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