When it comes to taking care of our health, the saying “prevention is better than cure” holds true. While the government provides basic healthcare coverage in Canada, it doesn’t cover all our health needs. This is where private extended health and dental benefits come in. Some have benefit plans at work. These plans are designed to supplement the basic coverage provided by the government, covering expenses that are not included in the public health insurance plan. These plans are also available for individuals and families.
Individual extended health and dental benefits are designed to supplement the basic coverage provided by the government, and cover expenses that are not covered by the public health insurance plan. These plans can cover a wide range of services, including prescription drugs, vision care, dental services, paramedical services such as physiotherapy, and more. However, it is important to note that these benefits should be purchased before health concerns arise, as there are waiting periods for certain services and pre-existing medical expenses may only be covered at low limits, or be excluded from coverage altogether. When covered, the existing medical expenses are priced into plan premiums.
One of the biggest advantages of purchasing extended health and dental benefits early is that it reduces the impacts the waiting periods. Many of the top dental plans have a waiting-periods before the dental coverage begins, which can range from a few months to a year. These waiting periods benefit existing plan members by helping stabilize rates and even putting a downward pressure on them. Plans that offer a large upfront dental benefit without requiring a commitment period often attract members who require potentially costly care. These members are more likely to cancel their plan after their needs have been addressed. This leaves the pool of claims at a loss, and the next year, the insurance company must raise rates.
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Another advantage of purchasing individual extended health and dental benefits early is that it helps to avoid the exclusion of pre-existing medical conditions. Pre-existing conditions are defined as any medical condition that was present before the start of your benefits plan. Some plans may exclude pre-existing medical expenses from coverage, while others may cover them. Plan that cover pre-existing medical conditions typically have higher premiums and lower annual benefit limits. By purchasing a plan before you develop any pre-existing conditions, you can avoid these exclusions, low limits, and high premiums, and ensure that you have coverage when you need it.
It is important to emphasize that the limits for coverage of pre-existing conditions can be low. This means that if you have a medical condition that requires ongoing treatment, you may quickly reach the limit for coverage under your plan. By purchasing a plan early, you can ensure that you have coverage for ongoing treatment and avoid reaching the limit too quickly.
Purchasing extended health and dental benefits early can help you budget for your healthcare expenses and entice you to engage with preventative health services. Preventative health services such as a massage therapist can help identify and address potential health issues before they become serious, leading to better overall health and potentially reducing healthcare costs in the long run. Health benefit plans also have have fixed premiums that are paid on a regular basis, taking the unknowns out of budgeting.
Extended health and dental benefits are an important investment in your overall health and wellbeing, even in Canada where we have universal healthcare. Managing your health much more than critical healthcare. That’s what we have in Canada, universal critical healthcare. The rest is up to you.
By purchasing these benefits early, you can avoid waiting periods, maximize coverage for pre-existing conditions, and plan for your inevitable healthcare expenses. If you purchase a plan before you need it, you can have access when you need it.
