Not being covered by health benefits in Canada can have major repercussions. From emergency dental service and prescription drugs to travel insurance and private and semi-private hospital accommodation, you could lose a lot of out-of-pocket cash if you’re not properly covered.
How do you find a plan that provides you the best value for your healthcare benefits?
If you haven’t already, now is the time to check out voluntary health benefits. Voluntary benefits can help keep you covered for a lower premium than individual insurance plans. If voluntary benefits are right for you, you’ll want to make sure you choose a plan that gives you the most value.
Compare Coverage Options
There are many options currently on the market for voluntary health benefits, the process may be slightly overwhelming. While there are lots to choose from, not every plan will offer what you’re looking for. When you compare plans, you’ll be able to find your perfect plan at a price that fits your budget.
Comparing plans will allow you to discover what plans you qualify for, and what customizable options are available.
When comparing plans, keep these eight criteria in mind:
- coverage level;
- options for customizability;
- opt-out difficulty;
- additional costs on top of monthly premium;
- limits; and
- company reputation and experience.
Make Sure You Get What You Want
Once you’ve narrowed down your search, you’ll want to make sure that your plan covers what you need most. Prioritizing what you want from your voluntary benefits plan is the best way to ensure you’re getting the best value for your situation.
Make a list of what is most important to you, this will help you easily narrow down which plan best serves your needs. If your most important benefit is dental, and you don’t need travelers insurance, find yourself a plan that offers high dental coverage and little to no traveler’s insurance.
If you’re not sure how to get exactly what you want, your best option is to contact the benefits provider. They’ll listen to your needs and walk you through each individual plan to find the right option for you.
Opt-in for Opt-out
While your current situation may require you to obtain voluntary health benefits, this may change in the future. Whether you move out of the country, or get a job that includes health benefits, you want to keep your options flexible and open. With the ability to easily opt-out of your plan at any time, you won’t be stuck in a voluntary benefits plan if your situation changes.
Plan for Unemployment and Retirement
One of the best perks of some voluntary benefit plans is that if you’re covered and you become unemployed, you’re still covered. As long as you apply while employed part-time, your coverage doesn’t stop working, even if you do. This provides you with the value of a healthcare safety net, even in the case of unemployment.
Additionally, you’re still covered once you stop working due to retirement as well. Retirement health benefits are a priority among most Canadians, and flexible voluntary benefits keep you covered, even past 65. Voluntary benefits can add value to your retirement years, by giving you peace of mind regarding coverage.
Don’t Sacrifice Value for Money
Just because you’re contributing to voluntary group benefits doesn’t mean you’re sacrificing value. While many people believe that individual health benefits are the superior option to group benefits plans, this simply isn’t true.
With voluntary benefits, you get the same coverage at half the cost. There’s no sacrificing the quality of your benefits. It’s an economically sustainable way to achieve the same coverage as an individual health plan for less.