Since health events can happen at any time to any one, it is important to make healthy decisions and take care of yourself. Although the Government of Canada provides some benefits towards medically necessary services provided by a physician or in a hospital, there are a multitude of additional services that are not covered. To ensure you do the best possible job to protect your well-being and financial future, personal health benefits are your best option. They allow for affordable access to health care services, more control over the quality of care you receive, more flexibility than employer benefit coverage, and they also prevent you from having to dip into your savings or investments to cover medical costs.
Personal health insurance (PHI) is most ideal if you do not already have health coverage to manage health expenses; but, it’s also a viable option if you already have a health insurance plan through your employer to get more comprehensive coverage for yourself. PHI plans exist to fill in the gap between what the Government and your employers cover and what is not covered, so you can have access to the medical services you need. For example, PHI plans cover most unexpected medical emergencies and health care expenses government plans do not. Plus, dental care coverage can be added as an option to most PHI plans – expenses that are not at all covered by the Government. Examples of expenses PHI plans cover include prescription drugs, semi-private or private hospital rooms, ambulance services, in-home nursing services, medical appliances and special equipment, emergency travel medical coverage, medical or paramedical services, vision care (such as optometrist services, glasses, and contacts), and even artificial limbs.
When you have a PHI plan, you are reimbursed for the portion of services that is either not covered or partially covered by your provincial or private (company’s) plan, up to a specified maximum amount. Plus, if you’re self-employed, part of the premiums for your PHI may be deductible as a business expense. Discuss your PHI plan options with us to be best informed of what is available to you and what your options are.