Do more for your team

Who do you know who has suffered and survived a critical illness? Consider the following:

• Approximately 80% of Canadians survive a stroke (Source: 2017 Heart & Stroke Foundation of Canada Stroke Report)
• More than 400,000 people in Canada are living with the long-term effects of stroke and this number is expected to increase to 650,000-726,000 by 2039 (2017 Heart & Stroke Foundation of Canada Stroke Report)
• 2 in 5 Canadians (44% of men and 43% of women) are expected to develop cancer in their lifetime.  Based on data from 2015 to 2017, the predicted five-year net survival rate for all cancers combined was 64%. (Source: Canadian Cancer Society)

Critical Illness Insurance was designed with these people – and quite possibly you – in mind. If you come down with a covered condition, it will provide you a tax-free, lump sum payment 30 days after diagnosis to help cover your bills or pay for things such as private nursing, medical equipment, debt payments, new experimental drugs, and possible medical attention outside of Canada.

Wiegers Financial & Benefits offers you two easy options for providing your employees with Critical Illness Insurance:

• Portable Individual Critical Illness Insurance
  • Employees and their spouses can purchase up to $25,000 each in coverage without having to provide proof of good health. For amounts higher than $25,000, and as high as $150,000, only a short-form medical questionnaire must be completed.
  • The insurance is portable, which means that the insurance is not tied to the employee’s employment with you.
  • Employees can easily purchase the insurance by visiting Wiegers Financial & Benefits’ online portal.
• Mandatory Group Critical Illness Insurance
  • Is included as a mandatory component of your group benefits plan.
  • Employee pays for the insurance by way of monthly payroll deductions.

 

Most group benefit plans include Health and Dental coverage for employees and their dependent spouses and children.  And in most cases, the coverage is sufficient, though it’s critically important to understand the details of your coverage so you know if there are any gaps.  But when individuals lose their group coverage, or when individuals who don’t have group coverage (or enough of it) decide to purchase it on their own, where can they turn?

For Individuals Who Recently Lost Their Group Health and Dental Coverage

When individuals lose their group benefits coverage due to loss of employment – for whatever reason, including a layoff or a termination – they have a good option for continuing Health and Dental benefits as long as they act quickly.  Provided that an employee and/or dependents converts his or her coverage to an Individual Plan within 60 days of the termination date of the previously held group plan, coverage will be guaranteed with no medical questions asked and no interruption in coverage.

Note that it’s important to check the details of coverage available under the individual Health and Dental plan as it will likely differ from the coverage under the group plan.  Please check with your group insurance carrier to find out the options available to you there or visit Saskatchewan Blue Cross.

For Individuals Who Are Looking to Purchase New Health and Dental Coverage (and Not Convert Group Coverage)

For individuals who are not looking to convert group coverage to an individual plan but simply wish to purchase coverage on their own, great options are also available.  These individuals will, however, have to complete a medical questionnaire and coverage is not guaranteed.  Wiegers Financial & Benefits recommends Saskatchewan Blue Cross.

Do more for your peace-of-mind while travelling

If your spouse and/or you have group Health benefits, you likely have travel insurance – and it’s likely too that the coverage is relatively quite good.  You might also have travel insurance through your credit card.  If, though, you’re planning a trip outside of Saskatchewan, it’s critically important you confirm first that (1) you have travel insurance and that (2) the coverage meets your needs, including remaining active for the entire duration of your trip.

If you don’t have travel insurance, you really should purchase it well in advance of your trip.  The coverage is typically quite inexpensive but the protection it provides is priceless –almost.  As an example, if you break a leg in the United States, your medical care will likely cost somewhere around US$20,000.  If you need treatment for decompression sickness in Thailand, it’ll cost around US$40,000.  You can avoid such hefty bills with a little bit of planning and by paying a relatively low insurance premium.  It’s the kind of insurance you really shouldn’t do without.

If, on the other hand, you already do have travel insurance, read the fine print carefully to ensure you know what’s covered and for how long.  If, for example, you have a pre-existing medical condition, your travel insurance might not cover the cost of medical care related to that condition.  If you’re planning on being away for longer than your policy covers, you need to look at purchasing top-up insurance to ensure you’re covered for the entire duration of your trip.

Purchase Travel Insurance