Why It's So Important to Have Health Insurance Benefits in Canada

Posted on December 21, 2018

Canada is one of the happiest countries in the entire world. According to the most recent World Happiness Report findings, the country sits at No. 7 on the list of happiest countries, not far behind places like Finland, Norway, and Denmark.

And it's hard to blame Canadians for being so happy these days. Their country currently has a strong economy, a low crime rate, excellent educational opportunities, and, of course, publicly-funded health insurance benefits to boot. Those benefits give many Canadians the peace of mind that comes along with knowing that many of your health care costs are covered.

But it's worth noting that not all medical care is covered by Canada's health care system. For the most part, it only covers the basics, which is why it's still important for most people to enroll in private health insurance programs.

Here are several reasons why you should consider doing it.

Gives You Access to Negotiated Rates on Medical Care

When you have a private health insurance plan in addition to your public health insurance coverage, you're guaranteed to get the best rates on medical care.

Anytime you need to take a trip to see a doctor or visit the hospital, your health insurance company will negotiate on your behalf to lower the cost associated with it. In some cases, the rates attached to your medical care could be cut in half thanks to your health insurance company.

This is actually one of the biggest reasons why many Canadians choose to supplement their public health insurance with a private plan. It gives them the access they need to the best rates in the medical industry.

Helps You Get Your Hands on Prescription Drugs

If you're ever forced to check into a hospital in Canada due to a medical condition, the prescription drugs that you're given during your treatment will usually be covered by your public health insurance plan. However, it'll often be a much different story once you leave the hospital and try to obtain prescription drugs for yourself.

Most prescription drugs are not typically covered by the public health insurance plan. There are some instances in which the plan will cover prescription drugs for those in need. But the average person will be forced to foot the entire bill for their prescription drugs in a lot of cases if they don't have private health insurance benefits.

If a person only needs to use the prescription drugs one time, they might be able to manage to pay for them. But if they need to continue taking those prescription drugs well into the future, it can cause a financial hardship and force people to choose between their health and saving money.

Covers Costs Associated With Unexpected Hospital Stays

You could be involved in an accident today or be diagnosed with an illness tomorrow and suddenly find yourself in the hospital as a result of it. When that happens, you could end up spending a long time recovering and rack up a huge hospital bill in the process.

Your public health insurance plan might cover some of the costs that come along with your unexpected hospital stay. But often times, it'll only cover a small portion of it and leave you to deal with the rest.

Private health insurance benefits will pick up where your public plan leaves off and take care of any costs that you weren't expecting. There are also some health insurance plans that will cover any lost wages tied to your extended hospital visit.

Protects You If You Ever Face a Critical Illness

What would you do if you were diagnosed with a disease like breast cancer or multiple sclerosis next month? Many people would see their lives shatter into a million little pieces after getting the news.

Part of it would be because of the anxiety that accompanies a bombshell like that. But part of it would also be because a critical illness can put people into a bad spot financially and make it impossible for them to work.

Not all private health insurance plans offer extensive coverage for critical illnesses. But lots of Canadians choose to sign up for critical illness insurance to protect themselves in the event of a critical illness diagnosis.

Allows You to Take Advantage of Alternative Medical Treatments

If your body doesn't respond to a specific type of standard medical treatment, there are other options available to you. Alternative medical treatments have grown in popularity in recent years with many people finding success with them.

Some of the alternative medical treatments include:

  • Acupuncture
  • Homeopathy
  • Herbalism
  • And more

At this time, these alternative medical treatments aren't usually covered by the basic public health insurance plan in Canada. But many private insurers are starting to see the value in them and approving them as legitimate treatments.

Reduces the Stress Connected to Medical Bills

Although Canada is, as we mentioned earlier, a very happy country, it isn't immune to stress. Recent studies have shown that more than 70 percent of Canadians deal with some level of stress every day.

At the moment, work is the leading cause of stress for Canadians. But finances are the second-leading cause of stress in the country. Those with lower incomes, in particular, are the most anxious about money.

Health insurance benefits won't completely rid you of stress. But they can take away some of the worries you have about medical costs. You'll sleep much better at night knowing you and your family can get access to the care you need without breaking the bank.

Don't Have Health Insurance Benefits? Get Them Today

Now that you know all about the advantages of having health insurance benefits, you're probably wondering how to get them.

Before you do it, you should sift through the more than 100 health insurance companies in Canada to decide which one is best for you. You should carefully consider everything from the types of insurance plans they offer to the costs attached to them.

Check out our blog for additional information on selecting the right health insurance for you and your family.

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