Experts estimate at age 65, the annual spend on health care is $5,400 per person. This research is from a 2014 report and as inflation increases, retirees can expect to pay more. This estimate is also for a healthy individual. If you develop or are diagnosed with any type of serious illness, you can expect to pay more. For example, 1 in 2 Canadians will be diagnosed with cancer once in their lifetime—with a greater chance of this as you age. Cancer medicines with 28-day treatment costs over $7,500 now account for more than half of all oncology sales in Canada.