What does Supplemental Insurance in Canada Cover?

Do you know that 60% of Cancer expenses are non-medical? Meaning, while you pay for your medical insurance, that doesn’t cover 60% of Cancer expenses. The fact leads to questions – what do I need to do? What kind of insurance do I need? How much extra would I have to pay? All you need is a Supplemental Insurance!

Supplemental insurance is built with the purpose to fill in the voids or the loopholes created when you buy an insurance policy. That doesn’t mean that you don’t need the regular insurance plans. Supplemental insurance will support and work side by side, meeting up all the gaps that were left out in a typical insurance plan.

Read : How to Claim Health Insurance in Canada?

How much important is it?

The idea of an insurance plan is to deliver financial coverage when we need it. However, insurance is also a business and intended to earn profit out of it. So, companies intentionally keep some clause so that you can’t be able to claim it. Therefore, it is crucial that you should have a Supplemental insurance plan, so that you don’t need to worry about stuff like restoring lost income, paying rent, buying food, and many more. Supplemental insurance will compensate for all the necessary leftover expenses. It offers critical coverage in a time you are dealing with disability, accidents, sickness, and other unavoidable circumstances.

The Factors to determine the coverage areas

It is hard to pinpoint the exact coverage area of Supplemental insurance; simply because of several factors. We will, however, mention two common elements to estimate the coverage of Supplemental insurance.

  1. The nature of Supplemental insurance: As we know, Supplemental insurance can be of any sort – health insurance, life insurance, unemployment insurance, and many more; therefore, every insurance has its coverage area, which is a contributing factor.
  2.  The current insurance plan: While we are considering the Supplemental insurance, we must understand that it is not a replacement of any insurance plan; instead, it acts as an add-on over your existing insurance plan. Therefore, to determine the coverage area of Supplemental insurance, we must check what are the coverages that the current insurance plan you own has.

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What are the coverages that Supplemental insurance provide?

Typically, we need Supplemental insurance plan in case of additional coverage for the Health insurance. However, it is safe to say that most of the insurance plans are flawed; and it has been kept flawed intentionally. That is why we need Supplemental insurance plans in the first place. Now, going back to the discussion about the coverage, we will break down some of the popular domains of the insurance industry and discuss what Supplemental insurance cover for each different category of insurance.

  • For Health Insurance: As mentioned before, we need Supplemental Health insurance the most. The medical insurance plan that you have already invested doesn’t cover all the areas, unfortunately. That is where Supplemental insurance plays its part. The health insurance plans are indeed evolving every day, but the point to eliminate the need for Supplement insurance is way off in the distinct future. Typically, a health insurance plan doesn’t cover expenses for Prescription drugs, Routine and enhanced dental procedures, Prescription eyewear, and Registered specialists and therapists. So, having additional insurance brings peace of mind and a hassle-free treatment without worrying about your pocket.
  • For Unemployment Insurance: There is no doubt that the Employment Insurance (EI) program in Canada is very competent. However, sometimes, it takes time to claim the EI benefits. At that point, if you are insured with a Supplemental Unemployment insurance plan, you will get instant benefits. It will cost you very nominal for procuring this additional security; so, you can easily avail it. One exciting aspect is that this plan will go simultaneously with the EI benefits. Meaning, you will get up to 24 weeks of financial aid with it.
  • For Life Insurance: Life insurance is a pioneer program of the insurance industry. Unfortunately, there are many loopholes in it. We would hope it is not you who face this troublesome business. However, to avoid dragging yourself among t\
  • he nuisance of life insurance policies, it is better you also do Supplemental insurance alongside general life insurance. Typically, any general life insurance plan misses out critical features like Accidental Death and Dismemberment, Burial Insurance, Non-Portable, and Spouse or Domestic Partner Insurance. So, either you add these features into your existing insurance plan, or you can choose an additional Supplemental life insurance plan.

Read : Top 5 Life Insurance Companies in Canada and its Features

The Conclusion

Apart from these popular insurance plans, you can stay up-to-date with other Supplemental insurance plans for like travelling, education, property, and other insurance plans. However, you must understand that you can’t forfeit your existing insurance plans. Another thing is you should check what your current insurance plan is providing before you commit to a Supplemental insurance plan.