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Buying Your Own Health Insurance is Very Easy and Inexpensive! PDF Print E-mail
Written by Kalson Jang   
Monday, 30 May 2011 22:46

In the world today, more and more people have decided to start working for themselves so that they can enjoy the freedom associated with being their own boss.  Also, it is much more common for companies to hire contract workers vs. employing people full time.  In both cases, self-employed entrepreneurs and contract workers are left to purchase their own health benefits.

As a result, this leaves many people unprotected from the risks of health care costs not covered by Provincial Health Plans.  As well, things such as prescription drugs, eye exams, glasses/contact lenses, travel insurance, physiotherapy, massage therapy, ambulance, ultrasounds, MRI’s,  CT scans, accidental dental and dental cleaning are expenses we must pay out of our own pocket, which can add up to thousands of dollars per year.  Even if you live a healthy life, you still incur many health care costs on an annual basis which would have been covered by health insurance if you had it.  Furthermore, if you have already started a family and have a spouse and kids, they are also left without coverage and any medical expenses not covered by the government will be your responsibility.  These types of expenses can add up very quickly, especially if something unexpected were to happen.

According to the Canadian Institute for Health Information, Canadians spent an estimated $30 billion on medications in 2009, including $25.4 billion on prescription drugs.

While the public system covers cancer drugs that are administered to patients in hospitals and clinics, half of the newer cancer drugs are taken at home, leaving patients to foot the bill themselves.  In fact, 1 in 12 Canadian families faces catastrophic drug costs (defined as greater than 3% of net household income).

This is where Individual Health Insurance can help you bridge the safety gap that exists for self-employed entrepreneurs and contract employees.

For as little as $25.60/month, you can get basic health coverage that protects you from these risks and provides you vision care and coverage for up to $400 in massage therapy, $250 in physiotherapy, and thousands of dollars in coverage for other health practitioners.  Meanwhile, you’re only paying $25.60/month which equals $307/year for this coverage.  You can easily receive benefits that far exceed what you pay for the coverage which means more money stays in your pocket.  This coverage also includes $5 million of travel insurance that covers you for emergency health care while travelling.  Not many people know that paying for health care outside of the country can cost tens of thousands of dollars even for minor problems.  If something serious were to happen which required an extended stay in a foreign hospital, costs could easily go into the 6 or 7 digit range.  Without travel insurance, an accident on vacation could bankrupt you.  That is why the provincial government strongly advises people to buy health insurance if they are leaving the country and why some countries such as Cuba require you to have travel insurance before entering the country.

Another great benefit of individual health insurance is that the premiums paid are considered a tax-deductible expense if you are self-employed or an entrepreneur.  If you are salaried, the premiums are considered medical expenses, which makes you eligible for the medical expense tax-credit.  As a result, the net amount paid by you after taxes ends up being only a portion of the quoted price.

So for as little as $25.60/month minus tax-savings, you can easily receive thousands of dollars in medical benefits as well as valuable travel insurance, accidental dental and vision care benefits.  If you would like greater coverage limits or things such as enhanced dental, prescription drug coverage and enhanced hospital benefits, those can be easily added to your coverage.  Customizing the coverage to fit your needs is very easy and straightforward which means you will need to take very little time out of your busy day.  When it comes to your health, you owe it to yourself to protect yourself as well as protect your wealth from unexpected health care costs.  In most cases, you will receive more benefits than you paid for in premiums, even when healthy, so you will already be coming out on top.  Anything else after that is a bonus and is more money in your pocket!

If you would like to find out more about the numerous benefits offered by Individual Health Insurance, I would be more than happy to sit down with you and help you find the solution that fits your needs the best!

Kalson Jang
Phone: 416-775-8777
E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it