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Health Insurance Needs of Self-Employed Canadians

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The decision to become your own boss is a monumental one, and one you probably gave a lot of thought before making the leap. If you are leaving the corporate world behind, you are in good company. According to Statistics Canada, as of 2010 there were 2.7 million self-employed Canadians, and that number grows every year.

Things are a little easier for Canadian entrepreneurs because of the health care we are provided through our province or territory of residence. However, many treatments and services are noticeably absent in the government health insurance coverage plan.

If you have been an employee who has enjoyed health benefits as part of a total compensation package up until now, you may be surprised to learn what is excluded from your provincial health insurance coverage. It’s important to learn more about your private health and dental insurance options.

Protect Your Family from the Unexpected

As mentioned previously, Canadians are in the very fortunate position of having many of our health care needs covered by government insurance. That means if you get sick or injured, you don’t have to worry about many of the costs of your medical treatments. However, the supplementary health services that go along with your medical care may not be covered. For example, prescription drugs and physiotherapy are outside the provincial plans.

If you or a member of your family is undergoing treatment for a serious illness, the cost of the prescription medications to manage that condition may be higher than you expect. That’s just one of the ways going without health insurance can lead to unexpected costs. If you are receiving medical treatment after an injury, physiotherapy is often recommended to facilitate recovery. Physiotherapy is a service that must be paid for out-of-pocket if you don’t have insurance.

If you are making the leap from corporate employee to entrepreneur, investigating your private health and dental insurance options is simply a must.

Additional Benefits of Private Health and Dental Insurance

You probably already know that going without health insurance is a risk, but the cost of insurance premiums may be holding you back. You will need to confirm the exact details with your accountant, but in many cases as a self-employed Canadian, you may be able to deduct the cost of your health insurance premiums as a business expense. Just be sure you meet the conditions set out by the Canada Revenue Agency (CRA) before filing your return.

It’s a brave, bold move to choose to become your own boss. You can enjoy a level of freedom and flexibility you had only dreamed of, but that can only last for as long as you are able to take care of your health. Health and dental insurance benefits can go a long way to ensure your physical needs are cared for while you work on growing your business. To explore coverage options for yourself and your family, talk to a broker today!

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