Growing up, we dream about who we will be and what life will be like, but we never really seem to dream up the realities of “adulting.” Bills and budgets…these small money details become larger financial hurdles the older we get. Priorities and circumstances change, and things like supplemental health insurance can seem more important as time goes on.
It was okay when you rarely had to reach into your pocket to pay healthcare costs. But an accident, illness, having a family or just getting older may make those “little” payments a bigger concern.
There are lots of things to consider when planning to buy health insurance, and for many people, the cost is a big factor.
The good news is that there are many health insurance plans to fit many budgets!
Here’s how to do the math.
In order to estimate how much your health insurance will cost, you must consider the expenses that go with it: premiums and co-payments.
The premium is the regular amount that must be paid every month for the plan.
The other expense 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 the remaining 20%.
Taking 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 not to have it at all.
Each year, the government de-lists programs and services that were once covered, 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. Have a look at this Canadian provincial health plan article for more information.
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, 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 were to require 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 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 SBIS today and an insurance professional will guide you in the right direction. We will assess your personal situation, review your options, and give you a quote to help choose the best plan to meet your needs.