Unemployed Health Insurance

So your job has health benefits; that’s fantastic! Do they meet your needs? And have you thought about what could happen if you lost your job and are unemployed? Find out how supplemental health insurance can fill the gap.

Did you know there are supplemental health insurance plans you can purchase so you won’t have to worry about your health benefits not meeting your needs?  Or even worse, losing your benefits if you become unemployed and are facing an uncertain future?

The key is to have your own health insurance plan in place so you have the peace of mind of protection from out of pocket healthcare costs.

Now, we know that when money is short, the last thing you may want to face is unnecessary expenses.But, if you are facing the possibility of not having  a steady flow of income, you should consider health coverage. Money might be tight, but it will be non-existent if an accident or illness happens to you and you’re without insurance to cover the cost of healthcare you need.

How Much Does Supplemental Health Insurance Cost?

The biggest worry people have when they are thinking about purchasing health insurance is the cost. Pair that with being unemployed, and you’re looking at a stressful situation. But without coverage, or with inadequate employer provided coverage, just one illness could put you in dire financial straits. The money you put into your plan will ensure that you will not be out of pocket thousands of dollars for much-needed treatment.

Let’s suppose you have an accident (knock on wood) and you need physiotherapy and maybe medication to help with the pain and a mobility device to help until you get back to full strength. If you don’t have insurance, you’ll have to pay for every therapy visit, as well as the prescription pain medication. Those expenses add up over time and can empty your bank account.

The point of insurance is to give you a cushion to fall on, should something happen to you. You wouldn’t drive a car without insurance, so why should your health be any different?

There are two costs associated with insurance:

  • Premiums
    The amount you pay every month to maintain your coverage. Be careful not to let your coverage lapse, or it could mean having to pay admin fees or worse: you’ll find yourself with no coverage at all. If you miss a month some companies would require you to pay that full month back as well as the following month. You could also be charged a bank fee.
  • Coinsurance/Copayment fees
    Most policies apply a percentage to every benefit. For example, you may have dental coverage, but the plan only pays at 80%. The remaining 20% is a copayment fee that you will have to pay out of pocket (unless there is another insurance plan in your family that would absorb the copayment charges). Be sure to research your options. At SBIS we make this simple with online quote information and resources to help you understand your options.

Typically, plans with higher premiums have lower copayment fees. On the other end, plans with lower premiums tend to have higher copayments. It’s up to you to figure out what type of plan would better suit your needs and budget.

Benefits of Unemployed Health Insurance

All Canadians have coverage under their respective provincial plans (such as OHIP), but those plans often are not enough. They don’t typically cover services like dental check-ups and treatment, massage therapy, chiropractic care, or physiotherapy, and only some provinces cover a portion of prescription drug costs (and not much, at that).

What happens if you have an accident and require those services? If your employer plan doesn’t cover those costs, or you don’t have a plan of your own, it could be devastating for both your health and your wallet.

Supplemental insurance covers a broader range of products and services than the provincial plans. The additional coverage provides the financial protection you need to minimize the impact of unforeseen circumstances. You never know what can happen, but it’s a good idea to be prepared.

Obtaining a Health Insurance Plan

Depending on the level of coverage you require, there are many options with different price points available to meet your needs and budget. It can be overwhelming, particularly when you’re unemployed, but you have to look at it as a means of taking care of yourself and avoiding financial ruin.

You’re not expected to know all the ins and outs of supplemental insurance, which is why trained professionals at SBIS can assist you in choosing the best plan for you.

How SBIS can help

At SBIS, we have experts ready to assess your needs and provide you with the most up-to-date information on the available programs on the market.

Once you look at all of the options, you can make an informed decision. It’s your health, and it’s your money. A supplemental health insurance plan is an excellent way to protect them both. Call us today.

4 Responses

    1. Thank you for your comment. I will have a health and dental specialist reach out to you regarding your situation to further assist you over email.

  1. Good evening,
    My name is Dave and I lost my job a little under a year ago due to physical illness. I’ve been able to get help and keep my benifits going, but have unfortunately fallen behind, and I have another payment coming out this Friday which I can’t afford. I don’t really know what to do or who to turn to. All my options are exhausted.

    1. Hi David, I am truly sorry for the situation you are in. Have you looked into any sort of government funding plans that you would qualify for based on your injury or illness?


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