April 13, 2022
By Jillian Stinson
Read time: 4 minutes
April 13, 2022
By Jillian Stinson
Read time: 4 minutes
When someone’s diagnosed with a serious illness, they often struggle with fear and pain – both physically and mentally. Good thing government health insurance means they don’t have to worry about medical bills, too, right? Not exactly.
Believing that government health insurance covers everything is a common assumption people make about dealing with a serious illness. But if you take a closer look, the realities may surprise you.
There’s no question that a serious illness can change your life. But, if you’re prepared for the possibility, you can spend:
Under the federal Canada Health Act, provincial and territorial governments must provide residents with basic medical and emergency services. This often includes:
There are common types of treatments and services that aren’t covered at all by provincial healthcare. Or, in some cases, these treatments may only receive a small amount of coverage. These include:
Providing adequate care for someone isn’t easy. It often requires a lot of time, energy and money. Let’s say you became seriously ill or hurt. You may need help with everyday tasks as you recover, such as:
You may have a loved one to help you with such tasks. Or, you may have to hire a caregiver for help, which can be costly. Either way, it’s not a fun scenario to think about. But the good news is there are options and resources that can help.
Do you have long-term disability and/or supplemental health insurance at work?
Most group disability insurance plans through an employer will pay about 60 to 70% of your income. But you’ll still have to pay 100% of your monthly expenses. Remember, your expenses may be higher while you’re recovering from an illness or injury.
Find out exactly what your insurance covers, and for how much. You can then assess whether you need to increase your coverage.
Read more: How do employee benefit plans work?
When you’re planning, factor in your personal situation. For example, do you have a partner to help care for you if you become sick or injured? They may need to take a leave of absence from work to care for you. In which case, you’ll have to consider the possibility that your household income could be further reduced.
Are you leaving your job with Sun Life benefits?
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When it comes to additional coverage, there are 4 types of health insurance to explore:
Do you need health insurance to help cover medical costs?
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Non-profit national, provincial and local groups can:
Here are a few resources to keep in mind:
Need help figuring out what’s right for you?
An advisor can explain your options and help build insurance into your plan.
This article is meant to provide general information only. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations.
Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life.
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