Health & Dental for Individuals
According to the Canadian Life and Health Insurance Association (CLHIA) over 3 million (30%) of Ontario residents are not covered for any type of supplemental health, dental or disability insurance.
WHY YOU NEED THIS TYPE OF COVERAGE
Prescription Drug Market in Canada
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Source: Canadian Generic Pharmaceutical Association |
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SAMPLE DRUG COSTS
| Condition | Monthly Cost | 1 Year Cost | Potential 10 Yr Cost |
| Allergies | $33 | $400 | $4,000 |
| Diabetes | $276 | $3,312 | $33,120 |
| Arthritis | $50 - $80 | $600 - $1,000 | $6,000 + |
| High Blood Pressure | $50 - $100 | $600 - $1,200 | $6,000 + |
| Colitis & Crohns | $108 | $1,296 | $12,960 |
| Multiple Sclerosis | $3,400 | $40,800 | $408,000 |
Source: Blue Cross
WHICH PLAN IS BEST FOR YOU
Quite honestly, there are not that many insurance plans to choose from. The choices you have will generally be based on quality of coverage and an affordable premium. And remember, you and any of your dependents must be in good health in order to qualify for individual Health & Dental insurance. Here are some helpful suggestions.
| Your Situation Today | You May Want to Consider |
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Sole Proprietors, |
Multiple Choice – underwritten by Cooperators Life and Green Shield. Closely matches up to a traditional employer group plan. Many options to choose from including affordable Disability insurance. Health & Dental rates based on marital status and not your age. |
| Sole Proprietors, Young Families |
Millennium Access – underwritten by Green Shield. Health & Dental only. Rates based on marital status and not your age. Good value for the premium dollar. Maybe the best one today. |
| Zoomers | Sun Life – Standard Plan – high drug limit without age restriction and the emergency travel outside of Ontario goes to age 80. Semi-private hospital and Dental Care are plan options. |
| Loss of Job & Benefits | Millennium Access – if in good health and FollowMe if you have pre-existing health conditions. Enrollment in the latter plan must be made within 60 days of losing your job. |
| Catastrophic Coverage | Manulife - Unlimited 100% drug coveage when annual claims exceed $4,500 per anniversary year. Includes additional medical expenses. Low premiums. |
| Currently taking Medication |
Trillium Drug Plan – usually for low to middle income people spending thousands of dollars on maintenance medication. All other health & dental plans will either decline or eliminate any current medication through exclusion riders to the policy. |
| Need for Dental alone | Manulife – 4 plans to choose from, each with some ancillary health benefits. |
| Shopping Around | Industry Comparison – we have done your homework for you. Side-by-side comparison of coverages including the premiums |
DID YOU KNOW?
| Myth: | My provincial health care coverage takes care of all my medical costs. |
| Truth: | Government funding currently covers only 70% of total health spending in Canada. The rest of these expenses are paid for out-of-pocket by the patient or by private insurance. |
| Canadian Institute for Health Information, Health Care in Canada 2007 (Ottawa, CIHI, 2007) |
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IN SUMMARY:
There are big gaps with what the provincial governments provide. Those who do not have access to group plans are significantly exposed. The risk of getting injured or sick is great. Medical cost can be expensive.
Feel free to contact us today if you have any questions or concerns about your own personal health situation.
Gary White Insurance
Tel: (800) 433-5307 Bus. Cell: (416) 768-4279
Email: info@garywhiteinsurance.com
© 2009 Gary White Insurance