If you’re thinking about relying on other insurance plans while being treated for a critical illness, then it’s important to know the limitations. One of the reasons why critical illness insurance offers great protection is because other types of financial relief – such as typical Disability Insurance – will not cover you if you are deemed able to work. Also, your employer’s benefits may be capped and depending on the province you reside in, Employment Insurance will only provide coverage for a maximum of 15 weeks.
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:
Extra care support at home
Additional comfort in the hospital including a semi-private and private room
Out of country treatments
Expensive drugs that aren’t covered by OHIP
Banks Financial will help you review your existing insurance coverage so you can be certain you and your family are protected.