Why You Should Buy Individual Health Insurance – Individual Health Insurance Explained

Individual health insurance (as opposed to group health benefits) is a vital purchase consideration for Canadians. It’s an investment that will assist with protecting you and your family against rising health costs now and in the future. As you may well have seen in Canada, the provincial insurance plans are gradually cutting benefits so that it’s critical for you and your family to prepare yourselves by purchasing your own individual health and dental plan if provincial funding is cut much further.

If you currently have group health coverage through your employer and are used to having your dental bills, massage therapy appointments and medications covered, imagine what it may be like having to pay for these expenses out of your own pocket. Then, imagine what it could do to your savings account if you were to become sick and require expensive medications for the long haul or even the rest of your life. If you’re not covered by a group plan, then it’s important to have some kind of individual health plan to health insurance for China cover these often unplanned expenses.

You should consider purchasing an individual health benefits plan while you are healthy rather than waiting until an illness dictates the requirement for insurance coverage because you may find that you’ll have difficulty getting approved. As with any kind of insurance product, the company’s goal is to furnish their clients with security against future events. For example, if you’ve had a series of car accidents and then go to your insurance intermediary to purchase car insurance, you will either be declined or your premiums will be extremely high. The same holds true for health insurance. If you’ve already got a serious illness and you’re applying for a medically underwritten plan, you will probably find that the insurance company will exclude coverage for that specific health condition or decline your application altogether.

It’s for this reason that it’s important to buy health insurance when you’re healthy, even while covered by a group insurance plan. If you are currently on a group health insurance plan, you can bet that at some point, you will not be. Your group health benefits will end when your work ends. Typically, a person’s group benefits end when they reach the age of retirement. By then, most individuals have created at least some health challenges such as hypertension or elevated cholesterol. Sadly, many individuals are shocked and dismayed to discover that they won’t get coverage for these conditions under an individual health insurance plan that they pay for themselves. As mentioned earlier, an insurance company’s goal is to shield you from potential risks that may arise in the future and not risks that have already occurred. In other words, “you can’t buy home insurance when the house is already ablaze”.

Fortunately there are some guaranteed issue health insurance plans available on the market that will cover prior conditions. You will find that the premiums are much higher anyway and the benefits may be limited as compared to a medically underwritten plan. So, it’s a generally excellent idea to think ahead and purchase your own health insurance coverage while you are healthy. That way, you’ll save money on your premiums and have much better overall coverage.