Extended Health Insurance
About 27.6% of Canadians’ health care is paid for through the private sector. This mostly goes towards services not covered or only partially covered by OHIP, such as prescription drugs, dentistry and optometry. Even if you are covered with supplementary private health insurance through your employer it might not be enough for your needs. Moreover, this health insurance ends when you change your job. And if you are a self-employed, having a medical insurance policy is just a must.
Illness can happen to anyone anytime no matter how hard we try to avoid it. Health insurance can help you cover the costs of care and recovery so you can focus on what matters most – getting better.
Most of the extended health insurance plans provide affordable coverage for unexpected health expenses and many ongoing health-related services not covered by OHIP. Depending on your drug, dental, and supplementary health needs (such as vision care, chiropractic care or emergency travel medical), you simply choose the plan that suits you best. And we help you to do that.
The… patient should be made to understand that he or she must take charge of his own life. Don’t take your body to the doctor as if he were a repair shop (Quentin Regestein)
Understanding Extended Health Insurance
Generally, an extended health insurance policy can help with the cost of:
- Prescription drugs (A prescription drug is a licensed medicine that is regulated by legislation to require a medical prescription before it can be obtained. The term is used to distinguish it from over-the-counter drugs which can be obtained without a prescription.)
- Basic dental care
- Vision care
- Medical supplies, such as diabetic and incontinence supplies
- Transportation to and from medical appointments, and
- Assistive devices, including hearing aids.
Understanding Extended Health Insurance
It is the most economical plan for basic coverage. Usually, it offers the following:
Prescription drugs:
- Up to 60% reimbursement
- $5 dispensing fee cap
- Up to $750 maximum/year
- Fertility drug and contraceptives
Preventive dental
- Up to 60% reimbursement
- Up to $500/year maximum
- 3-month waiting period
- No restorative dental
- No orthodontics
Supplemental health care
- Up to 60% reimbursement
- Alternative treatments: $25 maximum per visit; $250/year per practitioner
- Hearing aids $400/5 years
- Accidental dental $2,000/fracture or injury
- Licensed ground ambulance
- Emergency air ambulance
- Medical equipment ($2500/year combined maximum; $20,000 combined lifetime maximum)
- In-home nursing ($2500/year combined maximum; $20,000 combined lifetime maximum)
- No coverage for vision care
It is the coverage for the same health expenses as basic health insurance plan but at higher levels. For example, up to 70% reimbursement. It also includes vision and emergency travel medical costs.
This type of health insurance plans is the broadest and most generous level of coverage, including vision care, emergency travel costs, medical orthodontic and restorative dental coverage, and some optional benefit such as a semi-private hospital room.
No doubts, you have to have an extended health insurance plan, but please don’t forget that:
The best six doctors anywhere
And no one can deny it
Are sunshine, water, rest, and air
Exercise and diet.
These six will gladly you attend
If only you are willing
Your mind they’ll ease
Your will they’ll mend
And charge you not a shilling.
(Nursery rhyme quoted by Wayne Fields, What the River Knows, 1990)
Please let us know how we can help. Whether it is a free no-obligation quote or just a question – we will be happy to provide you with detailed answers.
“We used Olga’s expertise to insure and protect business interest of our company. She also provided us with a very valuable financial advice that benefited our company greatly. Thanks a lot!”
