March 20, 2020

Health Insurance Planning in Victoria is a Risk that is Usually Neglected

Health insurance policies in Victoria are not being minded

Health Insurance VictoriaIn the past, if you have made some planning regarding personal insurance, like many residents of Victoria, it is probable that you have not looked at health insurance in the proper light. It is true that most of the residents in Victoria have some kind of life insurance that they either personally own or acquired through their job (the amount of which is often insufficient, although at least they have something). Health insurance is generally overlooked because people believe that they have coverage through their employer and/or they believe their provincial healthcare system will take care of them.


Not to say that our universal healthcare system in Canada is bad, because it is one of the best in the world, but it is a primary care provider. Outside of giving hospitalization, nursing as well as specialist and family doctor care, no one would look after your needs financially, much less the government. Sad to say, you are really on your own when it comes to the impact on your pocketbook that is due to a health risk. And if you should ever think that illnesses cost little in terms of finances, then it is time to change your opinion. This article will point out some of the real hardships that people in Victoria are presently facing financially brought about by illnesses and injuries.

Chronic and serious injuries

People get injuries all the time, and you definitely know neighbours as well as friends and family in Victoria who one time or another have had a serious injury. Even a slip and fall on the ice can leave you incapacitated for months, even years. A few of the most common injury types one might acquire are shown below:

  • Accidents in vehicles causing damage to the spine and/or trauma to the head
  • Slip and fall causing hip fractures
  • Degenerative trauma to the spinal column as well as intervertebral discs
  • Concussion(s) which cause one to lose cognitive abilities
  • Sports injuries like torn ACL, torn Achilles tendons, fractures, sprains, etc

These and other physical injuries can have long term effects. Incredibly, I even know a man who took a fall on a Rocky Mountain hike path during a casual walk with his family, thus cracking many vertebrae in the neck. It was a simple accident that has lifelong consequences. This person has been in chronic pain ever since because there were too many cracked discs to just fuse them all. He would have lost 100% mobility in his neck and upper back if all were fused, so he had to learn to deal with the pain. When the two of us met he has already stopped working for one full decade.


Having an injury means you are incapacitated to work. If it is not possible to do your work (physically working, sitting and standing for the better part of eight hours in a workday) then earning an income becomes impossible. If you lack disability insurance, then you have to ensure your protection in order to insure that you can continue your income.

Serious illnesses that affect your lifestyle

Having a serious sickness can have many challenges, despite the good care that the hospital and the medical system gives you. Diseases like cancer, heart attack, stroke, MS, Parkinsons, Alzheimers, Lou Gehrigs Disease, and many others can leave you sick and unable to function for a period of time, or for the rest of your life. You probably know someone in Victoria who has suffered from a critical illness. How did it affect their life? How did they cope with it financially?


The healthcare system in place in Canada may give enough doctor and hospital care, but it will not provide compensation for loss of income, opportunity cost for your wife, who left work to care for you, and additional expenses for other needed supportive care for your family, and other associated expenses. Getting sick entails many added costs, both expected and unexpected, foreseen and unforeseen, added to which is the cessation of your regular income.


Again disability insurance is required to protect your income if you are unable to work and earn a living. Critical illness insurance means a financial blessing if and when you should suffer from an illness that alters your lifestyle. It will provide you a significant tax free cash sum which you can utilize as you deem fit, to assist you in recovering and having the needed income.

Additional costs needed for dental expenses, prescribed drugs and medical equipment

If you think the price of prescription drugs and as well as basic medical equipment may be negligible, then it means you are not really aware of the entire situation a sick person undergoes. Your prescribed medication may be free via the hospital, but only while you are a patient in confinement. Upon your discharge, you suddenly become responsible for all the expenses for your drugs, which can be significantly high. Certain drugs for pain, cancer as well as nausea can cost significant amounts of money each month. And if you should need expensive medical equipment such as diabetic pumps and oxygen machines; what then? Acquiring them could be financially burdensome as well.

You might also find the following article interesting: The Essentiality of Voluntary Benefits


Then there are costs for dental service. And although dental visits are not deemed regular, it can have a high price tag when you need one, and major work on the teeth does cost quite a lot of money.


A health and dental insurance plan will pick up where your provincial health insurance ends. Additional monthly medical expenses which you may be unable to afford can be shouldered by it.

Reviewing your plans for your health insurance

It would be worthwhile to meet with a life insurance broker in Victoria and go over the following products to see if they would benefit your financial plans:

Related Post: A Free Market Proposal for Healthcare Reform

Reviewing your health insurance can be facilitated by Life Guard Insurance

Contact us to speak with a licensed health insurance broker in Victoria who can explain how these insurance policies work and if they might be the right fit for you.



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