There are a range of personal health insurance products and providers out there. How do you decide which is best for you and your family?
Having an employee benefits package is a workplace perk that is highly valued and appreciated. In fact, a 2015 survey showed that 77% of employees would not consider moving to a new job if the employer did not offer health benefits. And while our provincial health care program covers many medical costs, if you don’t have health benefits, you may be left to pay for expenses such as:
• Prescription drugs
• Eye exams
• Paramedical services
• Transportation by ambulance.
So what do you do if you are self-employed, retired, employed somewhere health benefits are not offered or recently unemployed? We can help with that.
There are a range of carriers and products available today, and together we can find something that meets all your needs. Today, insurance providers offer both guaranteed issue plans and medically underwritten plans, each having their own pros and cons.
Guaranteed issue plans do not require medical exams or underwriting questions, so you can qualify even if you have a pre-existing condition. Often the annual maximums for coverage are a bit lower than the medically underwritten plans, and premium amounts could be higher, but guaranteed issue plans are great options to fill the gap between provincial health care plans and what you pay out of pocket.
Medically underwritten plans can offer higher maximums and co-insurance rates by having you answer some medical questions regarding your health and history. These plans are great for the self-employed, those who don’t have health benefits offered through their employer and families.
If you’re in the market for a personal health insurance plan, give us a call. We can do a needs analysis to help determine which carrier and product will be right for your family, and the application process is often online, with quick approval notices.