Understanding Supplement Health Insurance

August 9, 2019

Understanding Supplement Health Insurance

Whether you’re retired, self-employed or between jobs, you must sign up for a suitable health care package for you and your family. Not having affordable protection against unexpected medical situations can create financial crisis down the road. If you own health insurance, it will help you reduce medical expenses such as vision care, physiotherapy, dental services, etc.

However, it’s critical to choose the right insurance policy that adequately covers your health expenses. It’s certainly a difficult process to select the most suitable plan without consulting a financial planner. This blog post will help you understand the importance of having a health benefits plan:

Do you need private health insurance if you’re healthy?

It’s probably unpleasant to think about situations where you’re having serious health problems that aren’t covered by provincial health care. It’s a fact that a serious illness or accident can make it financially difficult for individuals to cover medication costs. Common illnesses like back pain can drain your budget if you don’t have yourself covered. Many Canadians die from a heart attack, cancer, and stroke every year. Other common diseases such as diabetes, high cholesterol, and epilepsy also create serious financial problems. So, it’s recommended to have a plan for unexpected medical costs even if you’re healthy.

Why do you need supplemental health insurance?

Canadians who don’t have a comprehensive health plan end up paying thousands of dollars in dental and unexpected medical expenses. They’re financially vulnerable when it comes to serious injury or illness. It’s not wise to depend entirely on government health insurance plans because they offer limited coverage. Supplemental health insurance will help you save the money you’re spending or you’ll spend on private care.

Peace of mind and financial stability are the long-term values of having a supplemental health insurance plan. You don’t have to be worried about the limitations of Canada’s health care system. In a given year, you can get more or less in claims than you pay in premiums. If you don’t make even one claim in a year, the situation might be completely different the next year. Make sure you have an additional layer of protection.

Conclusively speaking, Health Benefits Plan covers what your provincial health plan doesn’t. From routine dental visits to prescription drugs, you can use the benefits daily with supplemental insurance.

If you’re unable to decide whether or not supplemental health insurance makes sense in your situation, or you’re not sure how it works, consult a financial planner who specializes in insurance-related matters. Kewcorp Financial helps guide individuals and businesses and helps them prepare for a financially stable future. For all your health insurance needs, please contact Kewcorp Financial at 780-449-6292 or click here

Did you know?

5% of Canadian citizens have not been able to find a regular doctor. Make sure you have unlimited access to health care.
Click here for more information.


Jim Kew

Financial Planner
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Scott Kew

Financial Planner
Contact Scott