Canada’s system of universal healthcare is known and admired throughout the world. As Canadians, we are justifiably proud of this accomplishment, and the health outcomes it is able to achieve. But we are also aware that it is not as comprehensive as some observers believe. It is universal in the sense that everyone is covered, but not for every medical condition and procedure.
That is where supplementary health insurance comes in. Most Canadians carry these policies to bridge the gaps in the national healthcare system, which is of course administered at the provincial and territorial level. This is especially true of dental and eye coverage, where conditions such as periodontal disease and myopia are not considered to endanger a patient’s health, and are therefore not covered by the universal health insurance program. According to Canada Life, the Canadian system will typically cover these services:
These items are often not covered:
Sometimes particular groups receive additional coverage, such as children, seniors and lower-income patients. There are many ways Canadians fill these gaps in coverage. Individual supplementary plans are available, and many employees receive workplace benefits. These employer-provided plans often cover:
Individual health plans may be the right choice if any of these apply:
You may be able to get some help covering the costs of supplementary coverage. According to Canada Life, health insurance premiums are tax deductible: “Eligible medical expenses can be claimed on Lines 33099 and 33199 of your tax return. The Medical expense tax credit is a non-refundable credit you might be able to claim to reduce the money you’ve paid in healthcare expenses. You may also be able to claim eligible expenses for your spouse or common-law partner.” When navigating this array of options, a trusted financial advisor is an invaluable part of the process. Policies, rules, regulations and the insurance market are constantly changing, as are the health needs of you and your family. Working together, you can find the insurance product that will provide you with optimal coverage — and the confidence of knowing that you have planned for every situation. Important information about mutual funds is found in the Fund Facts document. Please read this carefully before investing. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate. Insurance products, including segregated fund policies, are offered through Beyond Business Financial Solutions Inc., and Investment Representative Nathan Garries offers mutual funds and referral arrangements through Quadrus Investment Services Ltd. |
AuthorNathan Garries is a Certified Financial Planner who has been involved in financial advising, financial planning and wealth management for over two decades, carrying on a family tradition of three generations. Archives
October 2022
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