A Comprehensive Guide For Health & Dental Plans Insurance For Canadians
The mass majority of Canadians will prove to be in tiptop shape. Nonetheless, these individuals can still experience health problems during the course of their lives. In order to make sure that you’re prepared for whatever is thrown your way, it is absolutely essential to invest in the appropriate health & dental plans insurance. These policies can help to ensure you get the treatment needed, without requiring you to spend out of pocket. Below, you’ll learn more about the health and dental plans available to Canadian consumers.
Supplement Your Government Plan
While it is true that you may already have a government health plan with your province, this sometimes isn’t enough to cover the costs of treatment. You’ll sometimes need a little extra coverage to ensure you get the treatment needed to maintain your quality of life. Individual health care plans are available through various entities and they’ll be able to supplement your governmental plan to ensure you have enough coverage for any problem you encounter. When trying to find a plan that suits you needs, you will be able to sort through an array of options, including vision, hospital, and prescription drug coverage.
You should also remember that your brand new health care plan’s premium is considered eligible medical expenses as set forth within the Canadian Federal Income Tax Act! Therefore, you will receive the health coverage you need, while also improve your tax situation.
Why Additional Coverage Is Needed
Unfortunately, the health care plans provided by your province or territory may not be comprehensive. There may be gaps and you might end up responsible for paying additional fees, unless you have extra coverage. For instance, these basic policies might not cover the costs of prescription drugs used to treat chronic or serious conditions. They also will not cover medical services, which are obtained within a foreign country. Medical equipment, which is specifically designed to enhance your mobility, may not be covered under your governmental plan. Finally, the services of some practitioners, such as physiotherapists, will not be covered by your traditional plan.
If you wish to gain access to these services and refuse to pay out of pocket, you will want to invest in a separate personal health and dental insurance plan.
Who Should Sign Up?
It is true that not all Canadians will feel that a health and dental plan is a necessity. Some are able to obtain the coverage they need through other means, but this isn’t always the case. If you do not receive health benefits from your employer or are in the process of losing your group coverage, you may want to consider a personal health insurance plan. Also, if you require or desire additional benefits, which aren’t available with your employer’s plan, a personal health plan might be right for you. The costs are minute and you will be able to maintain your peace of mind with the extra coverage.
Consider Your Options
As a Canadian, you have access to a wealth of health insurance options. Before enrolling, it is essential to consider your risks and carefully select the coverages, which are absolute necessities for you. Depending on your specific situation, you may find that it is best to keep the costs to a minimum by opting out of dental coverage. Available health care plans are very flexible and you will be able to customize your policy to suit your precise needs. If you need access to registered therapists and specialists, this can be added. You may also want to consider adding travel, hospital accommodating, and vision care coverage.
Remember that it is possible to apply for coverage at any time, even if you have never been covered in the past. As long as you are a resident of Canada, you will be qualified for coverage.
A Tax Credit
Some individuals will sign up for a private health and dental insurance plan as a way to obtain a tax credit. This can be a good idea for those that may need additional coverage in the future and those that wish to decrease their annual tax costs. It is true that the Medical Expense Tax Credit can substantially decrease your taxes, but you need to be aware of which medical expenses are actually eligible. In order for premium payment to be eligible, they will need to meet certain qualifications. Generally, premiums pay for private health plans, which include medical, dental and hospitalization coverage, will apply.
The Canada Revenue Agency considers a plan to be valid as long as all premiums you pay are associated with medical expenses, which are also eligible for the tax credit. 90% of the premium must be dedicated to these specific expenses. Remember that plans covered by an employer and the mass majority of mandatory provincial plans cannot be claimed as a health expense. Therefore, it is wise to invest in additional coverage for the tax benefits alone!