Many young Canadians have insurance coverage through their parents’ plans. They’re listed as dependent children and as such, are eligible for full coverage as long as Mom and Dad keep paying their premiums. The problem is, once a dependent child graduates post-secondary schooling, they can no longer be listed under their parents’ plan.
If you’re a recent graduate, you’re probably in the midst of finding a job. Hopefully your new employer will provide benefits, but the reality is that many recent grads work part time with no health coverage. What happens if you get really sick or hurt?
Are you prepared to pay the cost of medication, potentially months of physio or chiropractic care, and other costs related to an injury or ailment? For most recent graduates, the answer is definitely not. The costs add up—and chances are you’re not in a position to absorb them.
If you find yourself wondering if it’s worth your while to purchase your own plan, keep reading and learn more.
The End of “Free” Benefits
If you were lucky enough to have insurance under your parents’ plan, there’s a chance you’re unaware just how much medical appointments and procedures cost. After all, how would you know, when you haven’t yet had to pay for anything?
If you had dental coverage as a dependent child, it was your parents’ insurance that paid for it. Or you may have had coverage through your student activity fees. Now that that coverage is gone, being handed a dental bill can be an eye opener.
Buying your own insurance plan can be considered a milestone. It’s like a rite of passage into adulthood, when you begin to pay for things yourself. You may not be getting everything for free, but at least you’re avoiding the huge costs of medical and dental fees. It’s the smart choice.
Alternatively, if your parents still wish to help you out until you find a job or have enough money to pay for a health and dental plan on your own, they are able to purchase coverage for you.
Do I Really Need Insurance?
Nobody ever plans to be sick or get hurt. When you’re young you feel invincible, so why bother getting insurance? If you’ve had insurance throughout your life, you likely aren’t aware of the costs associated with services you never thought twice about.
Are you aware of what is (and isn’t) covered by your provincial plan? If so, can you afford the cost of those new glasses you need, or that filling that needs to be replaced? While your regular doctor visits are covered, there are some diagnostic services that you would need to pay for yourself.
Without a plan, you’re taking a risk that doesn’t need to be taken. Consider all the things that you could have coverage for, but would have to otherwise pay for, such as:
- Prescription medication
- Basic and major dental procedures, including annual checkups
- Paramedical services such as massage therapy and chiropractic care
- Ambulance fees, crutches, medical items, and more
All of those things you previously enjoyed with coverage now come with a hefty price tag—one you can easily avoid by paying a comparably lower amount every month for a benefit plan. You may think you can do without those things, but if you get injured, you’ll wish you had something in place.
I’m Healthy, What Do I Need Insurance For?
Even healthy people get sick or injured. Even healthy people have dental problems. Your diet and exercise regimen could be spot on, but something could still happen to you. Accidents happen every day to absolutely anybody. And an unfortunate reality is that so do illnesses like cancer or diabetes.
Nobody plans for this, but there are ways to prepare. Is it really worth the risk of having no coverage? When you think about it, by spending a little money every month on an insurance plan, you’re potentially saving yourself thousands of dollars.
You Still Have Time, But Not a Lot!
Maybe you’re still transitioning from student to adult and aren’t quite ready to take that leap, but you don’t have much time to decide! If you have a health condition that requires ongoing care, you should get moving because in order to qualify for coverage for an existing condition, you have to apply for a new plan within 60 to 90 days of losing your previous coverage.
If you’re in general good health, you can take a little more time to shop around and think about your budget, as well as what kind of coverage you think you need. Don’t take too long, though. It’s important that you have insurance before anything happens.
You should have insurance just in case. Nobody wants to be saddled with a huge medical or dental bill because they didn’t think to get insurance. Now that you’re an adult, it’s your responsibility to take care of yourself, and insurance is something you have to think about.
Reach Out For Guidance
If you have no idea what kind of plan you need, you can always ask your parents what coverage you previously had. We also have plenty of customer service representatives who can walk you through the process and help you find everything you need, including the perfect plan for your budget and health and dental needs.
Call our office today and see if we can help you buy your first plan as an independent responsible adult; you won’t regret it.