Is extended health care insurance right for you?

November 23, 2014

Extended health care insurance will supplement your provincial coverage and will provide you with care that deals with services outside of the standard.

Adding this extra insurance might be a good idea if you're financially able to support the decision. General medical insurance will cover the basics, but it won't cover all costs and does not anticipate all medical situations.

Is extended health care insurance right for you?

What does extended health care insurance do?

Like many insurance plans, extended medical insurance provides peace of mind. By supplying individuals with medical services outside of provincial coverage - dental care, physiotherapy, vision care and much more - this additional insurance covers the cost of the unexpected, maximizing safety and health while minimizing risk.

Extended health care insurance also plans for potential services based on your family's medical history. For example, if pancreatic cancer is prevalent in your family, you'll be covered should you ever be diagnosed. And what about other expenses related to your illness? Missed wages, for example, would be covered with this type of insurance.

Who should take the next step?

For those with high-deductible insurance plans, extended medical insurance might be a good decision. High-deductible plans guarantee lower monthly premiums, which is appealing with increasing health care costs, but this means the out-of-pocket costs will be higher. Organizing a supplemental plan can help pay the deductible if you are eligible for the coverage.

How do you make the decision?

An individual plan generally costs around $12 a month. Family plan costs are a little higher at $20 to $30 a month. These plans vary between standalone packets and extensions of existing plans. If you are trying to decide whether or not to go for a supplemental plan, calculate how much your deductible and out-of-pocket costs might accompany a visit to the hospital. Compare this to the cost of adding an extended health care plan to your insurance.

When considering the option of extended health care, try to think in terms of risk management. Weigh the costs, acquire different estimates and decide what would work best to significantly lower potential risks. An insurance decision like this will save you a lot of money if you find yourself with a dental or vision problem, for example, or in need of physiotherapy or any other specific treatment that is not covered by your general medical insurance plan. To ensure a financially secure future for you and your family, you may want to consider extended health care.

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