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C anada's health-care system is likely to falter and that could seriously reduce the standard of living for retired Canadians. Our country now offers publiclyfunded healthcare. The federal government has realized that unlimited healthcare spending is no longer affordable. Recently, Prime Minister Stephen Harper announced changes to the current federal health transfer payments to the provinces. In 2014, the existing arrangement ends and the current annual increase in payments of six per cent will continue for three more years. Future payments will be based on the rate of increase in the country's economic activity as measured by the Gross National Product with a minimum base increase rate of three per cent. The logic is that there is a limit to what can be spent on health-care services. That amount is being tied to the amount of economic activity, which in turn impacts the amount of tax revenue the government collects. We cannot spend what we do not have. However, this will have serious implications on retirees. We should all begin planning for medical expenses as they shift from the government to individuals. Medical costs rise faster than other expenses so using the general economy as a base for determining medical transfer payments will effectively shrink those payments. A large segment of the population consists of baby boomers just over the age of 65. Add to the funding crisis the fact that these are the years requiring more medical services, so the cost of healthcare is going to increase significantly. Fast forward ten years and we will have more medical costs due to our aging population and fewer dollars allocated from the federal government. Controlling the cost will result in a political shift away from our current health system, which will no longer be available to meet the increasing demand. Canada will transition to a two- Medical costs will only increase as baby boomers set to retire: Watson Dollars & Sense By Peter Watson tiered health-care system. The government paid option will result in reduced services and longer waiting times. The free enterprise system will see Canadians using their own funds to pay for medical services with their choice to opt out of the free, but watered down, government option. That will have financial implications for retirees. Retirees will have increasingly more expensive medical expenses. They will no longer be working, so they will no longer have employment earning power. Medical costs will come from savings. Thanks to medical advancements, we are going to live longer so the medical expenses will have to last for a longer period of time. Our new and pending reality of higher medical costs is something that will occur despite the likely protest from many that this would not be fair. Unfortunately, Canada cannot spend what it does not have. Politically we can look to the mess that Europe is in to see the results of overspending. Add the fact that we have a majority government that will be able to push through new legislation despite it potentially being unpopular. The future will see higher medical costs paid by individuals. This is not a matter of if, but rather when will these costs begin. From a personal financial planning perspective, we recommend you save extra dollars to cover your increasing medical costs during retirement. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. mypet myvet Dr. Gesa Kohn-Gould Veterinarian & Owner myanimalhospital.ca 15 · Thursday, January 26, 2012 OAKVILLE BEAVER · www.insideHALTON.com D Anyone that shares a home with a male cat needs to know about the potentially life threatening problem of urinary blockage. This can be caused by mucus, crystals, stones or spasms in his urethra. A male cat is more prone to this than a female cat because his urethra is much narrower and can easily block from these materials. Early signs of this condition can be frequent trips to the litter box, urinating outside the box, blood in the urine, crying or straining in the box and frequent licking of the genitals. Later there will be weakness, abnormal heart rhythm, nausea often with vomiting and recumbency. If any of these signs occur the cat needs to be taken to the veterinarian immediately since a blockage can cause a painful death very quickly. If seen early, this is a very treatable disease. Later the treatment involves an anaesthetic to relieve the obstruction and a hospital stay with the real potential of recurrence plus a myriad of other possible complications. As always: an ounce of prevention is better than a pound of cure! Please visit our website to get more information on this topic, particularly on prevention. If you enjoy this article and would like to see brant@myanimalhospital.ca Dr. Gesa Kohn-Gould o you have a male cat? You NEED to read this! Urinary Blockage myanimalhospital.ca Askey Animal Hospital 24 Hour Emergency Care 3525 Fairview Street, Burlington 905-634-9088 Orchard Animal Hospital 2020 Appleby Line, Burlington 905-634-4526 Speers Road Animal Hospital 1026 Speers Road, Oakville 905-844-6786 Join our Group and upload your pet photo today me & my pet Advertorial