Why Do I Need Health Insurance? I’m Healthy!

Take care of yourself
Although the government does provide you, a Canadian resident, with health insurance in Canada through your province or territory of residence, there are a variety of health care services that are not covered. Too often this leaves you and your family without adequate coverage for routine and emergency medical care. A supplemental health insurance plan can fill in the gaps.

If you’re young and healthy, you may find yourself asking “Why do I need health insurance? It’s your health, and it’s your money. A supplemental health insurance plan is an excellent way to protect them both – preparing for the unexpected.

Having health care coverage helps you handle the costs of medical treatments when they are needed, and health insurance will deliver preventative healthcare tools to help you lead a healthier lifestyle. And you can never predict when you will need them! You may be healthy today, but an accident or unexpected illness can suddenly change things – and having health insurance is the best way to be prepared to protect your finances.

When is the best time to buy health insurance?

Before you become sick or injured. Once that happens, you may only be able to qualify for some but not all of the health benefits you need.

Why? Your provincial health insurance plan may not cover all the costs for healthcare, especially if more specialized or complex care is required. A supplemental health insurance plan is like having a safety net to protect you and your family against substantial medical expenses. Instead of struggling to pay out of pocket, you’ll know your insurance plan will cover many of the costs of your medical care. Once approved, you will receive a drug card for direct billing to your insurer, not to you with no waiting period for most of your benefits to commence.

Most provincial plans only cover a handful of medical expenses

Your government health plan may cover some medical expenses, such as eye exams for children and seniors, dental care for children, hospital stays, and routine doctor visits. Additional treatments are either covered in part or not at all. That’s why you may find you need extra health insurance to get the care you need without having to pay so much out-of-pocket

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

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. Supplemental health insurance plans help protect you and your family by reducing your out-of-pocket medical expenses. Plus, you get peace of mind knowing you will be able to afford the care you need when you need it.

While many Canadians focus on the rising cost of housing and food, 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.


It’s easy to apply for coverage and its surprisingly affordable

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 and there are less options.

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 for a limited period of time.

SBIS helps you choose the right plan for you and your family

There are so many health insurance plans available, how do you choose? 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 like SBIS.

If you have decided that it’s time to find the right health insurance for your family, call us Monday to Friday from 8:45 a.m. – 4:45 p.m. Eastern Time at 1-800-667-0429. We’ll talk to you 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.


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