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Individuals without health and dental benefits are subject to expensive fees for certain treatments. These costs are magnified when they involve a family. Most employers offer a taxable benefit program to partially offset these expenses however certain business sectors do not. And, it is rare that company benefits will cover all of the costs associated with healthcare and dental treatment.
Even though the provinces of Canada are among the world leaders for providing health care benefits for their citizens, several treatments are not covered or have been eliminated over the years. For instance, Pharmacare1, British Columbia’s health insurance plan does not cover many of our simple necessities such as prescription eyeglasses, wheelchairs or hearing aids. For those that do not have employee funded benefits, these costs can add up quickly.
In Ontario, one third of employees2 do not have any employer funded benefits and the majority are low income workers that make it doubly hard to afford their basic needs. A study conducted by the Wellesley Institute revealed that ‘the vast majority of those in precarious or low-wage jobs do not have employer-provided health plans and are sometimes ineligible for government funded benefits’. Steve Barnes, Policy Analyst at Wellesley says, “We know that not having access to those services can have significant health impacts.”
Affordable coverage is available for those who are retired, unemployed, employed without benefits, self-employed or just in need of supplementing their current coverage. Insurers are usually flexible in taking your individual requirements and building those into your policy. A few of the core benefits available are:
If you already have a benefit plan through your employer or an insurer, approval for extended health care benefits are usually automatic. In some cases, a medical questionnaire must be completed prior to approval.
A family of four can obtain extended health and dental benefits for a rate that would be a fraction of their monthly grocery budget. Considering twice a year visits to the dentist and unexpected illnesses, even those on a limited income can realize significant savings annually with extended health and dental coverage.
Provincial coverage can no longer afford to provide health assistance for many treatments that we used to take for granted. An extended health care insurance plan can relieve many unexpected expenses and provide peace of mind for you and your family.
This publication and website are intended for Ontario residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Planning is provided under the name of Ausim Mobeen. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities. This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities. The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.
