Forgotten Dollars Part 4

Hi there, Welcome back to “Your Canadian Senior Moment”!

This is the fourth weekly instalment of our series. Last week, we talked about protecting your assets. This week, we’re focusing on one of the most important aspects of your life: your health. We’ll look at how to get help with the costs of hearing aids and other medical supplies, as well as how to navigate the topic of prescription medications.

Finding Help for Hearing Aids

Hearing loss can have a huge impact on your social life and overall well-being, but hearing aids can be very expensive. Fortunately, there are many programs in Canada designed to help you with the cost.

• Provincial Programs: Every province and territory has its own program to help seniors with the cost of hearing aids. For example, Prince Edward Island has a “Seniors Hearing Aid Rebate Program” that covers the cost of basic hearing aids for those with a certain level of hearing loss. Nova Scotia also has a “Hearing Aid Assistance Program” for low-income seniors.
• Federal Programs: If you are a veteran, you may be eligible for benefits through Veterans Affairs Canada (VAC). The Non-Insured Health Benefits (NIHB) program also covers hearing aids for First Nations and Inuit people.
• Charities and Non-Profits: Organizations like the Canadian Hearing Services and local hearing aid societies offer financial assistance, refurbished aids, and low-cost financing.

Getting Affordable Prescription Drugs

The cost of prescription medications is a major concern for many seniors. You may be surprised to learn that there are many ways to lower your costs.

• Provincial Drug Plans: All provinces have public drug plans that help seniors with the cost of prescriptions. In some provinces, like Ontario and New Brunswick, seniors are automatically enrolled after they turn 65. In others, you may need to apply.
• Generic vs. Brand Name: Always ask your doctor or pharmacist if a generic version of your medication is available. Generic drugs have the same active ingredients and are held to the same strict Health Canada standards, but they cost a fraction of the price.
• Consult with Your Pharmacist: Your pharmacist is a great resource. They can often suggest a more affordable alternative to a brand-name drug, or let you know if a less expensive over-the-counter option is available.

Assistance with Medical Equipment

Beyond hearing aids, many seniors need other medical equipment like wheelchairs, walkers, and other mobility aids. These items are often not fully covered by provincial health plans, but there is help available.

• Provincial Loan Programs: Many provinces have programs that loan out mobility aids for free or at a low cost. Nova Scotia, for example, has a “Seniors Community Wheelchair Loan Program” that provides wheelchairs to eligible residents. The Canadian Red Cross also runs a “Health Equipment Loan Program” in many provinces.
• Non-Profit Organizations: Many charities, like the Easter Seals Canada, offer financial assistance and programs to help Canadians with disabilities get the essential assistive devices they need.
• Home Modifications: Some provinces offer grants and tax credits for home modifications that improve accessibility for seniors, like installing grab bars or ramps.

Your Turn to Claim!

You’ve worked hard your whole life, and you deserve to have your health needs met without financial hardship. Take a moment to look into your provincial drug plan and see what you are entitled to. And if you need a hearing aid or other medical equipment, start by asking your doctor or a local health professional about the programs available in your area.

This is the fourth instalment of our new series. Next week, we’ll talk about home and travel, including how to find the best home warranties and travel discounts.

(Please remember: We are not financial or medical professionals, and the information above is for educational purposes only. It does not constitute specific financial advice. For personalized guidance on your health needs, please consult a qualified professional.)

Warmly,
Bill and Marilyn
Founders of Canadian Senior Moment