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Too Late for Me

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I recently read an article that attempted to dispel some of the myths about critical illness. This is the one that caught my attention:


If I get sick, the government health plan will pay for my medical expenses.


The government will cover some of your medical expenses – but may not cover all of them and, often, only those administered in the hospital. Covered medical costs vary from province to province[1]. In some provinces, it’s not uncommon to pay upwards of $6,000 a month for cancer medications, which can be prescribed for up to a year. That’s $72,000 that has to be paid out of pocket if you don’t have private prescription insurance coverage (and private insurance often has a spending cap).
The government also won’t pay for the extra costs associated with your treatment, like hospital parking, gas and lunches on the go.

Call me naïve, but I thought that between my government health plan and group health coverage I was covered for anything … well, maybe not the parking, gas and lunches.

So I immediately submitted an application for Critical Illness insurance, as the article suggested … and was turned down. I had waited too long! My application was declined not because of my health, but because of my family history. My sister survived breast cancer and a heart attack – all before the age of 60. While I see the word “survived” in that last sentence and rejoice, the underwriters saw “cancer”, “heart attack” and “before age 60” and turned thumbs down.

The moral of the story is: Critical Illness insurance can be right for you (ask your advisor), but don’t leave it too late!


[1] Unsure as to what your provincial healthcare covers? Check out our blog “Does Provincial Healthcare Cover It?”