Get Out Your Calculator
In order to estimate how much your health insurance will cost, you must consider all the expenses that go with it: premiums, deductibles, and co-payments.
The premium is the regular amount that must be paid in order to purchase the plan, which you will pay every month.
A deductible may also apply in your case. This is a specific dollar amount you are required to pay before the insurance carrier will begin to contribute. For example, if your plan has a $100 deductible, you must pay that amount toward your treatment costs before your insurance plan will cover anything, but not all plans have deductibles, so be sure to find out if yours does.
After your deductible is paid, the third thing you must think about is your co-payment. Most plans require that you pay a portion of the cost of your treatment. For instance, if your plan pays 80% toward the cost of prescription drugs, you are responsible for paying for the remaining 20%.
Taking all three of these expenses into account will give you a better idea of the total cost of your health insurance plan. Don’t get overwhelmed — it’s actually a lot cheaper to have insurance than to not have it at all.
Each year, the government de-lists programs and services that were once paid for, leaving you responsible for the costs. If one of the services you use was previously covered by your provincial plan, and subsequently gets de-listed, you’ll be responsible for paying the total cost associated with your treatment — unless it’s covered under your health insurance plan.
Your provincial plan will cover some things, but rarely the entire amount. With the exception of hospital services and doctor visits, your provincial plan pays a sparing amount of services. Quebec’s plan, Regie de l’assurance maladie details its coverage on its website.
Don’t Pay the Wrong Price
If you do not have a health insurance plan, depending on the extent of your illness or injury, the costs could be in the hundreds or even thousands for out-of-pocket medical expenses. One injury could have devastating financial consequences for you and your family if you are not properly covered.
For example, if you were in an accident, or unexpectedly injured yourself, you may require prescription drugs or special equipment. Without health insurance, the cost of these things could add up to the point where they are unaffordable.
Similarly, if you required several massage therapy appointments, at roughly $85 per visit, you’d be paying quite a lot of money out of pocket.
There are several Canadian health insurance plans available to you, offering varying benefits, premiums, deductibles, and co-payments. You can find one that fits your budget and provides the coverage you and your family need.
One of the best ways to find a plan is to contact us today and an insurance professional will guide you in the right direction. They will assess your personal situation, review your options, and give you a quote to help choose the best plan to meet your needs.