If you fall into one of the following four categories of people, you should seriously consider buying individual health and dental insurance.
Soon to retire
Retirement may mean learning to live on a lesser income or a shift in your family budget. People on a limited income may find it difficult to pay for prescription medication or therapy. Paying a premium on individual health and dental insurance is definitely a better bet than paying out-of-pocket for drugs, dental, hearing aids, ambulance or hospital accommodation. An experienced advisor such as Majdoub Financial Planners, Ontario can help you determine which plan and how much coverage is best for you based on your current financial and life situation.
Young people may not give much thought to health insurance but the fact is all of us need it. Finishing college may mean losing the coverage from your parents’ health and dental insurance. Contract or part-time positions do not necessarily offer health insurance as a benefit. Expenses on services such as eye care and dentist visits will now have to be borne solely by you. So it is a good idea to buy individual health and dental insurance, say Majdoub Financial Planners, Ontario.
Thinking of becoming an Entrepreneur
Leaving a job to start your own business means losing group health and dental benefits. Buying health and dental insurance ensures you don’t have to pay out of your own pocket for expenses such as trips to the dentist, vision care and physiotherapy. A personal finance expert such as Majdoub Financial Services at Ontario can help you decide the plan and coverage that is just right for you. Ask your financial planner whether your premium can be deducted as expense.
Group coverage no longer applicable
Losing a job is a hard thing. You suddenly may have to worry about expenses you took for granted so far, such as health and dental insurance for you and your family. An illness will not wait till you find a new job. So it would be wise to get health insurance for yourself and your dependents so that you do not have to spend for those visits to the hospital or the dentist from your own pocket.
Individual health and dental insurance allows you to address your medical needs. Costs of treatments, rehabilitative therapies, prescription drugs, hospital stays are all rising sharply with time. Insurance can be your safety net against medical expenses in case of an illness or accident. An experienced financial planner such as Majdoub in Ontario can help you choose an appropriate health and dental insurance plan and an adequate coverage.