Did you know that you already buy Health Insurance? That’s right every year as a Canadian you pay for your extended health benefits provided by OHIP, just check out your last tax return and you will be able to find out what premium you pay on a yearly basis.
For as long as I can remember, Canadians have said that Heath care is one area that they are happy to have better than their US counterparts. But does your Provincial health plan cover as much as you think? And what about your employee benefits at work?
According to a recent report from Sunlife, “A substantial number of Canadians surveyed in the 2013 Sun Life Canadian Health Index believed they wouldn’t need to pay anything at all for medical costs such as physiotherapy, living in a nursing or retirement home, or prescription drugs. The fact is, however, that provincial health plans are mandated by the Canada Health Act to cover only “medically necessary” services such as those provided in a hospital.”
Understanding Health Care in Ontario is a great resource for finding out who can access a variety of health care services in your community. Knowledge is power and everyone should know what is covered and what is not. The most at risk demographic is of course is our growing and aging population. Reported in the, “2014 Sun Life Canadian Health Index found that two-thirds of Canadians are worried about their health deteriorating as they age, but only one-fifth had saved money or otherwise planned financially to deal with the cost of poor health.”
Retirement Planning should include not only include travel itinerary, vacation spots, living arrangements & income sources but just as important is insurance that will cover these gaps. The top five concerns are:
Extended Health Insurance - Covering things left out of your Provincial Plan.
Critical Illness – A lump sum benefit designed to cover ongoing medical expenses during recovery from a major illness.
Long Term Care – Designed to assist those who can no longer able to look after themselves
Disability Insurance – Pays a percentage of your salary if you are still under 65 and have been previously working.
Travel Insurance – Is another form of health care coverage for when you are out of Province.
As with your finances, it is just as important to review your coverage with an independent advisor from time to time to ensure that you have the right products for your current life style.
To learn more about your options download one of these free guides.
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