Retirement Healthcare Subsidy

PROGRAM DETAILS

Are you between the ages of 45 and 70?

Do you ever wonder if you'll be able to afford quality care and live a life of dignity as you age?

Will you be forced to sell your home and drain your life savings for prescription drugs and other medical expenses?

Did you know...?

  • Many Canadians spend several thousand dollars every month on prescription drugs and other medical expenses that are not covered by the public healthcare system

  • 7 in 10 Canadians over the age of 65 will require long-term care in their lifetime

  • Nearly 1 in 4 Canadians are unpaid caregivers

  • You can expect to wait up to 2 years to be admitted into a government-subsidized care residence

  • Government-subsidized care is not free, and will cost you up to 80% of your after-tax income

  • Over 80% of government-subsidized care residences in BC do not meet the minimum care standards that are recommended by the BC Ministry of Health

  • Private residential care can range from $4,000 to $9,000 a month, on average

  • Family caregivers pay for many care expenses directly out of their own pocket, with little to no reimbursement

The Retirement Healthcare Subsidy program provides continuous, tax-free monthly funding for all healthcare and senior care expenses, to preserve your independence, dignity, and quality of life when you require continuous care.

Qualified Care Locations

  • You can choose to receive care anywhere you decide

  • All types of private housing qualify, including:

    • Detached houses, townhouses, apartments, condominiums, and individual suites

  • All types of retirement community living qualify, including:

    • Independent and supportive living residences

    • Assisted living residences

    • Long-term care residences, including complex care, memory care, and dementia care

  • Both private and public residences qualify

  • You can be an owner or a renter

  • You can move freely between housing options, including:

    • Changing addresses

    • Moving from private housing to a retirement community

    • Moving from private to public, or vice-versa

    • Moving to a higher level of care

Qualified Expenses

This program provides flexible funding for any and all healthcare and senior care expenses, including:

  • Medications

    • All prescription drugs

      • Can be taken anywhere, including at home, in a hospital, or in a clinic

      • Can be approved anywhere, including Canada, US, or other countries

    • Holistic treatments or natural remedies, such as supplements or medical cannabis

    • Experimental or clinical trial phase drugs

    • Over-the-counter drugs

  • Various types of care

    • Supportive living, including meal preparation, housekeeping, laundry, transportation, errands, social activities, mental and emotional wellness, and companionship

    • Assisted living, including medication management, bathing, dressing, transferring, feeding, toileting, and maintaining continence

    • 24 hour care, long-term care, complex care, memory care, and Alzheimer's and dementia care

    • Hospice and palliative care, in your own home or in a residential setting

  • Professional in-home care aides

    • Registered nurses

    • Certified nursing assistants

    • Personal support workers from any homecare agency

  • Family and informal caregiver support expenses

    • Income for unpaid family caregivers or other informal caregivers

    • Out-of-pocket expenses incurred by unpaid family caregivers or other informal caregivers

    • Respite care services

    • Psychological services for caregivers

    • Income to keep you under the same roof as your spouse or children

    • Travel expenses for family visits

  • Basic living expenses

    • Such as rent, housing expenses, groceries, and meals

  • Home conversion expenses

    • Such as handrails, ramps, stair lifts, grab bars, raised toilets, bath lifts, and walk-in bathtubs

 

  • Medical equipment, mobility devices, and supplies

    • Such as eye glasses, hearing aids, orthopedic shoes, walkers, canes, motorized or non-motorized wheelchairs, hospital beds, ventilators, respirators, oxygen, CPAP machines, incontinence supplies, accessories for diabetics, and health monitoring systems

  • Health specialists and all associated treatments

    • Such as acupuncturists, audiologists, chiropractors, dentists, dieticians, naturopaths, occupational therapists, physiotherapists, podiatrists, psychologists, respiratory therapists, social workers, and speech therapists

