Individual health insurance (as opposed to group health benefits) is a very important purchase consideration for Canadians. It’s an investment that will help to protect you and your family against rising health costs now and in the future. As you may well have seen in Canada, the provincial insurance plans are gradually cutting benefits so that it’s critical for you and your family to prepare yourselves by purchasing your own individual health and dental plan in the event that provincial funding is cut even further.
If you currently have group health coverage through your employer and are used to having your dental bills, massage therapy appointments and medications covered, imagine what it might be like having to pay for these expenses out of your own pocket. Then, imagine what it might do to your savings account if you were to become ill and require expensive medications for the long term or even the rest of your life. If you’re not covered by a group plan, then it’s important to have some kind of individual health plan to cover these often unplanned expenses.
You should consider purchasing an individual health benefits plan while you are in good health rather than waiting until an illness dictates the need for insurance coverage because you may find that you’ll have difficulty getting approved. As with any type of insurance product, the company’s goal is to provide their clients with protection against future events. For example, if you’ve had a series of car accidents and then go to your insurance broker to purchase car insurance, you will either be declined or your premiums will be very high. The same holds true for health insurance. If you’ve already got a serious illness and you’re applying for a medically underwritten plan, you will probably find that the insurance company will exclude coverage for that specific health condition or decline your application altogether.
It’s for this reason that it’s important to buy health insurance when you’re in good health, even while covered by a group insurance plan. If you are currently on a group health insurance plan, you can bet that at some point, you won’t be. Your group health benefits will end when your healthtipsae ends. Typically, a person’s group benefits end when they reach the age of retirement. By then, most people have developed at least some health challenges such as high blood pressure or high cholesterol. Sadly, many people are shocked and dismayed to discover that they will not get coverage for these conditions under an individual health insurance plan that they pay for themselves. As mentioned earlier, an insurance company’s goal is to protect you from potential risks that may arise in the future and not risks that have already occurred. In other words, “you can’t buy home insurance when the house is already on fire”.