Five Reasons to Consider Individual Health Insurance

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Even though Canada provides health insurance to most of its residents, there may be times when you want to consider purchasing additional coverage. Individual health insurance plans provide more comprehensive coverage than provincial plans, giving you and your family the protection you need and the peace of mind you deserve.

It is more likely than ever that you won’t have the group benefits coverage previous generations enjoyed because of cutbacks or temporary employment. If you don’t have health and dental insurance, the following is a list of five reasons you may want to buy supplemental insurance.

You are no longer eligible for coverage under your parents’ plan

Many teens and young adults haven’t given much thought to the need for health insurance because they’ve always been covered under their parents’ plan. But most health insurance plans only cover dependent children up to a certain age. Usually, this is age 18, unless you are a full-time student, in which case your coverage may continue until you are done school, or you reach the age of 26, whichever comes first.

If you are no longer eligible for coverage under your parents’ plan, it’s time to start thinking about purchasing a plan of your own. For many graduating students, the first job out of school means temporary or contract employment, which does not usually come with company group health benefits. Many young Canadians are of the mind that because they are in good health, they don’t need to buy health insurance.

While it may seem unnecessary now, it’s important that you purchase supplemental insurance before you need it. If you wait until you are sick or injured, you will not be able to get the coverage you need. Buying an individual health insurance plan will help ensure you have the coverage you need for routine and emergency medical care today and in the future.

You are not eligible for coverage through your employer

Some employers only provide group health insurance benefits for full-time employees. If you work part-time and do not qualify for coverage under your employer’s plan, you may need an individual health insurance plan to fill in the gaps left by your provincial plan.

If you have recently lost group benefits because you have finished school, or because you have changed jobs, there are individual plans available if you make your application within the first 60 days of losing your previous coverage. Many of these policies include guaranteed acceptance, which means you won’t have to submit to a medical exam.

You are self-employed

Self-employed individuals don’t have the option of obtaining group health insurance coverage under an employer’s plan. If you are self-employed, an individual health insurance plan can help minimize your out-of-pocket expenses for routine and emergency medical care.

You may be able to deduct all or some of your self-employed health insurance coverage as a business expense. Speak with your accountant for more information.

You want broader coverage

Although most Canadian residents receive health insurance coverage from their provincial insurance plan, there are a variety of products and services that are not covered, leaving many individuals with gaps in their coverage they cannot afford. An individual health insurance plan can help bridge the gaps left by provincial plans.

Even if you do not have any health conditions that require ongoing treatment now, there is no guarantee that this will continue to be the case in the years to come. Purchasing an individual health insurance plan now helps to protect against unexpected medical expenses in the future.

You are retired

If you are retired or preparing for retirement, it is important that you consider all of your health care needs. An accident or illness could cause serious disruptions to your financial planning in retirement if you don’t have adequate health insurance coverage.

As you age, certain changes to your health are inevitable, and having a health insurance plan that meets all of your needs is more important than ever. But, even in retirement, there are still many services that are not covered by provincial health insurance plans.

Learn your options

A supplemental health insurance policy can provide the additional coverage you need while minimizing the impact to your bottom line. The first step towards getting the coverage you need at a rate you can afford is choosing to work with an insurance broker who can assess your needs and make recommendations based on what will work best for you.

Contact us today to get help selecting an individual health insurance policy. We can provide a no-obligation quote to help you better weigh your options and make a sound financial decision about insurance.


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