Do You Need Health Insurance?

Close-up image of health insurance document, stethoscope and pills

Although our provincial health plan entitles us to basic healthcare services at no charge, there is a list of services that are not covered by the OHIP, which leaves many people and their families are not covered by the routine and/or emergency medical care. There are limitation to what are OHIP covers, and services that are covered today might not be covered in the future. Private health insurance ensures your protection from additional costs that OHIP does not cover, such as; 

  • Ambulance services (including transport and paramedic)
  • Prescription drugs
  • Home-care services 
  • Dental care
  • Fees charged by private clinics or facilities 
  • Vision Care
  • Assistive devices such as wheelchairs, or prosthetic devices

 

Health insurance, like any other types of insurance is a method of transferring your risk – risk associated with additional costs and risk associated with becoming critically ill or injured. 

With healthcare costs on the rise, the financial impact associated with unexpected illness and/or injury can be damaging if you don’t have enough coverage. Prescription alone can cost an average Canadian $1100 a year. Give yourself a peace of mind knowing you will be able to afford the care you and your family needs, when you need it with proper coverage. 

While insurance premiums may be unappealing to the healthy and fit, health insurance is still a necessity as no one can foretell what might happen in the future. Many Canadians believe that they don’t need additional coverage beyond what is provided by OHIP, so they are reluctant to buy supplemental health insurance – this is often a mistake. 

Don’t wait until you are sick or injured, as you may not be able to get the coverage you need on time. If you decide to get health insurance after an illness, you will be categorized under pre-existing conditions, and getting health insurance with a pre-existing condition can be more challenging than it would be for people in good health. So, even though that additional premium seems unnecessary while you’re healthy, getting additional coverage can help protect you and your family in the future. 

As healthcare costs continue to rise, by purchasing health insurance, you are protecting yourself and your family from unforeseen medical expenses. If you need help finding coverage that is right for you and your family, contact us today. Speak to our advisor to review the services and costs associated with each plan. 

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