Custom Individual Benefits
Losing your job or deciding to pursue your own commercial endeavor does not have to leave you without comprehensive coverage. More and more Canadians are finding that their Provincial plans are not sufficient for covering all areas of personal needs. Major increases in demand, funding shortages and cutbacks have left people from all walks of life scrambling to pay for various services that are not provided by the government. Choosing to secure individual benefits is now an essential action for those who are no longer privy to group policies from their places of employment.
Keeping Your Smile Bright And Getting Your Eyes Checked
In order to maintain a healthy smile and keep up with routine eye examinations, eyeglass and lens replacements, it is vital to have proper access to the right medical professionals. Having extended health coverage will allow you to access treatments and facilities that might not otherwise be available to you, even when you desperately need them.
Planning For Your Golden Years
When assessing the shortfalls of Provincial coverage, the provisions that are made for the rapidly expanding senior demographic are currently less than adequate and yet, diminishing everyday. There simply is not enough money to meet the needs of the aging baby boomer population and thus, seniors are subject to long waits and tiresome,annual evaluations to ensure that their subsidies match their actual needs. In addition to these things, there are fewer choices in facilities that these individuals can use and lengthier waiting periods to qualify for in-home care. With individual benefits, it becomes much easier for elderly adults to effectively manage their retirement monies while maintaining consistent access to the services and treatments that are necessary for enjoying an acceptable quality of life
Disability insurance is usually a good option for most employees, but it can be even more important for self employed workers. Disability insurance is completely different from social security benefits offered by the Canadian Pension Plan, which only provides benefits if a person is totally disabled, not partially. This sort of insurance protects a person’s wages in the event that a worker is disabled and unable to perform their core responsibilities while on the job.
There are several kinds of disability insurance, but there are two types of disability insurance that people are most commonly aware of: Individual Disability Insurance and Group Disability Insurance.
It is imperative for employees and self-employed individuals to acquire disability insurance. In the chance of being disabled, the insurance can help an individual and their family be guarded against unexpected medical bills and assist them in putting food on the table.
Critical Illness Insurance
If you reside in Canada and have the basic province health coverage, you may think it is enough, but is it? If you became critically ill, would it be enough? The basic coverage will not pay for all of your critical care needs. This is why it is beneficial to purchase a critical illness insurance policy.
Having extended health benefits or disability coverage offered by an employer may not be enough to cover the costs of care. It’s important to understand what your current policies cover and what the maximum amounts are. When a serious illness strikes, treatments and hospital care can become very expensive in a short amount of time.
There are several features of the critical illness plan including:
- Lump sum payments if you become critically ill
- Apply for the amount of coverage that is right for you and your family
- Premiums are based on age, current health, family health history and other factors
For peace of mind, buying a critical illness policy offers protection for you and your loved ones.
Extended Health Insurance
If you are between the ages of 18 and 60, living in Canada and currently have provincial health coverage, you qualify to apply for extended health benefits. This plan helps to cover the many gaps that the provincial insurance does not cover such as prescription drugs, hospital benefits, and specialist’s coverage.
While Canadians have provincial health coverage, it is a basic plan. The extended plan offers additional protection for individuals and their families
Having this extended coverage offers 80% of major medical expenses that are reimbursed and includes the following:
- Hospital benefits of $100 per day maximum for a semi-private hospital and there is no deductible for this benefit
- Hospital stays for convalescent reasons is covered at $20 per day for a maximum of 180 days, there is no deductible or coinsurance
- Prescription drug coverage. This include generic medications and vaccines
- Emergency travel hospital coverage that pays 100% for treatments and hospital stay if you are traveling outside of your province
Buying dental insurance is a cost effective method of reducing the costs of dental visits. Even if you are diligent with your dental hygiene practice, you may find yourself in a costly emergency dental situation. Having adequate dental insurance will reduce your per visit costs and greatly reduce the cost of common dental procedures.
Dental insurance will not only cover routine expenses such as x-rays and teeth cleaning; it will also reduce the cost of procedures such as root canals and fillings.
If you do not have dental insurance, it is time to consider buying dental insurance. The majority of dental professional in Canada expect to be paid at the time of your visit. Dental insurance will help you get the services you need, while keeping you out of debt to your dentist.
Prescription Drug Insurance
Having health insurance may not be enough to pay for the additional expense of prescription drugs. While your medical treatment may be covered by your health plan, the cost of prescription drugs may be an additional financial burden. Many health plans in Canada limit the amount of assistance you will receive to cover prescription drugs. To offset the lack of prescription benefits your health plan provides, it is recommended that you obtain a prescription insurance plan.
Many health plans in Canada do not cover all prescription drugs or have minimal drug benefits. In many cases, common drugs are not covered by the plan. Prescription insurance will provide you with additional benefits that will cover, or significantly reduce the costs of your prescriptions.
For a low monthly fee, you will have peace of mind knowing that you can afford the medication you need. You will not be limited by your health plan. You will be able to buy necessary medications from the pharmacy of your choice. In addition, you will not have to worry that your medication is not covered by the plan.
Prescription insurance is affordable and it will ensure you are never without your medicines
Long Term Care Insurance
How Long Term Care Insurance Will Help
This type of coverage helps people to reduce their living costs by ensuring that home care or private facility care is covered. Rather than using up your retirement monies to secure the services you need, you can rely on a quality plan to help you obtain assistance for yourself or for your aging loved ones. These plans can provide financial protection for as long as you need, whether for a few years or several decades. Ultimately, this coverage is essential for enjoying a high quality of life and for retaining control over your own finances during your later years.
What To Look For When Binding Long Term Care Insurance
There are a few features that seniors and their family members should look for when binding long term care insurance. These includes unisex rates, no comprehensive medical examinations and no additional fees for tobacco users. Taking the time to research and secure coverage will help you to retain your independence and your health, irrespective of any unfortunate surprises that might come your way.