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!