Be sure to check out FSCO’s website here for more information about Supplementary Health Insurance and Dental Insurance: http://bit.ly/2gIG441
We also did a video about Life Insurance, check it out here: https://youtu.be/PRW47uP-HxE
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November is Financial Literacy month in Canada. So today we’re very excited to be partnering with the Financial Services Commission of Ontario, also known as FSCO to talk about supplementary health or dental insurance. Specifically, what it is, how it works, and why it’s important for you.
We also did a video on how life insurance works, and you can find the link in the description below.
So, supplementary health or dental insurance. You might think that you already have coverage through your provincial plan. In Ontario, this is known as the Ontario Health Insurance Plan or OHIP.
But OHIP and other provincial health insurance plans only cover some medical expenses. This includes basic costs like seeing a doctor at a public clinic.
There are options available to Canadians that cover expenses above and beyond those covered by your provincial health plan. These are separate plans known as supplementary, extended or private health insurance and dental insurance.
Our thoughts about health insurance are that as we get older, we’re no longer ‘invincible’. Growing up, I had really good eyesight.
Although in the last couple of years, as I started working full time and staring at the computer screen, my eyesight got worse. I’m not blind, but I recently bought prescription sunglasses for when I drive, and the cost shocked me.
So how does supplementary health or dental insurance work? When you sign up for these plans, you agree to make payments either once a month or once a year. These payments are called premiums. Your plan will outline the eligible expenses that the provider will pay for. Some will cover all of the expense while some might only cover a percentage of it.
So for example, OHIP doesn’t cover the costs of getting glasses, but some supplementary health insurance plans do. Let’s say I’ve been paying into an supplementary health insurance plan and now I need to buy glasses.
If my plan says that 90% of fees are covered, then I only have to pay the remaining 10% out of pocket.
So now that my glasses cost less, I don't have to sell any of my precious collectibles to afford them
Of course this is all dependent on the plan that you've purchased, but some common examples of expenses covered include vision, physiotherapy, massage therapy, and more. For dental coverage, you probably have to buy a separate plan
Now that you have an understanding about how supplementary health insurance or dental insurance works, you might be wondering how to get coverage.
If you’re currently employed, be sure to ask your HR department about employee health benefits and take some time to understand if you’re covered and what you’re covered for. This is important because you’re already paying for these benefits, so you should use them when you need to.
If you aren’t covered but are considering supplemental health insurance or dental insurance, you can always talk to an insurance agent. FSCO has provided some great resources on it's brand new website which you can find the link in the description below.
Again, thank you to FSCO for working with us to spread the word about supplementary health and dental insurance to Canadians.
Thanks for watching, be sure to like, comment, and subscribe!