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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
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HEALTH INSURANCE IN CANADA: Canada is recognized for its effective health care system. Although provincial governments provide its citizens with basic health insurance needs, there are many important health care factors that are overlooked. When it comes to health insurance, all provincial governments offer limited coverage. The following is a list of what most governments cover in full: One eye examination every 24 months, Basic ward accommodations in hospital and Regular physician visits.
It is important to note that this list is not reflective of all the health insurance plans across Canada. Some provinces do not even provide full health insurance coverage for these basic needs, while others provide full coverage for more.
Many families throughout Canada are left without proper coverage for regular dental care, vision care, prescription drugs, and unforeseen health care emergencies. This is the main reason why supplemental health insurance is important to have. For a small price a day, you are providing yourself and your family with the proper health coverage needed to account for many unforeseen expenses that are not covered by the government system.
Even though all citizens of Canada are provided with access to medical care by the Canadian government’s federal and/or provincial programs, these programs do not provide coverage for every health condition or situation.
GROUP PLANS OR PERSONAL PLANS: There are two types of health insurance plans available to you: group or small-business plans and personal plans. If you are not part of a group plan with your work, or if the company you work for does not offer sufficient coverage, then you should look into a personal plan for the well-being of your family.
Group and Small Business Plans: Because employees are the most essential part of any business, many business owners offer group health insurance to their employees. Grouping individuals together under a policy generates savings for everyone when compared to individual coverage.
A group benefit plan could include dental care, medical care, and life and disability insurance for employees and/or their families. Offering a group plan to employees has a variety of benefits. Not only does it ensure the health and safety of all employees, but it also: Provides owners with the opportunity to write off premiums as business expenses, Encourages loyalty and trust amongst employees and Enables better staff retention because of the security they feel.
Personal Plans: Personal health insurance plans are necessary if you are not covered by a business or group plan. You and your family require supplemental health insurance so that you will be able to receive medical treatment not covered by your provincial health insurance plan.
Depending on the type of health insurance you choose, and the deductible you pay, you can receive anywhere between 40% to 80% of coverage on medical expenses. These health care expenses include coverage for vision, dental, extended health, and accidental death or dismemberment.
SUPPLEMENTAL FAMILY HEALTH INSURANCE: As you start a family, it becomes important to ensure that you and your loved ones have coverage for the health issues and prescription needs that can arise, many of which will not be covered by the government health care system. It is essential that you determine what your federal/provincial plan covers, what it does not, and what types of coverage would be worth obtaining through supplemental family health insurance. You should take into consideration not only your family’s present needs, but also its future potential needs, such as coverage for prescription eye glasses/contacts, prescription drugs, hearing aids, hospital stays, and services from specialized medical professionals. Costs of a private room in the event of hospitalization, preventative care, some prescription drugs, dental and vision care, cosmetic surgery, and certain diagnostic
SELF EMPLOYED HEALTH INSURANCE PLANS: Even though all citizens of Canada are provided with access to medical care by the Canadian government’s federal and/or provincial programs, these programs do not provide coverage for every health condition or situation.
Many individuals receive group health insurance coverage through their employer, but for those who are self employed, the onus of health insurance becomes their responsibility. Obtaining supplemental self employed health insurance ensures that you are covered for the medical care and services that are not included in the federal and provincial plans. Self employed persons should determine what is and isn’t covered by government plans, and what coverage is currently needed or might be needed in the future.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with families and individuals that are looking for a trusted advisor to help them with their Health Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!