It’s great to have health insurance benefits through your employer. But in reality, that’s a perk only some Canadians enjoy, and one that only lasts a few years of our lives. So how do you ensure you have protection against the high out-of-pocket costs of healthcare all of your life? By ensuring your own personal individual health insurance is in place.
Your individually owned health insurance is guaranteed to be renewable. A guaranteed renewable policy safeguards you from having your policy cancelled by your insurer as long as you continue to pay the policy’s premiums.
- You will be covered regardless of your age.
- If you develop a health condition that needs continual treatment, your policy will remain in effect.
- You will be able to renew your policy even if you have made large or multiple healthcare service claims that are within the lifetime maximum allowable.
Once you have your individual health insurance in place, you are eligible to renew it every year – for life. But how do you know it’s going to continue to meet your needs 5, 10, 20 or even 30 years from now?
Even though your plan renewal is guaranteed year after year, your insurer can make changes to your premiums and benefits from one year to the next.
- As the cost of healthcare rises over time, your benefit maximums premiums may increase
- If your government health plan changes what is and isn’t covered, your private health insurance will adjust
- Premiums may change annually as benefits covered and healthcare expense costs change.
You should reassess your needs versus your plan benefits every few years.
Read this article for great tips on how to best maintain your policy year after year (for life!).
We know that you are normally on time and organized. But you never know when family, health or work issues may cause you to slip up and miss a premium payment.
Late payments are one of the most common mistakes people make.
But don’t forget, making sure your payments are made on time is vital to keeping your health insurance plan. If you don’t pay your premium, you could lose your coverage.
Typically, health insurance policies include a grace period of 30 days for each premium payment except the first one. During the grace period, your insurance remains in force and premiums continue to be payable by you.
Put your health insurance in place now…and you can be set for life. Get started by applying online today at SBIS.