MEDICAL AND DENTAL INSURANCE
A majority of Canadians (about 60% nationally) have private insurance/third-party insurance for prescription drugs as part of the group health benefits provided by their employers. Most plans also cover their employee’s family/dependants.
Private insurance plans can differ greatly in terms of the coverage they provide, deductibles, the extent of coverage and caps. Most plans include core benefits for accidental death and dismemberment, vision/glasses, extended health care, travel orthopedic shoes, travel, and extensive dental work with recall exams every 6 months.
Medical insurance plans are extremely difficult to compare on your own. There are hundreds of medical insurance companies with many different types of plans. Each plan has different deductibles, different costs, and out-of-pocket expenses.
- Deductibles – Make sure you know the deductible for the plan you are applying for. A deductible is the amount you have to pay before any medical insurance benefits are paid. Generally plans with lower costs have higher deductibles and plans with higher costs have lower deductibles.
- Out-of-pocket expenses – Even when the deductible is paid certain other expenses may not be covered. These are called out-of-pocket expenses. These expenses may include certain types of dental operations, certain types of drugs etc.
- Different costs – Be sure your agent includes all applicable costs on your medical insurance quote.
The only way to determine which medical insurance plan is the right one for you is to do a properly prepared medical insurance quote for each company.
Something to think about!
What if you were struck with an illness and your medication costed you upwards of $20,000 per year?