Ads keep this website free for you.
TaxTips.ca does not research or endorse any product or service appearing in ads on this site.  Before making a major financial decision you  should consult a qualified professional.

Private Health Care TaxTips.ca
Canadian Tax and
Financial Information
TaxTips.ca Home

What's New

Links & Resources

Site Map

Need an accounting, tax or financial advisor? Look in our Directory.  Use above search box to easily find your topic!   Stay Connected with TaxTips.ca!
Home
What's New
Calculators
Personal Tax
Business
Sales Taxes
Financial Freedom
Financial Planning
Registered Accounts
Real Estate
Investing
Seniors
Disabilities
Canada
US Tax Tips
Alberta
British Columbia
Manitoba
Ontario
Quebec
Saskatchewan
Atlantic Provinces
Territories
Federal Budget
Prov/Terr Budgets
Statistics etc.
Glossary
Site Map
Directory
Advertise With Us
Contact Us/About Us
Links & Resources
Financial Planning   ->   Save Money  -> Private extended medical coverage

Private Health Care Plans - Costs May Exceed Benefits

Private health care plans (extended  health benefits) may not be financially worthwhile.  Your basic health care is covered by your provincial medical insurance.  Some provinces also cover a portion of prescription drugs.

If you are considering a private health care plan, ask the following questions:

bulletis there an annual maximum coverage?
bulletis there a lifetime maximum coverage?
bulletare pre-existing medical conditions covered?
bulletare all prescriptions covered, or are some not eligible?
bulletare all dental procedures covered?
bulletare out-of-province costs covered?
bulletwhat is covered besides prescriptions?

If you are leaving your job and wish to keep the same health care plan, it may be possible to continue coverage without a lapse by paying the premiums yourself.  If you have a lapse in coverage, you may not be covered for "pre-existing conditions".  For example, if you are diabetic, any costs related to this disease may not be covered by your plan.

If you already have a private health care plan that covers all your existing medical conditions, if it comes close to paying for itself it is probably worthwhile to keep it, as your health care costs will probably increase as you age.  Make sure you know, however, if there is a lifetime maximum coverage and if so, how much it is.

If your income is low, your prescriptions and some other health services may be covered by a provincial government program.  For links to information on provincial health and drug plans for seniors and others, see our Government Benefits, Programs and Services pages.

Check out all of our ideas for saving money and building wealth!

Tax Tip:  Know the terms and conditions of a private health care plan before enrolling or changing your plan.

Revised: October 26, 2023

 

Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved.  See Reproduction of information from TaxTips.ca

Facebook  | Twitter  |  See What’s New, stay connected with TaxTips.ca by RSS or Email
The information on this site is not intended to be a substitute for professional advice.  Each person's situation differs, and a professional advisor can assist you in using the information on this web site to your best advantage. 
Please see our legal disclaimer regarding the use of information on our site, and our Privacy Policy regarding information that may be collected from visitors to our site.