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How Will Provincial Changes Affect Health Insurance in Canada?

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Canadians are in the privileged position of having healthcare coverage that is provided by the government. Though each province offers coverage to its eligible permanent residents, and the standard of care is high throughout the country, the plans are not identical from province to province. That means that when something is covered to some degree in one province, there is no guarantee that the coverage will be similar in another.

To further complicate matters, with each new provincial budget, there is the possibility that your existing government health coverage may change. After a provincial or territorial election, the odds of changes to existing healthcare coverage levels is exceptionally high.

If the health coverage in your province or territory shifts in the years to come, how will it affect your health insurance? Will you have enough coverage? Read on to learn more about how these changes may affect you.

Understanding the Factors that Affect Provincial Coverage

It’s no secret that the cost of healthcare in Canada has been steadily increasing for many years, and there is no end in sight to the changes. In fact, a recent report suggests that by 2030, healthcare could account for up to half of provincial budgets. It’s easy to assume that our aging population is solely to blame, but that’s simply not the case. While it’s true that these increasing costs are due in large part to our aging population, there are other causes as well.

Modern medicine is a field that is constantly evolving. With every new scientific development comes a new hope for treatment for a myriad of conditions, from revolutionary cancer treatments to significant advances in the way we manage chronic conditions like diabetes. Each of these new developments is exciting, and those affected by these circumstances are eager to have access to the latest innovations, but they don’t come without a cost.

When provincial resources are strained, governments are faced with a delicate balancing act, trying to do what they can to help those who need treatment while still providing support for other areas of provincial responsibility. It’s a tricky and complex business.

Stay Ahead of the Curve

There is no way to know which treatments will or won’t be covered by the province, and just because something is on the list now doesn’t mean it will be for years to come. It would be short-sighted to rely on today’s information, both about provincial healthcare and the state of your own health, for long term planning.

The insurance industry has a vested interest in staying ahead of the curve when it comes to planning for healthcare expenditures and making sure coverage levels reflect changing conditions in provincial healthcare coverage. It’s why investing in health insurance coverage in Canada is one of the smartest choices you can make at any time in your life.

With all of the uncertainty surrounding the future of healthcare costs in Canada, it pays to be proactive. If you are relatively young and healthy, it may be tempting to shrug off the looming prospect of high medical costs in the future. Before you make a final decision on the matter, consider this: between the ages of 65 and 85, your healthcare costs will quadruple.

Investing in a private health insurance plan now, while you’re still young enough to have access to a broad range of coverage options, could have a dramatic effect on your quality of life in retirement. In fact, if paying for healthcare or health insurance isn’t already a significant part of your retirement plan, it’s certainly something you should consider discussing with your financial advisor sooner rather than later.

Work with an Insurance Broker

By now it’s easy to see that health insurance in Canada can be complicated, and it can be difficult to stay on top of all of the changes in your province or territory of residence. Luckily, you don’t have to do it on your own. By choosing to work with an independent insurance broker who is licenced to conduct business where you live, you are choosing to have a professional on your side.

Insurance companies are required to stay abreast of the changes in government health insurance, and start making changes to ensure that as services are modified or de-listed by provinces, their product offerings are adjusted to help fill the gap.

Contact us today to learn how carrying private health and dental insurance can help keep you covered as things change throughout your life.

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