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prescription medications

Prescription Medications Covered Under Canadian Health Plans

May 14, 2020/0 Comments/in Canadian Health Tips, Dental Insurance /by David Tompkins

Prescription Medications Under Canadian Health Plans

Medications are a very big part of total health spending in Canada and many Canadians rely upon their prescriptions to manage their health. This detailed article looks at prescribed medications that Canadian health plans often include. It also talks about the medications that these health plans do not cover. Here’s what you need to know about prescription medications under Canadian Health Plans.

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procedures not covered

Common Health Procedures Not Covered by Your Provincial Medical Plan

April 30, 2020/0 Comments/in Canadian Government Coverage /by David Tompkins

Which Medical Procedures not Covered by Your Provincial Medical Plan

We are lucky in Canada to have a universal healthcare system that covers Canadian residents for most health services. The coverage is not as comprehensive as you would find under a private health plan in the USA, but for the most part, Canadians pay little or nothing directly for this coverage as the healthcare is covered by provincial taxes and also from the Federal Government. Yes, there are gaps and long waiting lists, but overall it is a pretty good system. But we wanted to provide a list of 5 health services and procedures not covered by provincial medical plans and illustrate the need for individual health plans via our website. Read more

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.

extended health insurance in Canada

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

health insurance in Canada

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.

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Extended Health Insurance in Canada

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 PlanWhy Canadians Need Extended Health Insurance

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 CanadaDrugs cost in 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

peace of mind

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.

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