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Updated on Jul 02, 2015

The Canadian federal healthcare system is regarded the world over as a measuring stick for a government caring after its citizens’ well-being to the greatest possible extent. Though it’s a significant drawing factor that attracts scores of multinational employers annually to establish operations in our country, Canada’s two-tiered socialized medical care design leaves troubling gaps that bolster the private healthcare industry.

Increasingly, the impression is that settling for what federal health care provides is no longer adequate. The more prudent solution seems to be purchasing private “back-up plan” coverage in order to receive the most comprehensive protection possible.

The potential impact on insurance rates could prove disturbing.



In countries such as the United States, the concept of a government that funds health care for every citizen seems positively Utopian. While the Ontario Health Insurance Plan (OHIP) indeed assuages the worry that a need for expensive medical care may arise with no means at all of paying for treatment, publicly funded services aren’t always delivered efficiently. Meanwhile, as the government scales back services and healthcare employee wages arise,  private insurance can inevitably pick up a measure of the slack.

Unfortunately, premiums could tick upward proportionate to increasing demand.

It’s a conundrum made trickier by both the escalating medical needs of again baby boomers and Canada’s need to provide adequate health care as multinational corporations increasingly expand their operations into our borders, bringing with them a need for healthy employees that feel secure in their coverage.

Meanwhile, employers are often struggling to offset increasing demands and tenuous supply for health care, all the while remaining aware that employees absent due to declining health and attending employees not performing at full physical capacity hinder growth. Businesses must constantly evaluate how they allocate their resources.

At times like this, it falls upon the individual to leave nothing to chance. While one Conference Board study reported that less than one-third of Canadian businesses regularly evaluate how well their benefit packages serve their employees, Canadians spent $29.6 billion on private healthcare benefit packages in 2011. Meanwhile, federal corporate taxes exceeded $36 billion.

Individual health and dental insurance at least guarantees that you maintain a personal vigilance over your own coverage and can evaluate on your own just how effectively it serves you. Blue Umbrella Financial Services is here to help. Contact us today, and we’ll arrange a no-cost initial consultation to review the current state of your benefits. We may be able to help you secure an individual coverage package that could provide you critical options if OHIP leaves certain procedures either available only on a protracted waiting list or no longer covered at all.


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