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I'm a bit curious about what, if any, medical coverage is given to low income seniors who's only source of income at retirement is gov't pension either federal or state supplied. And how our gov't pension compares to the US model.
Here in Canukistan, gov't pension is 3 parts. OAS, (Old Age Security which is the same for all), CPP, (Canada Pension Plan which is dependent on how much each person contributes to it during their working life thru their paycheques), and GIS, (Guaranteed Income Supplement for low income seniors.
I get the GIS as gov't pension is my only source of income. I also get about $350/mth from the province of Alberta which includes Blue Cross medical on top of the free standard medical every Albertan regardless of age gets. There used to be a monthly payment of $35 or so required for basic medical coverage but that was dropped almost 20 years ago. The Blue Cross isn't top of the line but covers glasses and a good portion of dental, ambulance and travel allowance for medical reasons only not eye or dental appts which sux as I have to drive almost an hour for either of those appts. Glasses allowance needs to go up as it's only $230 every 3 years and my new reading glasses last November were $220 just for the lenses so I had to pay around $120 out-of-pocket for decent frames. Dental could be higher too but I'm at that point where dentures might be the best option rather than trying to fix all the little holes and cracks we're doing every year.
While double checking to make sure my info was correct I stumbled across a GIS Allowance for a spouse age 60 - 64 that can be almost $1,400/mth. My spousal unit gets $800 on disability and would lose that if she gets this allowance but we'd be almost $600 to the good if she switches. We need to talk to someone who knows the tax code better than the town office people that do our income taxes for free every year. My credit used to be crap but now everybody wants to loan me money and I've run up about $28,000 with a loan and 2 credit cards but enjoying my retirement better because of it. Have about 14G available on the two cards but being more cautious about spending now.
I get about $2400/mth all told and with the wife's $800 we're getting $3200/mth or according to last year's tax return a combined income of $41,800 which is better than we were doing most years when I worked. Much easier to budget and get the bills all paid on time with a fixed income.
And don't forget that our dollar is worth about 30% less than the greenback. I own my small acreage with only a year and a bit left on a mortgage that is only $125mth but we're paying twice that to get it done quicker.
Great hobby.
education.patientadvocate.org
