You finally did it. You broke away from the traditional nine to five grind and become your own boss.
As awesome as that can be, there are some things you’ll need to consider. One of those things is insurance.
As a self-employed person, you won’t have access to group benefits provided by an employer. But that doesn’t mean you’re out of luck.
Keep reading to learn all about health insurance from Manulife when you’re self-employed.
The Canadian Insurance System
Health insurance helps cover health-related expenses. In Canada, some basic needs are covered by provincial health care plans.
Each province in Canada offers health care plans that cover medical procedures that are deemed required. Each provincial plan is different, but in general, they cover similar things.
In British Columbia, the Medical Services Plan covers dental and oral surgery, diagnostic services, maternity care, and orthodontic services as long as they meet requirements. And this is not a comprehensive list.
Provincial health care plans do not cover expenses related to keeping your health in good working order, though. Regular checkups to make sure your body and teeth are staying healthy aren’t covered.
This is why you need private insurance to help cover your basic needs. Private insurance is what you’ll need if you want help covering prescription drugs.
Group coverage, offered through employers, helps reduce the costs of private insurance. This type of coverage is only available for people who’re employed by traditional companies.
Insurance for the Self-Employed
Since you don’t have access to group coverage as a self-employed worker, you run the risk of paying a lot out of pocket for medical expenses. So it’s important to still get private insurance on top of your provincial coverage.
Isn’t that costly? It certainly can be, but Manulife has a plan in place to help you cover medical expenses without paying through the roof.
Manulife offers two different personal health and dental insurance options. The one you’ll want to focus on is their Flexcare plan.
Going without group coverage can actually help you find a better fit for your family. Why is that? Because employers only offer specific insurance options.
The options given to you by an employer may not meet the needs of your family. But when you’re choosing your own plan, regardless of what someone else says you can choose from, you can get exactly what you want.
Manulife knows that you and your family have needs that are unique to you. So they cater to that in their Flexcare plan.
Flexcare is exactly what it sounds like; a flexible healthcare coverage option. It’s meant to give you the flexibility you need to make the plan fit you and your family.
With Flexcare, you only pay for the services you want. You won’t have to worry about overpaying for a plan that includes coverage you likely will never need.
Simply choose the details you want in your plan. Then choose an existing Manulife plan that matches those needs, if there is one. If there’s not, create your own plan.
The Importance of Flexibility
When you’re self-employed, your need for flexibility doesn’t stop at needing the right healthcare options for your family. You also need flexibility that works with your job.
Whether you’re running your own company or you perform your services as a contractor, your work may change from time to time. That means your insurance should be able to do that.
Manulife gets that. That’s where that flexibility comes in.
If you are a contractor, you have many different jobs throughout the year. How would that work if your insurance was linked to each of those companies? Your insurance would turn on and off on a constant basis.
You can’t afford that. You need reliable coverage for your family at all times, not just when you have a solid gig.
This is why non-group coverage can really be beneficial. It doesn’t stop when you stop working for a specific employer or company. It keeps going because you’re in charge of it, not the employer.
That’s how it works at Manulife. They’ve specifically designed their Flexcare plan to provide the coverage you need, as well as the flexibility you need to carry your plan with you wherever you go.
No matter how flexible a plan is, it won’t help you much if it doesn’t include the coverage you need. So let’s take a look at what Manulife’s Flexcare plan actually covers.
Manulife offers seven different pre-made Flexcare plans. Each one is designed to give you the coverage you need in addition to your provincial health care plan.
When you look at these plans, you’ll see three different levels: Starter, Basic, and Enhanced. Some offer only health care, other offer health and dental care in a single plan.
If you want vision or extended health care coverage, you can opt to have them. There are several options you can add to your plan, too. These include catastrophic coverage, travel insurance, hospital coverage, and accidental death and dismemberment.
Head to the Manulife website to check out the specific details of each plan.
On top of the coverage that’s offered, there are additional perks to just having this insurance plan. First, if you have three children or more you can get special rates. And if you’re over 65 years old you can get extra coverage.
Convenience is big with the Flexcare plan, too. Submitting claims is easy, thanks to modern technology. You can even pay in multiple ways.
Get Health Insurance from Manulife
If you’re self-employed or are planning to be sometime in the future, getting health insurance from Manulife is a great idea. They have your needs in mind, and you’ll see that when you check out their plans.
Manulife’s Flexcare cover option offers the flexibility you need while you’re pursuing your entrepreneurial dreams. Check out their plans to see if they’re the best fit for you!
Are you pursuing an education while you work? Check out our article on insurance options for students.