What does your provincial health insurance plan cover?
Provincial plans only cover “medically necessary” services, including those provided in a hospital. But several provinces have extended their program to prescription drugs or eye exams, for example. These benefits usually apply only to specific categories (seniors, children or people in need). Most of us do not cover a wide range of medical or health-related expenses.
Are your benefits at work adequate?
Do you have benefits at work? You might think that’s enough to make up for anything not covered by the provincial plan. But take a closer look. Antibiotics, orthodontic costs or eye surgery may only be partially reimbursed. And some basic plans simply don’t cover these medical needs. You or your child may need braces. However, this device costs on average between $5000 and $6000. The amount that your work plan may only cover half of. In addition, certain conditions may apply (deductibles, co-payments and annual or lifetime maximums). These restrictions can end up being expensive.
If you are in one of these situations, you may not have any benefits:
You are between jobs.
You are self-employed.
You accumulate temporary contracts.
How will you pay for your medical expenses in retirement?
Many people do not have an employer-sponsored pension plan. If you have one, it is unlikely to include medical guarantees. Many provincial plans cover prescription drugs, eye exams for seniors, or other expenses. But again, only under certain conditions. For retirees, the costs of medical care can become a significant financial concern.
How to reduce the financial stress related to medical care in retirement? You can start by looking at your health insurance options to find what’s right for you.
An advisor can help you see which insurance coverage is best for your situation. Find an advisor now.
What types of health insurance are available?
Several types of health insurance can complement your provincial plan. Here are a few you might consider in your financial planning:
Personal health insurance helps pay for medical and dental expenses not covered by the provincial plan. Everything can be covered depending on the method chosen (prescription drugs, glasses, root canal treatment, etc.). With this insurance, you reinforce the famous government safety net.
Can you afford to get sick?
Get a quote today. Want to apply for personal health insurance online? It is possible with Go SunLife. Find out now.
Critical illness insurance gives you a set amount of money if you are diagnosed with a covered critical illness. You can use this money as you see fit. There is a waiting period before payment.
How a severe illness could affect your finances. Discover the critical illness insurance calculator.
Video: What is critical illness insurance?
Long-term care insurance helps you cover medical expenses not covered by the provincial plan. This insurance can be valid for several months or years and generally offers two options:
You are reimbursed for your expenses.
You are paid benefits as income.
Video: What is long term care insurance?
Disability insurance pays part of your salary when you can no longer work due to illness or injury. But you have to be under 65 to qualify.
Seek professional advice
For your health, you seek advice from a doctor. To prepare your financial plan, you could, in the same way, seek the help of a professional. A SunLife Financial advisor can help. When you review your finances with an advisor, take the opportunity to review your health insurance. The advisor will give you the necessary information about health insurance and help you determine which one is right for you.
