Individual Health & Dental Insurance – Is it worth it?

Investment Market

Anthony TalaricoTHUNDER BAY – Business – As Canadians we’ve been blessed with a great healthcare system and one that offers us coverage on many fronts, but that doesn’t mean we are provided all the healthcare coverage we need.  As history proves truth, over time government is cutting back on the coverage we currently have and we are being left paying for expenses we such as prescription drugs, dental care, vision care, paramedical services and even transportation by ambulance if needed. 

Individual Health & Dental Insurance – Is it worth it?

Many of us receive this coverage through our employers, but for those of us that don’t is it worth purchasing coverage for ourselves and our families?

Pay out of pocket?

Paying out of pocket is one option for those of us who don’t have any coverage.  Typically, paying out of pocket allows us to pick and choose what coverage we want and lets us determine if it’s worth it to us at the time we need it.  As an example, some of us will value prescription drug care more than vision care, so when paying out of pocket we wouldn’t be stuck paying for something we wouldn’t want.  On the flip side, this can leave us with a big payment all at once should we need something immediately.  It’s situations like this that makes the decision much harder.

Purchasing a health & dental plan

Purchasing a health & dental plan privately is a route that many go when they can’t get coverage through their employers but still desire it for themselves and their families.  Bi-weekly and monthly payments are made to ensure that they’re protected in the case they should need to use their plan.  The advantage to having a plan is that payments are consistently made, relieving themselves of a big payment for an unforeseen event plus keeping up with their dental and vision care more consistently. 

The Bottom Line

Many of us pay for our coverage through our employers as it gets taken off our pay, even though for most of us we don’t notice it.  With that being said, many of us would choose to keep the coverage over the pay.  Should you have questions about health and dental plans, don’t hesitate to contact me at anytime.

Anthony M. Talarico