Getting an insurance plan can be easy if you do it early. If you wait until you develop an illness, however, it may be a challenging task.
Because Canadians are recipients of universal healthcare, extended health insurance may seem like an option to most. The reality is that current healthcare plans do not provide adequate coverage for the range of health needs Canadians have. Unfortunately, there are many reasons that can deter one from getting insurance.
No matter which category you fall in, the truth is everyone should have health insurance. Here’s why:
Having extended health and dental plan gives you access to critical health services and prescription drugs that are not covered by most provincial plans. Your health needs can be addressed, therefore lowering your risk of developing illnesses in the future.
If you are healthy now, it may be hard to justify paying monthly premiums for insurance. However, unexpected costs associated with illness can be extremely high. These costs are exacerbated by long-term illnesses. Insurance can knock off a large chunk of these costs, and in many cases, all costs.
No one human is the same, and insurance providers recognize that. Plans are customizable to suit your lifestyle, budget, and health priorities.
Rebecca is a 30-year-old who has a partner and young child. She works a full-time job, as does her partner. After speaking with an insurance advisor and learning about Rebecca’s needs and budget, the advisor suggests the best plan she opt-in for is one that covers up to $100,000 of prescription drugs annually, however, Rebecca thinks the monthly fee is too costly, especially because her overall health is in a good state. She’d rather use that money for other family expenses, so Rebecca decides not to get it.
Six months later, Rebecca develops is diagnosed with degenerative arthritis. She cannot perform to the best of her ability at work, and financial anxieties loom as she is worried about losing her job that she needs to support her and her family. She is required to take a cocktail of pain medications to manage her condition. The pain medications, in addition to treatments not covered by OHIP, are going to cost Rebecca $12,000-$20,000 a year. She returns to her advisor, who informs her that she is no longer eligible for the plan originally quoted to her because she now has a pre-existing condition. This drug would have been covered by this plan.
Had Rebeca possessed coverage before, she would have been insured to receive the drugs she needs, and manage her condition so that it does not significantly impact her career, finances, family, and overall quality of life.
While you can still get insurance with a pre-existing condition, rates depend on a number of factors, such as the degree of seriousness and severity associated with your illness, family history, and medical tests. In other words, insurance becomes more costly, time-consuming, and stressful to obtain the longer you wait, however, it is important to note that insurance is available. In fact, many people already have pre-existing conditions like asthma, diabetes, and vision impairment, and are able to easily secure quality insurance.
Rates tend to vary more when dealing with pre-existing conditions, and although it can be more costly for these individuals, it is necessary to consider your expected costs with and without insurance. Take the time to explore your options and also be transparent about your health when talking with an insurance professional.