subject: Life Insurance Brokers | Health Insurance Planning - An Overlooked Risk In Coquitlam [print this page] If you have planned on personal insurance in the past, like most Coquitlam residents, you have probably never properly studied health insurance. It is true that most of the residents in Coquitlam have some kind of life insurance that they either personally own or acquired through their job (the amount of which is often insufficientnot enough}, well at least they have something). Health insurance is usually taken lightly because they think that they have insurance coverage by way of their employer and/or that the healthcare system in their province will assure adequate care.
It's not that the universal system of healthcare implemented by Canada is bad, because it is one of the top systems worldwide, but it simply provides primary care. Outside of giving hospitalization, nurse as well as specialist and family doctor care, no one would handle your needs financially, much less the government. Sadly, you are going to be on your own regarding to the impact on your pocket that a health risk brought about. If you naively think that the financial cost of illnesses are not serious, you better read on. This article spells out a lot of the actual difficulties that people in Coquitlam now face financially because of illnesses and injuries.
Chronic and serious injuries
People get injuries all the time, and you absolutely know neighbours as well as friends and family in Coquitlam who one time or another have had a serious injury. Even slipping and falling on the floor or on ice can cause serious incapacitation that may last up to months or years. A few of the most common injury types one might experience are shown below:
Car accidents which cause head trauma or spinal damage
Slips and falls which cause hip fractures
Degenerative injuries to the spinal discs and column
Concussion(s) which cause one to lose cognitive abilities
Sports injuries like torn ACL, torn Achilles tendons, fractures, sprains, etc
Such injuries can possibly result to a long lasting damage. Incredibly, I even know a man who took a fall on a Rocky Mountain hike path during a casual walk with his family, thus cracking many vertebrae in the neck. That accident, a simple fall, had results which lasted a lifetime. This man has been in pain for a long time ever since he cracked his discs, which were too many to simply let them fuse. The mobility in his neck as well as upper back would have been lost if he decided to fuse them all, and thus he simply had to bear with the pain. When we met each other he had already been sedentary and unemployed for ten full years.
Injury gets in the way with work. If it is difficult to do your work (physically working, sitting and standing for the better part of eight hours in a workday) then the likelihood of earning an income becomes difficult. If you lack disability insurance, then you have to secure your protection to insure that you can continue your income.
Serious illnesses that impact your lifestyle
Having a serious sickness can have many challenges, regardless of the good care that the hospital and the medical system gives you. Illnesses such as heart attack, stroke, cancer, multiple sclerosis, Parkinsons, Lou Gehrigs Disease, Alzheimers, and other multifarious diseases can cause invalidity for a very long time, or even your whole life. You probably know a person in Coquitlam who has been weaken by a critical disease. How did it affect their life? Were they able to financially {cope with it?
The healthcare system in place in Canada may provide enough doctor and hospital care, but it will undoubtedly not provide reimbursement for loss of income, opportunity cost for your wife, who left work to care for you, and additional expenses for other needed supportive care for your family, and other associated expenses. Having a serious disease means a lot of added and extra costs, most of which cannot be expected, along with the added pressure of not having regular income from the cessation of work.
Again, one is compelled to get disability insurance to provide essential protection for your income when you are suddenly unable to earn a living and work. Insurance for critical illness is a vital financial help in an occurrence of a life altering sickness. It provides you an injection of cash, tax free and of a large amount, which you can spend for the expenses you incurred and for your needs during your recovery.
Added medical equipment, prescription drug and dental costs
If you believe that the cost of prescribed drugs and other needed medical equipment is not important, that means you have never really been ill. Prescription medication may be included in the hospital benefits, as long as you stay a confined patient. After you have been discharged from the hospital, all the expenses for your drugs are now your obligation, and they can be quite expensive. Certain pain killers, cancer medications and pills against nausea are priced at hundreds or even thousands of dollars per month. And what if you necessitate expensive medical equipment, for example a diabetic pump or oxygen machine for your recovery? They have significant price tags too.
Then there are costs for dental service. And although dental visits are not deemed regular, it can have a high price tag when you need one, and major work on the teeth does cost quite a lot of money.
Whatever your provincial health insurance may not cover, it can be compensated by a plan for health insurance as well as dental insurance. It can provide financial protection for you from the expensive medical costs that may be financially stressful to you if they may become added monthly expenses.
Have your health insurance plans examined
It may be help to see a life insurance Coquitlam broker and go over available policies that may benefit your plans for your finances:
Insurance covering disability
Insurance for critical disease
Insurance for dental and health services
Analyzing your health insurance can be facilitated by Life Guard Insurance
A licensed health insurance broker assigned in Coquitlam can talk to you to show you the features of these insurance policies to see if they will meet your needs.
by: Mitch Reynolds
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