Quick Guide to Insurance for Single Parents in Canada

May 22, 2020/0 Comments/in Health Insurance, Dental Insurance /by David Tompkins

What You Need to Know About Insurance for Single Parents in Canada

Being a single parent means double the work and double the love. There’s also double the stress when it comes to planning for your children. Statistics show that there are 1.64 million single parents in 2018 in Canada. That means most sole breadwinners may be facing challenges when it comes to hitting their financial goals or even saving. It is especially difficult during this COVID-19 pandemic. Hence, as single parents, it’s vital to ensure you and your children are fully covered in case of any emergency. Here’s what you need to know about health insurance for single parents in Canada.

Extended Health Insurance for Single Parents in Canada

Obtaining Canadian health insurance is critical for single parents. Medical bills can really add up and an individual Canadian health plan can be a vital part of a single parent’s financial safety net. Extended health insurance for single parents includes major medical benefits that supplement the existing provincial hospital and medical insurance plans. Single parents can reimburse expenses that are not covered by the existing government plans. It includes:

Drug coverage
Hospital coverage
Medical supplies and equipment
Paramedical services
Out-of-province coverage

Dental Insurance for Single Parent Families

Many Canadians obtain dental insurance through their employer, union, or provincial government. Dental insurance for single parents helps you pay for your dental treatment. One of the main reasons why employers provide health and dental benefits is to promote good health.

Below is a checklist of what you need to know about your dental plan.

What is covered each year?
Is there a deductible?
Is there a total dollar limit on my coverage?
Can I choose a procedure other than the one my plan covers?
Will I still be covered if I change jobs?
To what extent am I covered for cleanings and x-rays?
To what extent am I covered for dental treatments such as fillings and root canals?
What about other treatments such as bridges and crowns, dentures and oral surgery?
Can I choose my own dentist? (Some plans may restrict you to a list of approved dentists.)

It’s also important to know what your plan covers and to what extent. Keep in mind that co-payment is your part of the bill that you will not be reimbursed for. Depending on your plan, you may be paying 20% ( x-rays, cleaning, fillings, and root canals) or 50% of the bill (major procedures-crowns and bridges).

Life Insurance for Single Parents

It may not be easy to imagine your young kids as self-determining adults; however, you hope to reach the age to see that day. Life insurance comes with a financial security cover, just if by chance you do not have one. Financially speaking, this tool is very essential. It is a necessity for practically every parent, be it couples or single parents.

However, research has cleared a misconception. Since in the case of a single parent, your child or children are dependent on what you earn. This, life insurance is crucial. Ideally, you should think about getting enough life insurance to pay off your debts and have enough left over, that if invested, will provide an income for your children till they are adults. Some recommend you may want to get a policy that has a value of the amount of at least 10 times your yearly income.

RBC Insurance offers a great life insurance needs calculator.

Accident Insurance for Parents

Accidents always happen without a warning. It is impossible to predict when they can occur, so it is advisable to always be prepared. This is where accident insurance can assist.

Critical Illness Insurance (CII) for Parents and Kids

Critical illness insurance is a lump sum cover that supports you when you are diagnosed with a fatal illness like cancer, heart attack, or stroke. After your diagnosis, you will get a fixed amount.

Disability Insurance for Single Parents

Disability insurance is a type of insurance that replaces a portion of your income if you become sick or injured and are not able to work in your occupation and experience a loss of income.

To be eligible to get disability insurance, you must already have a steady income. Your employer may provide a short and long term disability plan, but if not it is possible to get a quote and purchase individual disability insurance. Note that medical underwriting will be required and coverage, premiums, and conditions will be subject to underwriter approval.

Some research can help you find the best health insurance for you and your children, as a single parent. Planning ahead will put your mind at ease. It’s also the best way to have double the fun!

Can you afford extended health insurance in Canada?

April 29, 2020/0 Comments/in Health Insurance /by David Tompkins

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.

Health & Dental Quote

10 Reasons Why Canadians Need Extended Health Insurance

April 25, 2020/0 Comments/in Canadian Health Tips, Health Insurance /by David Tompkins

Learn Why Canadian Residents Should Buy Extended Health Insurance

As you may know, each province in Canada offers it’s residents access to universal healthcare coverage for little or no cost as the plans are funded by provincial income &/or payroll taxes. Each province provides a wide variety of comprehensive coverage for all permanent residents and citizens of Canada who meet their respective eligibility requirements. The Canadian provincial medical plans provide access to doctors, specialists, scans and x-rays, mental health care, hospitals and outpatient exams and procedures. We will provide a more detailed discussion of what most provincial plans cover, but for this article, we will provide 10 reasons why Canadians should buy an extended healthcare plan:

1. The Provinces Don’t Cover All Health Expenses

While provincial governments have to abide by the Canadian Health Act and provide reasonable access to health services without charge, there are still a lot of health services that are not covered. Most provinces in Canada will provide limited or no prescription drug coverage, physio, private hospital rooms and much more.

2. You are Not Covered by Your Employer-based Extended Health Plan

Many employers in Canada will provide their employees access to their group insurance plan, which will provide a variety of insurance, including extended healthcare and dental. If you are retired, a student, self-employed, a contractor or your employer simply doesn’t provide a health plan, you should make sure you cover the health expenses not covered by the provincial government.

3. You Have Retired From Work

When it comes time for retirement, it is highly probable that your health benefits from work will discontinue, unless you work for the government or a company with a retirement benefit plan, which is becoming very rare. As you know, with age comes deteriorating health, and the need for health insurance is even more important than when you were younger. The LINK plan from Green Shield is a great choice if you are losing your group benefits plan in Canada.

4. Prescription Drug Costs in Canada can be Very Costly

You may think that because we live in Canada, prescription costs are low – they are compared to the USA, but drug costs can still be very expensive in Canada. Biologic drugs, for example, which are becoming very common, can easily run into the tens of thousands per year.

5. You Travel Often Outside of Canada

Provinces in Canada will either provide no coverage to people travelling outside of Canada or next to no coverage. If you travel to the USA or elsewhere in the world, an emergency illness or injury can cost many hundreds of thousands. The press is full of news articles about Canadians who have travelled abroad and have incurred huge expenses not covered by their respective principal plans. While you can buy travel medical insurance through this website, many private health insurance plans for Canadians will include some multi-trip travel medical for emergency medical expenses outside your home province.

6. Vision Care and Prescription Eyewear Expenses Add-up

Yes, your provincial government will not cover vision exams and glasses, contacts and other vision correction devices. That is why many Canadians will buy an extended health insurance plan to cover at least some of these costs.

7. You Have Become a Contractor or Self-Employed

Many Canadians are taking advantage of the freedom of working for themselves as a contractor or self-employed worker. This can come with some significant tax benefits, but often means that you are now responsible for your own extended healthcare.

8. You Have Lost your Job

Unfortunately, in times of economic disruption, a lot of Canadians are losing their jobs either temporarily or permanently. While your employer might provide some continuation of health insurance, this may not last longer than a few months and medical expenses can really add up. So it makes sense to get an individual health plan to cover you and your family.

9. Protects You from Financial Ruin

As noted above, healthcare costs not covered by provincial medical plans can really add up in Canada. In order to protect your financial future, it makes sense to have some extended health insurance in place to cover unexpected costs. While you may be healthy now, that can change in an instant.

10. Peace of Mind

Yes, having health insurance in Canada can provide you with a lot of peace of mind. This can help make you feel less stressed as well.

So, if you want to get some extended health insurance coverage in Canada in effect, obtain a quote today and put your mind at ease. If you have any questions on the coverage, please contact us to learn more.