The majority of Canadians benefit from the country’s publically funded national health insurance program, and therefore are provided with basic coverage for doctor and hospital services. While the national health insurance program is designed to ensure we have access to the “medically necessary” services provided by our doctors and hospitals, each province and territory may offer additional benefits under their respective health insurance plans.
Those plans are funded and delivered by the terms of the governing province or territory. (Click here for more information about Canada’s Health Care System).
Canadian insurance coverage can vary considerably by province and territory. Even with group benefits paid for by their employer, an individual may find themselves needing supplementary insurance benefits. Purchasing additional insurance offers Canadians access to more comprehensive coverage, and ultimately, peace of mind knowing they are fully protected in the event of an extended hospital stay or life threatening illness.
The most popular types of supplementary insurance in Canada are:
Critical Illness Insurance
A critical illness not only has a long-term impact on your life – it also affects your financial and retirement goals. Additional financial stress is the last thing someone recovering from a major health issue should face – that’s why critical illness insurance is one of the fastest growing sectors of the Canadian insurance market. If you do get diagnosed with a specified critical illness, your benefit is payable to you as a one-time lump sum payment – helping to alleviate the costs associated with medical treatment and recovery.
Hospital Stay Insurance
Illness and accidents can happen without warning. If you end up spending time in the hospital, you could be faced with unexpected medical costs not covered under your provincial health care plan. Ambulances, semi-private rooms, and everyday living expenses (baby sitting or housekeeping services, and travel to and from the hospital) often cost more than we expect. Hospital Stay Insurance provides you with up to $100 per day for each full day of hospitalization.
Health & Dental Insurance
While many provincial health plans cover major health costs that could affect the lives of Canadians, they may not cover items like prescription medication, physiotherapy, or dental hygiene. Without insurance protection, medicine and treatment from a medical or dental professional can become quite expensive. Supplementary health and dental insurance plans allow you to be sure that you’ll be able to provide for yourself or your family member should they fall ill.
Do I need to purchase supplementary health insurance? That’s ultimately up to you, and depends primarily on your current financial situation. If you have more than enough money to cover the costs associated with a critical illness, accident, or hospital stay without dipping into your retirement savings, you probably don’t need additional health insurance. The majority of Canadians purchase supplementary health insurance as a way to help alleviate potential financial pressure should their life be affected by illness.
Contact Canada Protection Plan today to find out if a supplementary health insurance plan is right for you.
