Are you one of many Canadians without health care benefits through work? Don’t forget that all it takes is an expensive prescription or an aching tooth to knock your finances off track. Medical expenses can add up quickly, so you may want to consider taking out personal health insurance to cover any gaps in your provincial plan.

Who should consider personal health insurance?

There are many situations where taking out personal health insurance makes sense. For example, if you’re an independent contractor, don’t get health benefits through work, or are in between jobs, health care costs can be a challenge and personal health insurance may be a good fit. Alternatively, you might want to augment your existing health benefits to get additional benefits.

Is it affordable?

There are a variety of plans with different options for coverage. From basic medical and dental needs to more comprehensive coverage including travel medical insurance or paramedical services, there’s something that’s right for you and your budget. An advisor will work with you to customize a plan, one that covers what is important to you.

What else should you think about?

You have to have provincial health insurance in order to qualify for personal health insurance. Some plans may want to review your health for eligibility, so be sure to ask what different options require. You can also keep an eye out for promotions or memberships with service providers like optometrists to keep expenses down.

The bottom line

You aren’t out of luck if you don’t have employer-sponsored health coverage. You never know when the unexpected will happen, so make sure you and your family are protected.