What is the best investment that you can make for your families that will help safeguard them in the future too? Something that all of us have share in life is the risk of illness or injury. Even if you and your family are healthy, you could be struck with a sudden medical emergency. If you are a resident of Canada, you will be provided medical cover by the federal government. However the medical cover provided is not always adequate. The gap that is left due to this can be filled effectively by getting private medical insurance of your own.
So the best investment that you can make for your family and yourself is purchasing a medical insurance that will meet your specific needs and requirements. There are various plans that you can choose and before making the choice, you should do a comparative study. This will help you in making an informed choice.
There are limitations with regard to the medical insurance provided by the government of Canada and these limitations can be overcome by choosing a good plan that will help cover expenditure for prescription drugs, dental and vision care.
Prescription drugs – $750 per year (maximum per person). It is paid at 80% and includes brand name drugs if no generic equivalent is available.
Dental – $600 in the first 12 months, $800 in the next 12 months and $1000 in the next twelve months thereafter.
Vision – $200 for every 24 months
Accidental dental – $5000 every year
Hearing aids – $400 every 4 years
Home support services – $2500 per year
Medical items – $2500 per year.
Most people who purchase medical insurance regard it as an unnecessary expenditure but the truth is that it is an investment for the future. You are actually safeguarding your future by making an investment now. If you opt for a family package, you will also end up safeguarding your family in the future.
If you have just retired or will be retiring soon, it is important that you have adequate medical cover to provide for medical emergencies in the future. It would be advisable to supplement your provincial health plan with private medical insurance that will provide the widest possible cover for most illnesses. You should also be aware of what the government medical plan covers and what it exempts.
The costs of medical insurance will increase over the years and unless you are adequately covered, it could lead to lot of frustrations. It is important that the medical plan that you choose should offer you a lot of flexibility.
There are ten provinces in Canada and each one of them has a separate medical plan for its citizens. You can try complementing the provincial medical plan with a plan of your own that will take care of all your other medical needs. If you follow a specialized treatment for a pre existing illness, it would be advisable to have an extra medical plan as the federal medical plan will not cover it.
The cost of private medical insurance is not very high when you consider the various benefits that you get from it. However you would need to be very careful while selecting a medical insurance plan. When it comes to shopping people don’t mind spending hundreds of dollars on unnecessary things but when it comes to purchasing medical insurance they start thinking of it as an unnecessary expenditure.
If you are serious about saving money in the future, you would need to invest in a medical plan that will help you do so. The biggest benefit of investing early in a medical cover is that you are prepared for any sudden illness or injury that can strike you from anywhere.
Continue with your search for a best medical cover till you are completely satisfied. Never make a choice, if you are not fully satisfied. So think before making one of the most important investment decisions of your life.