A new poll suggests that 40% of Canadians are worried about losing their jobs as many businesses scale back hiring plans in response to the trade war with the United States. The Leger poll, which sampled more than 1,500 Canadian adults from March 7 to March 10, 2025, suggests that more than half of workers in Ontario were concerned about job security.
Losing a job is hard. Even if you know it is coming, it’s still a shock to the system. Regarding your health insurance, it’s important to see what provisions were made for it in your severance package as your benefits may continue for a short period after your employment ends. In other situations, your coverage will end immediately.
You and your family depend on health insurance coverage to cover the cost of healthcare expenses not covered by your government health plan. You can take steps to ensure your family has health insurance coverage, even if you are confident in finding a new job with benefits. Here is how you can do that.
When you lose your job, you lose your health insurance benefits
It’s time to look into your health insurance coverage situation. Questions you need to ask yourself include:
- If you had group insurance coverage at your old job, are you still covered under your benefits plan during a transition period?
- When you get a new job will there be health insurance benefits? And can you wait the 60- or 90-day waiting period before they do start?
- Assuming you do get health coverage in your new role, will it be enough for you and your family?
You may wonder “What’s the rush to get health insurance coverage?” and that’s a fair question to ask. It’s urgent because if you don’t have benefits, or your coverage is inadequate, you can apply for ‘guaranteed’ health and dental insurance coverage if you apply within 90 days of losing your group coverage.
Many people believe if they are currently taking prescription medication to manage a chronic health condition, they won’t qualify for health insurance when they lose group insurance benefits. This is not necessarily the case! There are guaranteed issue policies that are available to help those with a pre-existing condition get the insurance coverage they need. Again, these policies are generally only available to those who apply within 90 days of losing group benefits.
When you’re looking for a new job, if something happens to you or someone in your family, the last things you want to worry about are hospital stays and prescriptions on top of the ebbs and flows of your finances.
When you have individual health insurance you can keep it for life – regardless of your employment status
When you have individually owned, or supplemental, health insurance in place, it is guaranteed to be renewable for life. A guaranteed renewable policy safeguards you from having your policy cancelled by your insurer as long as you continue to pay the policy’s premiums.
- You will be covered regardless of your age.
- If you develop a health condition that needs ongoing treatment, your policy will remain in effect.
- You will be able to renew your policy even if you have made significant or multiple healthcare claims that are within the policy limits.
Once you have your individual health insurance in place, you are eligible to renew it every year – for life. But how do you know it’s going to continue to meet your needs 5, 10, 20 or even 30 years from now?
Even though your plan renewal is guaranteed year after year, your insurer can make changes to your premiums and benefits from one year to the next.
- As the cost of healthcare rises over time, your benefit maximums premiums may increase
- If your government health plan changes what is and isn’t covered, your private health insurance will adjust
- Premiums may change annually as benefits covered and healthcare expense costs change.
You always have the option of changing your plan – and you should reassess your needs versus your plan benefits every few years.
Read this article for great tips on how to best maintain your policy year after year (for life!).
Having health insurance enables you to offset out-of-pocket healthcare costs
Compared to government coverage, your supplemental health insurance offers more comprehensive benefits for a broader range of products and services, including:
Prescription drugs
While some provinces provide pharmacare programs for seniors, children and youth, the number of drugs covered is limited. Private health insurance plans can cover thousands more drugs than those offered under provincial plans.
Dental care
Government provided dental insurance helps offset the cost of basic dental care, but specialized care may cost thousands, but with insurance coverage the out-of-pocket cost would only be a portion of the total.
Vision care
While most provinces cover the cost of eye exams for children and seniors, the cost of prescription glasses or lenses is not covered. Health insurance can help families with eyewear costs.
Alternative and complementary therapies
For various health problems you may benefit from massage, physiotherapy, or chiropractic care. Speech therapy or mental health counselling may be needed. Over the years, these can amount to thousands of dollars.
The cost of maintaining you and your family’s good health can add up quickly. Purchasing a supplemental insurance policy can help protect you from these out-of-pocket expenses.
Don’t worry. There is a health insurance plan for you.
The best way to prepare for a change in your occupation status is to get all the information you need. For information on transitioning your work and your health benefits, read these great articles:
- Changing Jobs? Make Sure You’re Covered
- Help! I Don’t Have Workplace Benefits. Can I Get Health Insurance?
You can put your health insurance in place now to ensure that you have health coverage in place when you need it, and you can be set for life.
Get started by applying online today at SBIS. Your individual benefits may tax deductible. Be sure to speak to your accountant for more information.
And if applying for health insurance seems complicated, at SBIS we can help you understand how small differences between policies can affect your insurance outcome and help you choose the right plan for your needs and budget. Contact us today to get started.
