Bridge the Gap

Group health plans are a great benefit and are often included in an employee’s contract. What you may or may not know is that not all drugs are covered in these plans. Some plans only cover generic drugs, which is sufficient if you have a common cold or a low-risk illness. However, what about the higher end drugs needed for cancer and other critical illnesses? Many of these drugs can cost up wards of $6,000 per month and are not covered under your medical plan or your provincial health plan, such as OHIP.

Critical illness insurance can bridge this gap and help pay for the medication you need to help recover, but that is not where the benefits of critical illness insurance end. All the other out-of-pocket expenses you will have to pay for, such as travel, accommodations, gas, food, and parking,  are not covered by your provincial plans - meaning that you will have to foot the bill, which could cost upwards of $25,000. This number may sound too high but if we take a look at a breakdown of the expenses you would accumulate over a 6 month period, you will see that it adds up quicker than you think.

Critical illness insurance provides a tax-free lump sum to help cover these costs and other expenses, such as medication. Knowing that you have access to money when you need it the most is important for your recovery. You won't have to worry about where the money is going to come from, and you won't have to worry about going into debt, asking friends and family for help, or in the worse case scenario, opening a gofundme page to help pay your bills.  Instead, you can focus on your health and your family and have peace of mind that your finances are not at risk. A critical illness can strike at any time, so make the choice now to protect yourself and your family for pennies on the dollar with critical illness insurance.