Employer’s health insurance benefits in Canada

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Health insurance is an important topic for many Canadians. Whether you are looking to get coverage for yourself or your family, or if you are a business owner who needs to offer health benefits to their employees, understanding the different types of plans and what they cover can make all the difference. In this blog post, we’ll explore employer-provided health insurance in Canada and how it differs from other individual plans on the market.

What is the employer’s health plan in Canada?

There are many different types of employer-provided health plans in Canada, but they mainly fall into one of two categories: Integrated Plans and Non-Integrated Plans.

An integrated plan combines benefits for both the employee and their dependents under a single contract. These contracts can be set up to provide specific coverage for things like prescription drugs, dental care, vision coverage and more.

A non-integrated plan is one where the employer and employee are under separate agreements. These plans often provide more benefits than an integrated plan, but they also have higher administrative costs because employers must pay for part of it themselves.

How to find out what your employer offers

You can find out what your employer offers by asking them what their health insurance policy is. They will be able to give you the specifics of your plan and tell you any limitations, such as if it includes maternity leave or not.

Employers may also post a summary of their benefits on company websites for easy access by employees. You can look out for phrases like “health care” or “health insurance” to find this information.

Why you should care about this issue

There are many reasons why you should care about what kind of health insurance your employer offers.

  • It can affect how much money you make each month. If your company doesn’t offer any type of coverage, then the cost is going to come out of your salary; this could be thousands of dollars a year that won’t be going into your pocket.
  • It can affect your job security. You may not want to risk changing jobs if you know that the company offers a great health insurance package and switching companies means losing coverage as well as higher medical bills (as you’ll have to pay out of pocket for prescription drugs).
  • It can affect your retirement. You may not want to retire in a country where the coverage for health insurance is different from what you had back home, or if there isn’t any kind of government-sponsored healthcare at all.

The benefits of having an employer-provided health insurance

There are many benefits. First, you don’t have to worry about paying for your medical coverage every month; this is money that can go straight into your pocket instead of being siphoned off into a fund for health insurance. You also don’t have to worry about paying out-of-pocket expenses that might not be covered by your plan. Rates for employer health and life insurance also don’t change if you have pre-existing health conditions.

It can also affect your retirement. You may not want to retire in a country where the coverage for health insurance is different, or worse, non-existent.

If you are the breadwinner of your family, and you need health insurance for yourself and any dependents while staying home to care for a parent or raise children, then employer-provided health insurance might be necessary.

When can you buy your own private insurance if it doesn’t cover enough for you

There are some instances where you could consider buying health insurance outside of employer-provided coverage. These include:

  • If you’re self-employed or work as a freelancer and need to provide benefits for yourself
  • When the cost of premiums is too high through your employer’s plan
  • If your employer’s plan doesn’t cover services like dental work or vision care for you and your family;
  • When the waiting period before coverage begins is too lengthy.
  • If you’re in a profession that has very specific health needs and can’t find a plan that meets your needs.

When does your coverage end and how do I know when that happens?

Your employer’s health insurance coverage should typically last until the end of your contract. If you’re unsure when that could be, check with your human resources department or contact your benefits provider directly.

You may also have to provide proof of what other plans you are eligible for in order to continue receiving it after termination. For example, if you have a spouse who is still working, they could provide health insurance coverage for you and your family.

Conclusion

We hope this gives you a better understanding of what employer’s health insurance benefits in Canada are and how they work. If you have any questions or want to learn more, feel free to contact an insurance advisor like Dundas Life.

 

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