Health Insurance
We all need health insurance. It is important to have it to protect your income and assets. If you do not have insurance, an illness or an accident can cause serious financial strain for you and your family. Government plans are helpful, but are not exhaustive and do not cover everything, thus leaving you vulnerable to tremendous costs. If you do not have insurance you should consider purchasing coverage immediately. Many people have health insurance plans through benefits packages with their employers. But again, they may not be as comprehensive as you may think. It is a good idea to have a licensed insurance advisor look at your existing plans to make sure you have the coverage you need to protect yourself and your family.
There are different types of health insurance available to Canadians. Depending on whether or not you have existing coverage and what coverage you have some types may not be as important to you.
Types of Health Insurance
Health and Dental Insurance
These extended health insurance policies can provide medical (home and hospital care, prescription drugs, accidental death and dismemberment, vision care, emergency care while travelling) and dental coverage that provincial or employer health insurance plans do not. Many people are not aware that provincial health plans do not provide any dental coverage other than emergency dental work that is done in the hospital due to an accident. Extended health and dental insurance plans can be customized to ensure that all your needs are covered, giving you peace of mind that any unexpected and unavoidable expenses associated with illness will not affect your savings.
Critical Illness Insurance
Critical illness (CI) insurance is often called a living benefit. In the unfortunate circumstance you suffer a severe illness (such as a heart attack, stroke or cancer or numerous other conditions), the financial expenses can be overwhelming. Critical illness insurance pays out a lump-sum amount if you suffer an illness named in your policy and you survive as certain number of days. That money is not earmarked for any specific expense, you may spend it any way you want. This makes this type of insurance an excellent and appealing choice for many people.
Long Term Care Insurance
Long Term Care (LTC) insurance offers you benefits if you become unable to care for yourself due to ageing, a chronic illness, disability or cognitive impairment. Policies can provide either a monthly benefits or reimbursement of eligible care costs on a predetermined lifetime limit. LTC insurance gives additional protection that provincial plans do not provide, ensuring better quality and quantity of services and options. Importantly, it reduces the cost and stress to you and your family, giving you a sense of self control and dignity.
Disability Insurance
Disability insurance provides you with income protection if you become injured or ill and are unable to work. Your earned income is often one of your greatest assets. While life insurance pays out a benefit if you die, what happens if instead of dying you become disabled and unable to work? In this situation, your income would stop but your personal living expenses would continue. The solution to this risk is disability insurance. Disability benefits are usually paid monthly so you, the insured, can maintain a comparable standard of living and pay recurring expenses. Speak with an insurance advisor to find out how much disability insurance you need to protect your self and your loved ones.
Travel and COVID-19 Travel Insurance
The cost of travel insurance is definitely worth the investment when you are travelling. Not all medical plans cover you for out of country travel. Travel insurance provides essential protection, whether you’re a travelling Canadian, a visitor to Canada or a student. It will help reimburse you for potentially exorbitant travel related expenses like emergency evacuation, medical bills, hospitalizations, costs related to trip cancellation and interruption and more. As well, new COVID-19 pandemic travel plans can cover you for COVID-19 emergencies not covered by most health plans. Protect yourself and your family and enjoy your trip without worrying about the cost of potentially unforeseen medical expenses. Speak with an insurance advisor to discuss the options available to you prior to travelling.
Group Health Insurance Plans
Employer-sponsored health insurance is one benefit employees truly value. Offering the right benefit plan is an excellent tool to make you more competitive in attracting and retaining the best employees.
These plans can be structured in numerous ways and vary from health spending accounts to employer-sponsored group plans, which typically include life coverage, extended healthcare, vison and prescription drug coverage, dental benefits and disability income. As a business, these premiums may be tax deductible as a business expense.
Speak with your insurance advisor to discuss the solutions that would best suit your company needs.