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Why Health Insurance is Essential (Even In Canada)

Think Canada's healthcare system provides complete protection? Think again. At DO Wealth, we understand that even with our vast public plan, unexpected gaps can and do leave you vulnerable.

Take Sarah, for instance. A dedicated runner and the picture of health, Sarah suffered a sudden, unexpected heart attack. While she received excellent medical care, her recovery was lengthy and impacted her ability to work. Thankfully, Sarah had critical illness insurance. This provided a lump sum payment, helping her manage her mortgage, ongoing expenses, and the specialized cardiac rehabilitation that wasn't fully covered by her provincial health plan.

Sadly, Sarah's experience isn't an isolated one. A recent study found that almost a third of Canadians aged 58-77 report long-term healthcare expenses as a major factor in their cost of living exceeding what they had anticipated – second only to inflation. Even more concerning, half of those in that age bracket manage chronic health issues, and a third worry these costs will derail their retirement plan

That's where health insurance can be a lifesaver. It can help with things like:

  • Prescription Drugs: Sarah takes daily medication for her heart. Public coverage might only pay part of the cost, but a private plan could fill the gap.

  • Dental and Vision Care: Regular check-ups, cleanings, and glasses/contacts can add up. Private plans help manage these costs.

  • Unexpected Costs: From accidents to critical illnesses, sudden health events can take a financial toll. Private insurance can help cover expenses like lost income, specialized treatments, or even travel for care.

  • Ongoing Support: Need physiotherapy after an injury, or in-home care during recovery? Private insurance can help manage these costs, ensuring you get the support you need to get back on track.

Think of it like peace of mind. Knowing you have additional coverage can be a big stress reliever, especially if unexpected health needs arise. Plus, private plans offer flexibility, allowing you to choose a plan that fits your budget and lifestyle.

Is Health Insurance for You?

There's no one-size-fits-all answer. It depends on your unique situation. Here are some questions to consider:

  • Your health: Do you have any ongoing health conditions or require regular medication?

  • Your budget: Can you comfortably afford monthly premiums?

  • Your risk tolerance: Are you comfortable potentially facing higher out-of-pocket costs without private insurance?

  • Your family: Do you have dependents whose healthcare needs you want to consider?

Your Partner in Healthcare 

We don't just talk finances, we care about your well-being too. Our team can help you:

  • Analyze your current healthcare coverage: Understand your existing public plan and identify potential gaps.

  • Explore different insurance options: Find plans offered by reputable companies that align with your needs and budget.

  • Answer your questions & provide ongoing support: We're here to guide you through the process and be a resource for any future questions.

Investing in your health is an investment in your life. Let DO Wealth help you make informed decisions about private health insurance. Contact us today for a free personalized consultation!



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