10 Reasons Why Canadians Need Extended Health Insurance

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 and hospitals and out-patient 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 that 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. All the more reason to buy an extended health plan – we offer plans that have some medical underwriting and also a Follow-Me plan from Manulife that has no medical underwriting if you apply within 90 days of leaving your group benefits plan.

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 Lost your Job

Unfortunately in today’s COVID-19 world, 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.

8. You Have Become a Contractor or Become 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.

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.