Reasons to consider getting supplemental health insurance in Canada

5 Reasons to Consider Getting Supplemental Health Insurance in Canada

Posted by on Jul 04, 2022 in General Category

The Canadian government is renowned for providing its citizens with health insurance through their province or territory.

However, this does not mean that the government covers 100% of all health needs and medical treatments.

If you rely only on government plans, you may find yourself left without coverage when you need it the most. While provincial health insurance provides Canadians with a certain degree of protection, it’s not comprehensive.

Wide gaps in government-provided health and medical coverage leave Canadians vulnerable. Supplemental health insurance plans are the best way to ensure yourself and any dependents will be taken care of in these situations,

If you’re still unsure if additional health insurance should be a priority, this article offers five reasons why you should consider getting supplemental health insurance.

1. Provincial health care plans do not cover everything

What is covered?

Most provincial plans offer basic coverage for a selection of essential medical services, which can vary considerably depending on your province. The following services are usually free under provincial health care plans:

  • Doctors’ visits
  • Emergency room treatments
  • Hospital stays
  • Hospital accommodation and food
  • Certain prescription drugs in a hospital
  • Hospital dental surgery

What is not covered?

It’s worth noting that some of the benefits mentioned above cover only specific demographics, including seniors, children, or those in need.

Also, most of the elderly population has health care needs that go beyond just the essentials.

This means that for many of us, an extensive range of health expenses are uncovered by provincial health care plans, including:

  • Prescription drugs outside the hospital: Some exceptions exist, including those on a low income or over 65. However, the program only covers a limited number of prescription drugs. You will have to pay the full amount if it’s not on the list.
  • Dental treatment: Most provincial plans do not cover dental services, even though it can be one of the most significant health care expenses for the elderly.
  • Physiotherapy: This is rarely covered by provincial plans, especially if you are under 65.
  • Other health-related expenses: You will likely have to pay out of pocket for eye care, various forms of therapy, rehabilitation, medical equipment, and more.

2. There is no guarantee that you will remain healthy

This may sound morbid, but everyone, including the young and healthy, can develop a chronic illness, get injured, or have an accident.

Unfortunately, OHIP and health care plans from other provinces do not cover all expenses.

Private health insurance helps protect you from the financial burden of unforeseen medical expenses.

You shouldn’t need to worry about how you will pay for treatments when you are injured or ill. The right health insurance policy gives you peace of mind in knowing you are protected.

3. Health care costs are rising

According to a recent article by the CBC, out-of-pocket healthcare expenditures have been steadily increasing for the last 12 years.

It’s no secret that the cost of living is rising, and there is no reason to believe that health-related expenses would be an exception. While you may be able to manage your current health care expenses now, you may be in for a shock in the future.

4. People of all ages can benefit from private health insurance

Many Canadians wait until they are older to explore private health insurance options. However, it is a common misconception that additional health care won’t be needed until this time.

The truth is that there are no guarantees, and you are never too young to ensure you’re protected with additional insurance coverage.

Health plan premiums are often much lower when you are young and healthy. By being prepared now, you are ensuring you have access to the medical care you require when you need it.

5. You can customize your coverage to suit your needs

Personal health insurance is a valuable investment in your long-term health and future.

Unlike provincial health care plans and company group benefits, you can craft a private health coverage plan to suit your exact needs and budget.

Your coverage may include:

  • High coverage limits for prescription drugs
  • Routine and complex dental treatments
  • Reimbursement for paramedical and ambulance services
  • Orthodontic dental treatments
  • Long-term care
  • Upgrades to semi-private or private hospital rooms
  • Extension to spouses and dependent family members

This flexibility is ideal as it allows you to adapt your coverage to suit your specific needs and unique situation.

The healthcare plan that suits a family of five won’t cover the same things as a person living alone or a retired couple needing additional medical coverage.

Custom insurance plans also offer safety and peace of mind for any health conditions you may be living with and guarantee that you won’t be left without funds if you need unexpected treatment in the future.

Do you have a question about your health insurance in Ottawa?

Our insurance experts at Oegema, Nicholson & Associates can help. We are here to work with you to craft a custom personal health and dental insurance plan that suits your unique needs.

For more information on how you can start proactively protecting your long-term health, call us at 613-704-7766 or contact us here.

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