Choosing A Private Health Services Plan
Even though Canadians have access to universal health care, many Canadians like to supplement their health insurance with a private plan to ensure quick access to health services. A supplemental health insurance plan often includes dental and travel insurance that will help protect you in every aspect of your life. Most employers supply their employees with supplemental health insurance, but if you are self-employed or currently unemployed it may be worth it to look into the coverage that major health insurers like ScotiaLife financial, Scotiabank insurance, and BMO insurance can offer you. Here is a quick overview of the plans that the major health insurance players in Canada can offer you.
Perks and Cons of Choosing a ScotiaLife Financial Health Insurance Plan
ScotiaLife financial offers a variety of health plans that include emergency medical coverage if you are traveling and an opt-in for dental coverage. They are great choices for those who do not have an employer group plan or those who simply want to supplement their current coverage with a more comprehensive plan. You can apply for any member of your family or yourself so long as if you are between the ages of 18 to 64 and are a resident of Canada. You also need to be a customer of Scotiabank bank and covered by a provincial/territorial health plan.
If you meet these requirements, then you can apply for coverage with a ScotiaLife financial health plan. You receive low premiums as a perk of owning a Scotiabank insurance bank account. The plans differ in price depending on what province you live in but they generally feature the same benefits. For instance, the plan will cover 75% of all prescription drugs up to an annual cost of $10,000. Hospital services are also covered 75% as are paramedical care and medical services up to a lifetime maximum of $20,000. Vision care is offered as part of the ScotiaLife financial health plans after a year waiting period and you can add on dental insurance with a three-month waiting period.
Is the Manulife Flex Plan Right for You?
If you are looking for a competitive health insurance plan that includes enough benefits to make it worth looking at then you may want to take a look at the Manulife Flex plan. One benefit of choosing it is that it is renewable, which means that you can renew it every year at the same price. The price can only increase if you choose a different class of plan, not because your health situation has changed. Of course, the downside is the that the premium tends to be a bit higher than its competitors like BMO Insurance, but if you are looking for a plan that does not have caps on your health benefits, then the enhanced Manulife Flex Plan may be the right fit for you.
The ManuLife Flex Plan includes 80% coverage of all prescription drugs until you reach $2200, after that point it covers 100% of your drug costs. Hospital rooms are covered 100% for the first 30 days after which coverage drops to 50%. It includes both vision and dental insurance that is pretty comprehensive for a supplemental plan in Canada and also offers $400 for hearing aids every four years.
A Quick Guide to Critical Illness Insurance from BMO Insurance
BMO Insurance offers you a different way to look at supplemental health insurance. Instead of paying a premium so that you will have health insurance if you need it, you can sign up for the BMO Insurance Life Recovery Plus plan that will give you a lump sum of cash that will help you if you get critically sick. Unlike a health insurance plan, you can use the cash payment to take care of your bills in any manner. This can help you cope financially while you are recovering from a heart attack or seeking out treatment for cancer. After all, if you are the main source of income in your family you will have more expenses than just medical looming in front of you.
The way this BMO Insurance plan works is simple: 30 days after diagnosis you will receive a cash payment based on the level of plan that you choose. If you choose the basic plan you will receive $6,000 and if you choose the enhanced plan you will receive $12,000. Both plans are tax free and you can choose to receive monthly cash payment if this will help you budget better. In addition, you can get cash payment for surgery within two years of when you are diagnosed in addition to your benefits with total cash benefits that can reach up to $50,000 or $25,000 based on the plan you choose. While it is not health insurance, signing up for a critical care plan like the one from BMO Insurance can help secure your financial future if you fall sick.