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  • Employee to Entrepreneur: What to do about your benefits if you are leaving your career to work on your business full-time

    By · May 14, 2021 · 0 Comments

    You’ve finally decided to quit your job and focus on your own business.  But you’re losing your employee benefits- here’s what to consider.   

    Health insurance

    Before purchasing health insurance, you must first consider your two things: your current coverage and your needs. Are you currently receiving services that are not covered by your provincial healthcare plan? What do you like about it? What don’t you like about it? Do you want to be covered for future medical expenses? Do you have a spouse covered under your plan? If your answer is yes to any of these questions, you may want to consider converting your health insurance plan.

    Although the Canadian government covers a large amount of costs associated with healthcare, the out of pocket costs can be damaging to your wallet. Services like dental, vision, physiotherapy, and chiropractic are usually not covered by provincial plans. Furthermore, prescription drugs can be costly if you are paying out of pocket, even if you are eligible for deductions. Most insurance plans cover these services, and you also get the added benefit of having coverage for future medical expenses like hospital stays, medical equipment, and prescription drugs.

    Are you covered under a spouse’s plan? If you have a spouse, and are covered under their insurance plan, it is probably unnecessary to have an individual plan for yourself unless you are unsatisfied with the coverage, and need more for the monthly cost you are paying.

    Life Insurance

    Deciding if you need life insurance is a less complicated process. If you have any financial dependents, whether that be parents, children, or a spouse, then you should consider purchasing life insurance. Those who have any outstanding debts that could perhaps fall on someone, like funeral costs, school debt, or even share a mortgage with someone, should also consider purchasing a life insurance plan.

    Typically, those without financial dependents are encouraged to hold-off on getting life insurance, and, if possible, set aside funds, perhaps into a trust to help pay for your after-death expenses. However, you should explore your options and find the plan that makes the most financial sense to you.

    Whether you are deciding whether you need insurance, or what plans are available for your unique needs, Convert Benefits is there for you every step of the way. View coverage plans and get the best rate using our free search tool at https://www.convertbenefits.com/.

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