Personal Health Insurance
Your personal health plan ..... more valuable than ever. While health care costs are rising at an unprecedented rate, our budget dollars are shrinking. Your provincially funded health program focuses mainly on services provided while in hospital or at the doctor’s office. More than ever before, personal health plans are required to “fill the gap”.
Nature of personal health insurance - The nature of personal health insurance coverage is to fill the gap between your Provincial health plan coverage and many other unexpected medical expenses.
Estimated Annual Costs if you don’t have an individual personal health plan - Individuals are responsible for all prescription drug costs including the very costly cancer drugs, heart medications, diabetic medication and test supplies, and asthma medications. Below is an example of the annual cost for some new remarkable medications in 2001.
A new drug to treat chronic myeloid leukemia can cost up to $82,000 per year
New long-term treatment for pulmonary hypertension can cost more than $43,000
A popular drug for rheumatoid arthritis and Chron’s disease costs over $25,000 per year
annual cost to treat some forms of cancer over $20,000 per year
Even the cost of treating common illnesses can be considerable
Asthma’s annual drug costs up to $2,726 per year
Type II Diabetes, over $996.00 per year
Osteoporosis over $1065 yearly
Cholesterol, over $924 per year
High Blood Pressure, over $864 per year
Life Changes......a change in job, personal situation, or even retiring means leaving a group health and dental plan behind you. Considering the uncertainty these changes can cause, health care is often the last thing you want to worry about. We at MacLellan & Moffatt Financial Inc. will help your transition, easily and quickly, from a group insurance plan to a personal health insurance plan.
An individual health insurance plan is necessary when you work part time or casual, are a consultant or self-employed, or you're just launching your career and don't have access to group health, a personal health plan is the answer. Choosing a benefits plan when you're healthy makes sense. If you wait until a health problem occurs, you may not qualify for the coverage you need. Health care expenses could very quickly add up to thousands of dollars out of your pocket. Wouldn’t you rather see this money be used for the things you have planned for. With all your plans for the future, you have to take time to think about health care.
Purpose of health insurance - The purpose of a health insurance plan is ensuring now that you and/or your family’s health care needs are met today and in the future. Your individual health plan could be your most valuable investment. The truth is, you never know when you are going to need it. The time to invest in a personal health plan is when you think you need it least - that way it’s there when you need it most.
The aim of MacLellan & Moffatt Financial Inc. - To improve peoples' lives through our products, services and expertise in the healthcare industry. We at MacLellan & Moffatt Financial Inc. exhibit empathy and integrity in all our dealings. We continue to provide value for the customer and maintain a reputation for excellence in customer services.
Fortunately, today’s advanced medications can go a long way towards improving life for those with serious and/or long-term illnesses. Unfortunately, if you don’t have health insurance coverage, your out-of-pocket costs can be overwhelming. Prescription drugs to treat even common conditions can cost thousands of dollars per year.
Pricing - Our products are priced with your pocket book in mind. We are brokers for all the major health insurers and can provide you with comparison quotes, so that we know, but more importantly, you know you are getting the best product for your hard earned dollars.
Income Tax Advantages - If self-employment is your primary source of income in the current year, you may be able to deduct the premiums you have paid for an individual health care plan, as a business expense and receive a direct reduction in your taxable income. It is always prudent to consult your personal tax advisor on this matter.
What Benefits are included in a typical Personal Health Insurance Plan - The “BENEFITS” of an individual health insurance plan offer a wide variety of coverages. Some benefits are Mandatory while the majority are Optional. Where this is your own individual health plan, you can pick and choose what benefits you want on your own health plan. This method puts you in charge of designing the plan that is right for you and your budget.
Some of the benefits offered through the individual health policies might include..........
Semi-Private Hospitalization - 100% of the eligible expense for the difference between standard ward and semi-private accommodation for inpatients in an active treatment hospital in Canada, up to a maximum of 90 days per calendar year.
World Travel Insurance - This benefit provides coverage in the event of an accident or unexpected sudden illness occurring outside your province of residence. Most plans offer unlimited trips per year of 30 consecutive days.
Extended Health Benefits - This covers a wide band of benefits that include vision care, other practitioners, physiotherapy, ambulance, private-duty nursing, hearing aids, diabetic supplies, accidental dental, medical equipment, oxygen, prosthetic appliances, orthopedic supplies, orthotics, ostomy supplies, physician services out-of province.
Prescription Drug Benefits - coverage for eligible drugs. Subscriber co-payment per drug.
Dental Benefits - reimbursement for basic dental services.
Critical Care - While coverage is in force, if a participant becomes afflicted with a critical condition as defined within the policy, and survives the benefit survival period, the insurance company will pay specified benefit amounts, once per lifetime.
Hospital Cash Benefit - Hospital Cash plans are very attractive to most people, but have a significant importance to the “self-employed” individual (example truck drivers, taxi-drivers) who find themselves hospitalized. If a participant is confined to a hospital in Canada on an inpatient basis and undergoing active treatment while insured, the insurance company will pay specified amounts, per day, to the participant.
Underwriting Guidelines...... Personal Health Insurance follows different underwriting guidelines than other insurance products. Most times, an underwriting decision can be made based on the information provided on the application. It is very important that the application be completed correctly and accurately.
Exclusions..... Applications approved for individual health insurance policies who have pre-existing conditions, may have exclusions within the policy, and/or ratings applied to the premium.
Special consideration..... When an exclusion or amendment has been assigned to a policy, most times special consideration is given to the applicant, or family members. Usually, within a 1-year period, the exclusion can be removed, by completing an exclusion questionnaire, if there have been no re-occurrences of the condition or problem associated with the exclusion.
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105 Walker Street Truro, Nova Scotia B2N 4B1 Telephone (902)893-0508 Toll Free: 1-888-893-0508