Canadians don’t understand that even though we have universal healthcare, we can get into serious financial problems due to medical debt.

Medical debts without enough private insurance coverage

Here’s the reality of healthcare debt in Canada. According to a 2014 BMO Wealth Institute Report:

  • Without private coverage, Canadians can expect to spend an average of $5,391 a year on out-of-pocket medical dental costs after 65
  • Disability poses a large threat: Between ages 65 to 74, 26.3% will be become disabled
  • If the disability is mild, there may be a need for changes to a home, such as electric wheelchairs ($2,050 and up) and other devices such as scooters ($1,000-$5,000) and walkers ($150 and up)
  • If a person is severely disabled, he/she may need a personal care worker at a cost of $16 to $30 an hour or a registered nurse at a cost of $24 to $76 an hour

Medical debts for long-term care

Long-term care is another area where Canadians are totally unprepared. Stephen Frank, vice-president of policy development and health at Canadian Life and Health Insurance Association reports that 75% of Canadians have no long-term financial plan for long-term care if they need it. Long-term care isn’t covered under the Canada Health Act. Home care may be covered, partly covered or not covered at all depending on the province you reside in and our annual income. According to Statistics Canada there is about a:

  • 10% chance of needing long-term care by age 55
  • 30% chance by 65
  • 50% chance by 75

A nursing home in Ontario can cost between $14,000 and $132,000 annually, while long-term care averages $20,800 to $29,300 (Senioropolis). Add to this the cost of certain medical treatment and the medical bills could pile up. Provincial plans cover most prescription drugs for seniors 65 years of age and older, but younger retirees have to pay for their medications unless they have an extended healthcare plan. And, then there are certain drugs that are not covered under the provincial plans, regardless of your age. This may leave a Canadian with thousands of dollars of medication debt.

Do you have too much debt? Contact us

If you are an individual or company who needs to free themselves from the stress and strain of too much debt, and especially if you have been told your situation is hopeless, Ira Smith Trustee & Receiver Inc. can prepare and carry out the plan made just for you, to free you from the burden of your financial challenges to go on to live a productive, stress-free, financially sound life.

If you’re struggling with a mountain of unexpected medical debts and need medical debt help, or any serious debt issues, help is just a phone call away. Starting Over, Starting Now we can help you deal with what seems like insurmountable debt and breathe easy again. Contact the Ira Smith Team today.

 

Call a Trustee Now!