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Health Insurance and Chronic Medical Conditions

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It's no secret that Canada's population is getting older. What may come as a surprise is how this gradual increase in the average age of the population will ultimately affect the costs of healthcare in this country.

As we know, health insurance in Canada is provided to residents by their province or territory of residence. However, there are many conditions and treatments that fall outside of the coverage offered by the government. This list is extensive, and if you are diagnosed with a chronic health condition, there’s a good chance that some or all of your treatment needs will not be covered.

Let us help you better understand what happens to those who do not have health insurance when they are diagnosed with a chronic health condition.

Going Without Health Insurance is a Gamble

If you follow gambling at all, you know that the house always wins. You take a risk, and sometimes it pays off, but more often than not… it doesn’t.

The same can be said for going without health insurance. Nobody likes to think about the implications of getting older, but the fact remains that it’s happening to all of us every day, whether we like it or not.

When you reach the age of retirement in Canada, it is very likely that you will be managing a condition that affects your health every day. How likely? Would you be surprised to learn that there is an 85% chance you will have at least one chronic health condition by the time you reach the age of 65?

We don’t know how much you know about probability, but suffice it to say that betting against an 85% chance is unrealistically optimistic. Now that you understand just how likely it is that you will have to pay for the treatment of at least one chronic health condition as you age, the next point to understand is just how much it will cost to manage the effects of that disease without health insurance.

Average Costs of Medical Treatments in Canada

It’s entirely possible that you’ve never considered just how much it could cost to pay for healthcare treatments out of your own pocket. According to a recent Global News poll, on average, older Canadians can expect to pay more than $5000 every year for health-related expenses. Even plans for a lavish retirement likely do not include an allowance for that kind of expense, over and above any other plans you may have when you leave working life behind.

When we consider the high cost of prescription drugs to manage chronic health conditions, paramedical services, and medical supplies, it becomes clear that health insurance is a necessary investment in any future senior’s well-being.

Health Insurance for Pre-Existing Conditions

Many Canadians are under the impression that health insurance is only for older people and those that are already in need of supplemental healthcare. This misconception adds up to a costly mistake for many Canadian households.

To help you better understand why it’s important to carry health coverage at any age, think of health coverage as though it’s the insurance you buy for your car. Trying to purchase health insurance after you have been diagnosed with a chronic health condition is rather like an attempt to buy auto insurance after you have already had an accident. It just doesn’t work like that!

However, special conditions may apply if you do have a pre-existing health condition and you have lost group benefits coverage in the last 60 days, or will lose your benefits shortly. In fact, you may be eligible for guaranteed acceptance under some insurance plans. There is no time like the present to explore your options!

An Insurance Broker Takes the Risk Out of Health Insurance

Chronic illness is one of those things that we all like to think will happen to someone else. However, the reality is it’s very likely that you or a member of your family will be affected by a condition that requires treatment over and above what is covered by the health insurance benefits provided by the government.

Paying for treatment out of pocket can very quickly put a strain on household finances, and even if you think you can comfortably afford whatever may come your way, there is no guarantee that something the government covers today won’t be delisted later. That’s why it’s so important to work with an insurance broker now to help provide financial protection for the future.

Making sense of your insurance options doesn’t have to be complicated. You’re only a phone call away from gaining a better understanding of the coverage that will best suit your needs, now and in the future. Call us today to get started.

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