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At a time when maintaining our physical and financial wellness occupies a big part of our minds, determining our family’s health insurance needs is essential to being well prepared for the unexpected.
Many people believe that the Régie de l’assurance maladie du Québec (RAMQ) covers all their healthcare needs. However, there are lots of expenses that are not reimbursed by this program*, such as:
*The services covered depend on several factors related to a person’s age or situation. Refer to the RAMQ to learn more about the services covered.
Whether it is for a family member or for yourself, you may need to access these additional services. Unfortunately, the amounts for receiving health care can add up very quickly. Whatever your financial situation, unexpected expenses aren’t good for anyone.
If you have group insurance, it can help you pay for certain treatments not covered by your provincial health insurance plan. However, not everyone has access to a group insurance plan, and for many families, individual health insurance is the best solution to supplement RAMQ coverage.
In addition to the tax deductions you may be entitled to, the cost of your individual health insurance will likely be lower than the medical bills you would have had to pay out of pocket without this coverage. Many families are not aware of the amounts they are paying out of their own pockets for access to certain care. Over the years, these amounts could represent several hundred or even thousands of dollars. A sum much higher than the cost of an insurance premium. In other words, individual health insurance can save you money.
As with any other purchase, it’s important to take your time to explore the options available to you. This will give you the best possible chance of finding health insurance that truly meets your family’s needs. Products can vary widely, and choosing the right coverage is important.
Before making a choice, check what is covered by RAMQ. Being well informed about coverage you have will help you better determine your family’s needs. Here are some relevant questions to ask yourself:
Answering these questions will help you better understand the type of coverage you should purchase.
In addition, when choosing the level of coverage, each family should not only consider their immediate medical needs, but also plan for the future. “A private health plan can manage the family’s expenses but most importantly, it protects the family from unexpected future bills that could impact the family’s day to day budget and retirement savings.” says Max Mahardi, Business Development Manager. Your needs may change, and certain limitations may apply depending on your health or that of your family members. To have the maximum number of options when you make your choice, consider purchasing insurance while you are in good health!
Remember that when it comes to health insurance, the needs of a single person are very different from those of a family. All of the above can help you find the right level of coverage for your family.
Article updated on December 17, 2020.