Why do I Need Health Insurance?

Featured image of the SBIS tree logo set on a solid green background
Although the government provides all its citizens with health insurance in Canada through their province or territory of residence, there are a variety of services that are not covered under the government plans. This leaves many people and their families without adequate coverage for routine and emergency medical care. A supplemental insurance plan is often required to fill in the gaps.

If you’re young and healthy, you may find yourself asking “Why do I need health insurance?” Read on to learn how a lack of health coverage now could affect you for the rest of your life.

Broader Coverage

Most provincial plans offer basic coverage for a handful of medical expenses, including eye exams for children and seniors, hospital stays, and routine doctor visits. Additional treatments are either covered in part or not at all. As a result, many people find they need extra health insurance in Canada to get the care they require.

Compared to the provincial plans, supplemental health insurance offers more comprehensive benefits for a broader range of products and services, including:

  • Prescription drugs
  • Dental care
  • Treatment by a specialist (psychologist, chiropractor, acupuncturist, etc.)
  • Transportation to the hospital
  • Home healthcare
  • Semi-private or private hospital accommodations

This is just a sampling of the services that fall outside of the provincial health insurance plans. As time goes on and governments change at all levels, it seems more and more services are removed from the list of what is covered by government health insurance in Canada.

Healthcare Costs on the Rise

With healthcare costs steadily rising, the financial impact of an unexpected illness or injury can be devastating if you don’t have adequate insurance coverage. Canada health insurance plans help protect you and your family by reducing your out-of-pocket medical expenses. Furthermore, with proper coverage, you can have peace of mind knowing you will be able to afford the care you need, when you need it.

If you think that because you can manage your health care costs on your own now, you will continue to be able to do so in the future, you may be in for an unpleasant surprise. A recent online article by CBC stated that out-of-pocket healthcare expenditures have been steadily rising for the last 12 years.

There is no reason to suspect the trend of increasing healthcare costs will end in the future. Without health insurance, you could someday find yourself choosing between medical treatments or paying for household expenses!

A typical healthcare plan pays a percentage of the costs associated with covered services, and premiums vary based on the level of coverage provided. You can get a medical insurance quote by contacting a qualified insurance professional.

Don’t Wait Until You’re Sick or Injured

If you’re thinking about getting health insurance in Canada, now is the time to do it. Many people believe they don’t need additional coverage beyond what is provided by the government, so they don’t buy supplemental health insurance. This is a very short-term strategy, and it’s often a big financial mistake!

If you wait until you are sick or injured, you may not be able to get the coverage you need. The treatments to help you recover from an illness or accident will then be classified as those that stem from a pre-existing condition. Getting health insurance with a pre-existing condition isn’t impossible, but it is certainly more challenging to obtain than it is for those who are in good health.

So, even though it may seem like an unnecessary expense, getting additional coverage now can help protect you and your family in the future.

If you’re looking for travel coverage, some supplemental insurance policies will also provide insurance for travel outside Canada, or even outside your province of residence. Be sure to speak with your insurance broker about the benefits and limitations of this type of coverage.

Choosing the Right Plan for You and Your Family

There are a variety of Canada health insurance plans available. One of the best ways to find the plan that is right for you and your family is to work with a professional insurance broker. As healthcare costs continue to increase, so will the financial burden for consumers. By purchasing health insurance, you can help protect yourself and your family from unforeseen medical expenses, and minimize the impact on your bottom line.

If you have decided that it’s time to find the right insurance policy for your family, call us today. Once you have some information about your coverage options, review the services that are covered and explain the costs associated with each plan. You can use that information to choose the plan that will meet your needs and the needs of your family.

One of our helpful customer service agents can assess your situation and walk you through the different types of plans that are available.


Your email address will not be published. Required fields are marked *

Related posts