Extended Health Insurance in Canada – Is it Affordable?
If you don’t have any health or dental coverage or you have lost your employer-sponsored insurance, then you are probably wondering if how much an individual policy costs. Can you afford extended health insurance in Canada if you are out of work, retired or working as an independent contractor or business owner. The other question you need to ask yourself is can you afford to pay significant out of pocket medical expenses that are not covered by your provincial medical system.
What healthcare services are covered by my province?
Basically everyone residing on a permanent basis in Canada is covered by their respective provincial medical plans. In Canada, government health coverage is through a public health system and is available to eligible residents. Canadian citizens and permanent residents can apply for provincial health insurance and it is not too difficult to apply for. In BC, the system is called the Medical Services Plan (MSP). It covers the cost of medically-necessary insured doctor services. This includes anything done at a hospital or your doctor’s office, but also scans, exams, day-patient surgeries and much more. The plans are fully funded by income or payroll taxes in most cases.
Yes you have provincial medical coverage, but it has lots of gaps
Yes, remember while coverage is comprehensive, it doesn’t cover everything. Lots of very expensive claims, such as medications, can leave you with some significant bills. Thus, it makes sense to get some individual coverage. Also, provinces generally don’t cover dental claims.
How much does extended healthcare cost?
This depends on a variety of factors such as:
- Plan you pick
- Your age and that of your insured dependents
- The province you live in
- Options you choose
- Insurance company rates – they are very similar
- Quality of the plan
- If you apply for a new plan, the rate may differ depending on your health history
The bottom line is that it is not too expensive and it can save you a lot of money if you become sick or injured. A chronic illness can also really cause you to incur a lot of claims. Note that your own claims don’t impact your rates once you have a plan in place – they are “pooled” with all the other insurance company clients. You can choose an extended health plan only or add dental coverage.
Get Covered & Receive Peace of Mind with Extended Health Insurance in Canada
Nobody ever thinks bad things will happen to them – but stuff happens and that is why you pay a small premium to have the insurer via Healthcover. ca to be in the background in case you need them. To find out how much, it is really simple. Just get a quote and apply online if you wish.