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If I Have Provincial Health Insurance, Do I Need Critical Illness Insurance?

While provincial health insurance plans are helpful, there are reasons why you should consider critical illness insurance. This type of insurance can provide coverage for gaps in your provincial health insurance plan. The unpredictable nature of health means something can happen at any point in time that can change your needs for medical treatment and care. You could get an unexpected diagnosis, injury, or require ongoing medical support.

In the event that something happens, health care has the potential to be expensive, and you may not have all the coverage you need. Depending on the province that you live in, your health care coverage varies and there may be gaps in your coverage that you will need to fill in order to afford care.

One of the biggest concerns is the time it takes to recover. Provincial Health Insurance does not provide for you financially when you need to take time away from work or if you choose to travel elsewhere to get treatment not offered in your province. Perhaps you would want additional support or alternative treatments.

The coverage from a provincial health insurance plan often includes appointments with your family doctor, walk-in clinic, other health care providers, emergency room, and medical tests and surgeries. But out-of-pocket expenses add up quickly and when no regular paycheque is coming in, many families find they must strip their savings and retirement plans, putting their financial future in real jeopardy.


There are many benefits of critical illness insurance. This type of coverage offers peace of mind that if you were diagnosed with a critical illness, you’d have a financial cushion to get you through a difficult time. Critical illness insurance affords you the flexibility to use the benefit to pay for anything you like, with no limitations.

Compared to provincial health insurance plans, critical illness insurance has many benefits that help bridge the gap between your provincial coverage and other needs. Here are several things critical illness insurance covers that provincial health insurance plans, such as Ontario Health Insurance Plan (OHIP) does not:

  • Replace income

  • Extra care support at home

  • Additional comfort in the hospital including a semi-private and private room

  • Out of country treatments

  • Alternative medicine

  • Chiropractic treatment

  • Expensive drugs that aren’t covered by OHIP

Banks Financial can help you review your insurance needs so you are confident you and your family are covered.

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