  • Hospital expenses

    • Such as emergency care, convalescent care, ambulance, and air ambulance

  • Diagnostic laboratory tests

Funding Activation

The Retirement Healthcare Subsidy program funding is activated when you face either of the following two health challenge scenarios:

  • You are diagnosed with a cognitive impairment, such as Alzheimer's disease or another cause of dementia

  • You are unable to perform at least 2 out of 6 of the following activities of daily living (ADLs) on your own:

    • Bathing yourself

    • Dressing yourself

    • Transferring, such as getting from your bed to your chair

    • Feeding yourself

    • Using the toilet by yourself

    • Maintaining continence

Built-In Additional Benefits for Select Programs

  • Cash Benefit: Your program funding is available as cash, meaning:

    • Receipts are not necessary

    • Proof of care is not necessary

  • Designated Representative Benefit: You can designate a Power of Attorney or healthcare representative to receive the program funding, and allocate the funding on your behalf, when you can no longer make those decisions for yourself.

  • No Reduction Benefit: Your program funding is not reduced by any external benefits, including:

    • Government benefits

    • Employee health benefits

    • Workers Compensation Board (WCB) claims, such as WorkSafeBC income payments

    • Auto insurance claims, such as Insurance Corporation of British Columbia (ICBC) settlements

  • External Eligibility Benefit: As a reverse to the No Reduction Benefit, your program funding will not affect or reduce your eligibility for government benefits and other external benefits, including:

    • Subsidized or no-charge seniors programs

    • Admission into government-subsidized care residences

    • Government pension and income programs, including Canada Pension Plan (CPP) and Old Age Security (OAS)

    • Employee health benefits

    • WCB claims

    • Auto insurance claims

  • Care Plan Benefit: When you are receiving program funding, you will receive a complimentary care plan that outlines the type and amount of care you need, your care options, and information on available government support programs.

Optional Benefits for Select Programs

  • Benefit Length: You can choose to receive funding for your care needs for 2 years, 3 years, 5 years, or for life.

  • Inflation Protection Benefit: Increases the program funding to keep up with the rising costs of living and healthcare.

 

SARAH'S STORY

 

Sarah and her mom Louise always shared a special bond. And ever since Sarah’s dad passed away from pancreatic cancer, Sarah knew she would be taking care of her mom, even though Louise was determined to maintain her independence.

 

However, Sarah wasn’t sure how to care for her mom down the road. At age 36, Sarah herself was a stay-at-home mom of baby twin girls, and her husband Michael worked a modest job as a satellite and telecom technician, earning $50,000 annually.

Sarah and Michael were looking forward to buying their first home in the next few years, and Sarah planned to return to work once the twins were in kindergarten to supplement the family income. They couldn’t afford to pay for Louise’s care if she ever needed Alzheimer’s support, but Sarah also couldn’t give up her career to be Louise’s primary caregiver. Louise had limited savings, and relied on a modest $2,500/month pension, so she could not afford care either.

Sarah never thought of herself being in the sandwich generation, and facing the challenge of supporting three generations of family: her mom’s, her children’s, and her own. With limited income and resources, Sarah looked for a solution, and discovered the Retirement Healthcare Subsidy program. She learned she could enroll Louise into the program today at age 60, and when the time comes, Louise would receive lifetime funding of $3,000/month for private nursing, assisted living, medical expenses, Sarah’s income loss, and whatever else Louise and Sarah decide.

When Louise is 80, she suffers a bad fall, and now requires continuous care. Sarah remembers that Louise is enrolled in the Retirement Healthcare Subsidy program, and activates the program funding. Combined with her pension, Louise now receives $5,500 every month for the rest of her life. Because of the funding, after 5 years, Louise has saved over $120,000 in care expenses. After 10 years, Louise has saved over $300,000!

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SAMPLE PROGRAM CONTRIBUTION RATES

Program contribution rates can vary and are subject to change. These rates are strictly for illustrative purposes.

 

 

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