Why Canadians need to protect their savings from high healthcare costs
The amount Canadians spend on out-of-pocket healthcare costs is staggering. For instance, out-of-pocket healthcare payments constituted almost 15% of total healthcare spending in 2022, according to Statista.
What’s worse, the average per capita out-of-pocket healthcare expenditure has been rising year after year, reflecting the increasing costs borne directly by individuals.
Canadians paid, on average, $1,189 in medical costs that were not covered under provincial healthcare plans.
According to Statistics Canada, spending on healthcare rose significantly for all households, with the greatest increase — 63.2% — in households with the lowest income quintile.
The three largest expenses that Canadians ended up paying for out-of-pocket were:
- dental services
- prescription medications
- insurance premiums
These three expenses make up about 60% of all out-of-pocket healthcare spending in Canada.
Finding help for high healthcare costs
For many Canadians, a comprehensive insurance plan can be the difference between financial security and overwhelming debt. Policies designed to cover these uninsured services provide peace of mind and ensure that unexpected healthcare needs don’t derail your financial stability.
PolicyMe, an online insurance solution, is on a mission to protect Canadians with comprehensive and affordable health insurance.
PolicyMe simplifies the process of health coverage, helping you and your family protect against exorbitant healthcare costs. In addition to health and life insurance, PolicyMe offers resources and tools to help Canadians understand coverage options for extended health services.
The process of health coverage can be done seamlessly and entirely online, with guaranteed coverage being secured in as little as five minutes, with no medical questions asked.
Affordable coverage with PolicyMe
Here’s what makes PolicyMe stand out:
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Simple and Fast Coverage Process: Comparing quotes and finding the right coverage is quick and easy with PolicyMe’s entirely online process. In 60 seconds, you can get a personalized quote without the hassle of lengthy paperwork or sales pitches. For those who would like to speak with someone, licensed insurance advisors are available Monday to Friday.
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Affordable Rates: PolicyMe’s streamlined approach allows them to offer competitive rates, ensuring that you get the coverage you need without breaking the bank.
PolicyMe’s health and dental insurance helps you cut down on out-of-pocket costs if you’re not covered under a government or work-provided healthcare plan.
What are some examples of expenses covered by a PolicyMe health and dental insurance plan? On the dental insurance side, coverage can include things like dental exams, X-rays for adults, routine dental cleanings, fillings & extractions, endodontic and periodontal treatments, major restorative dental surgeries, and braces.
Coverage for out-of-pocket health insurance costs include things like prescription drugs (including birth control), glasses, contacts and eye correction procedures, registered therapists (massages, chiropractor, etc.), mental health services (psychologists, psychotherapists, etc.), orthotics, hearing aids and much more.
Getting the right coverage is easier than ever with PolicyMe. Here’s how:
- Visit the PolicyMe Website: Begin by answering a few simple questions about your coverage needs.
- Compare Quotes Instantly: PolicyMe’s platform provides transparent pricing and coverage options tailored to your unique situation.
- Apply Online: Once you’ve found the right policy, you can complete your application entirely online and secure coverage in as little as 5 minutes – or you can speak with an advisor on the phone.
Navigating uninsured healthcare expenses in Canada can be challenging, but with the right insurance policy, you can protect yourself and your family from unexpected costs.
From dental care to mental health services, having comprehensive coverage ensures you’re prepared for whatever life throws your way. PolicyMe makes it easy to find the right coverage quickly and affordably, giving you the confidence to face the future without financial worry.
