The year-over-year change in prices in Canada is outpacing gains in wages, meaning Canadians are facing inflation and a strain on their budgets. What if you or someone in your family unexpectedly need healthcare not covered by your government plan? How will you manage that financially?
Having health insurance helps you prepare for unexpected healthcare costs you face when an illness or injury happens to you, your spouse, or your children. Knowing your finances are protected from out-of-pocket healthcare costs that can add up like prescription drugs, dental care, visits to a therapist or even nursing care is real peace of mind especially in inflationary times.
Health insurance is a secure financial cushion
If you need an “emergency backup” for when things like major dental costs get out of hand as the children are growing, or you are concerned about high healthcare costs that may result from an accident or illness, individual supplemental health coverage acts as your financial safety net.
Investing in health insurance is not self-indulgence when managing your money carefully, it is self-preservation.
You should consider purchasing health insurance if
- you don’t have health benefits through your employer
- you’re losing your group coverage
- you’d like additional benefits not offered by your employer’s plan or your province’s health coverage.
Having health insurance will help you two ways
- you can select a plan with monthly premiums that fit your budget, making health cost budgeting easier
- by using your health insurance benefit card, you won’t have to dig deep into your wallet to pay for common healthcare expenses after your visit to the dentist, or pharmacist (or maybe not at all).
Doesn’t that make the prospect of facing healthcare appointments a little easier?
Personal health insurance coverage can serve as a financial cushion when prescription drug costs add up because of a chronic issue. It also covers any ‘gaps’ between those times you have group health insurance through an employer and those times that you don’t.
Health insurance can help you save money too
Supplemental health and dental plans are also loaded with ways to help you save on healthcare costs and more:
- With Green Shield Prism health insurance, you have access to digital service options like Maple (telemedicine), Inkblot (mental health support), MindBeacon (iCBT program), Phzio (physiotherapy), and SmileDirectClub (orthodontic treatment). Some solutions may be partially or fully covered under your benefits plan – and, where solutions aren’t covered, as a Prism plan member you still have access to the discounted rates.
- Manulife Vitality is available to new applicants on FlexCare and FollowMe plans and offers an interactive, personalized wellness program that rewards you with savings up to 10% on your (and your family’s) health insurance premiums, and also gives you discounts on services like hotel bookings and gym memberships and gift cards!
- GMS Personal Health plans offer LifeWorks at no extra charge, an award-winning total wellness program that can help you improve your mental, physical, financial, and social wellbeing using a wealth of resources and tools through an app, by phone, or on your desktop. You can improve your financial wellbeing with savings on everyday purchases as well as important life events like getting married, vacations, or purchasing a home or car. You can enjoy thousands of gift cards discounts up to 12%, in-store and online coupon codes as well as cashback offers paid directly to you.
As costs change, take steps to review your health insurance
It’s not realistic to think that health insurance costs will remain the same forever, but health insurance is a solid step to protect your annual household budget against inflation.
To lessen the impact of inflation – go back to the basics. Take a look at your health and dental coverage and review that they continue to meet your needs. Use these tips to help.
And remember while prices are rising for just about everything, it’s the job of health insurance providers to be there for you and to keep your costs reasonable.
Let SBIS help you face inflation
Don’t let the worry of big healthcare costs get in the way of your good health management. Take the time to put health insurance in place, and then use it. At SBIS we make selecting your coverage simple. The only requirement is that you must have provincial health coverage to apply. Our specialists are available to help you – so take your health off “hold,” and call us today
SBIS is a health insurance broker — our specialists can save you time and money while helping you understand the details of a policy. We are well educated in over 40 different individual health and dental plans across Canada which we can easily compare the advantages and costs of each for you. But if you’ve spent the time, done the research, compared a variety of policy types from different health insurance companies, and understand all the terminology, buying directly from the provider may be a good option for you. That’s why SBIS will even assist you with that option when you use our handy online quote and application tools.
At SBIS we understand that choosing to call our experts or to go online depends on your personal preference. So, remember: if you are starting out, have undergone a significant life change or don’t know much about insurance, with just one call you can get the help you need to quickly and confidently purchase health insurance. What could be easier?