Scoop on Insurance

Will Public Plans Pay for the Drugs You Need?

Will Public Plans Pay for the Drugs You Need?

My husband just turned 65, so when he went to the drug store to renew a prescription this week he fully expected that the Ontario Drug Benefit Plan (ODB) would be first in line to cover the cost of his medications. Then 80% of the balance would be covered by my former employer’s retiree health care plan. In fact, what the pharmacist told him is that Uloric, a drug that reduces uric acid caus... »

Orthotics store, 2 TTC employees bilk Manulife out of $4M+

Orthotics store, 2 TTC employees bilk Manulife out of $4M+

I have had knee and back problems for years. If I didn’t have orthotics at $500+ a pop my shoe wardrobe would be limited to Birkenstocks. I wouldn’t be able to walk very far or exercise. So as you can imagine, I’m thrilled that retiree benefits from the company where I spent most of my career includes reimbursement every two years for 80% of the cost of one pair. But that’s also why I’m also absol... »

Premiums Rising for Existing Long Term Care Policies

Premiums Rising for Existing Long Term Care Policies

If you are planning for retirement, you may be considering the purchase of long-term care insurance long term care (LTC) insurance to help pay for health-related expenses in your later years. However, you should examine the policy terms carefully because policy premiums are typically not guaranteed for more than five years. In fact, financial planner Rona Birenbaum recently brought to my attention... »

Some travel insurance risks you should know about

Some travel insurance risks you should know about

As a result of vacations and family events over the last month I haven’t posted anything new on Retirement Redux, so I decided it was time to go through my email to find source material for blogs readers may be interested in. Because I more travel is a big part of our retirement plan, I was particularly interested in a note from Marty Firestone, president of Travel Secure Inc. outlining some... »

14 things that will make your home insurance more expensive

14 things that will make your home insurance more expensive

Daniel Mirkovic from Square One Insurance recently put together a list of 14 things that will definitely make your house insurance more expensive. This information was initially posted on insureye.com. Since all homeowners and especially seniors are always looking for ways to reduce their home insurance bill, I’m re-posting Mirkovic’s list. 1. Expensive items: Jewelry, wine collections... »

Cutting of WSIB payments at age 65 not a Charter violation

Cutting of WSIB payments at age 65 not a Charter violation

A recent Ontario Divisional Court decision has confirmed that it is not a Charter violation to terminate Workplace Safety and Insurance Benefits after two years when an employee is age 63 or older at the time of the injury. This is another in a line of recent cases that illustrates that although mandatory retirement has been abolished, older workers are not necessarily entitled to the same suite o... »

Fired teacher gets 12 months plus LTD to age 65

Fired teacher gets 12 months plus LTD to age 65

A wrongfully dismissed computer studies teacher was awarded 12 months’ pay plus payments in lieu of long term disability for 11 years until age 65. This case re-affirms that employers must continue LTD coverage for wrongfully dismissed employees during statutory and common law notice periods or the organization will have to foot the bill if a former employee becomes disabled once they are no longe... »

Should seniors be able to sell their life insurance?

Should seniors be able to sell their life insurance?

My views are generally left of centre, but every now and then certain “nanny state” provisions get my back up. For example, regular readers will know what I think of Ontario’s locking in provisions. That’s why when both President of Canadian Lifeline Ltd. Daniel Kahan and Edward Gibbard, Managing Director, Perisen Capital Management Ltd. recently wrote to me independently about restrictions in Ont... »

How to save money on home insurance

How to save money on home insurance

Nobody likes paying for home insurance. It seems like just another bill every month that means you have less money to spend on something else. However, people who have had a break in or a fire and promptly received a cheque in the mail are very relieved they kept up their payments. But that doesn’t mean you have to overpay to get adequate coverage. Recently the website insureye.com published a lis... »

Limited options available for LTD coverage after age 65

Limited options available for LTD coverage after age 65

The abolition of mandatory retirement across the country has removed a major obstacle for people who want to work beyond age 65. But options for older workers who need to be insured for long term disability (LTD) late in their career are very limited. The reality is that if you stick with the same employer, your group LTD coverage will typically terminate at age 65. So I asked Lorne Marr, Director... »

Genetic testing could limit life, health insurance options

Genetic testing could limit life, health insurance options

  The U.S. personal genetics company 23andme has recently announced that Canadians can now purchase genetic test kits for C$199 that will provide information on genealogical information and 108 health conditions. But if you need life or health insurance, you’d better apply for it first, because risk factors disclosed in your test results could impact your insurability and/or your premium leve... »

Why group insurance benefits can be reduced at age 65

Why group insurance benefits can be reduced at age 65

    Mandatory retirement was abolished in Ontario at the end of 2006 so your employer can’t force you to retire. However if you work beyond age 65 in Ontario, you may be surprised to learn that your employer does not have to provide you with the same life, health, dental and disability coverage as your younger co-workers. Amendments to the Ontario Human Rights Code (OHRC) ended mandatory... »

Why you need travel insurance for inter-provincial travel

Why you need travel insurance for inter-provincial travel

  I’ve read so many horror stories about people losing their life savings because they became seriously ill when travelling in the U.S. that I’ve become a bit paranoid about having enough travel insurance. That’s probably why for many years we have purchased an annual travel policy in addition to coverage available from both of our employers and our credit card company. I figure that if somet... »

The pros and cons of long-term care insurance

The pros and cons of long-term care insurance

A guide from the Canadian Life and Health Insurance Association highlights the increasing cost of long-term care and reasons for buying long term care insurance. However the high cost and restrictive provisions of long-term care coverage may make it inaccessible for those who need it most. Long-term care is described in the guide as ongoing around-the-clock care in either a specialized residential... »