Health for All states that about 500,000 people in Canada do not have health insurance. For some people, this may come as a surprise, especially in a country that prides itself on its amazing healthcare system. Based on Queensway-Carleton Hospital’s estimates for uninsured hospital patients, a regular ward room alone can cost a patient approximately C$1,894 per day, while an intensive care ward room can go as high as C$5,181. The bill goes up further for uninsured visitors who aren’t actual citizens of Canada.
Now that we’ve established how financially disastrous it is to visit a hospital uninsured, below are 5 reasons why health insurance should never be seen as an expensive add-on.
Health insurance helps you during retirement
Health plans aren’t just expenses that cover emergency visits to the hospital; they often come with a lifelong renewability feature. This means that people can renew their health plans as long as they are alive. This is extremely helpful for those who have retired. After retiring, people are more at risk of needing to visit the hospital. A health plan that covers you during your senior years will stop your savings from being a total wipeout should you need treatment.
Insurance isn’t expensive considering the costs of surgery
Have you ever wondered about how much heart surgery costs? It is one of the most expensive surgeries that hospitals offer. Cost Helper details that the surgery can cost between C$38,000 to C$256,000. Imagine adding that costs to your monthly bills!
An average monthly payment for that amount can cost up to C$2,000, and this is only for the procedural costs. You would also have to pay for your ward, medicine, tests, and anything else that the doctors did for you during your stay. If you see the receipt of an actual patient who underwent heart surgery, the monthly premiums of health insurance in comparison are a small price to pay.
Health insurers help you save
Today, health insurers provide underwriting that is tailored to the needs of the health conscious. Providers recognize the benefits of factors like a low carb diet, which reduces risks of cardiovascular diseases. They also recognize the efforts of clients who go the extra mile in keeping themselves healthy. Many insurance providers now follow a specific trend where the individual’s needs are taken into consideration rather than offering every client the same underwriting perks based on a package deal. Health IQ asserts that people who are health conscious can save on their life insurance thanks to this new style of underwriting. If you’re taking extra steps to ensure that you’re in top physical shape, getting better health insurance can be a great motivator rather than an expensive add-on.
You make more money when you’re healthy
People insure their home and cars in order to slow down their depreciation. Similarly, people must have a health insurance plan to make sure that they’re always on the top of their game. Having health insurance is a big worry off your mind. Knowing that you are covered if something does happen will lead to less stress at work and home. When people are healthy, they can work harder and therefore make more money. Don’t wait until your condition is at its worst because it will cost you a lot more. Some people struggle to pay for monthly premiums but all it takes is good budgeting.
Insuring yourself actually saves money
The biggest reason that health insurance shouldn’t be seen as an add-on is that it saves you money in the long run. Everyone gets sick once in a while and if you’re not late with your insurance payments, you don’t have to worry about paying for penalties or hospital bills. Investing in health insurance is like having an emergency, backup bank account. It is there just in case.
If you’re struggling to sort out your own monthly budget, read ‘Getting Started with a Budget’ and follow the steps to get going.