Medical Insurance

Health insurance or medical insurance is protection against medical costs especially those which are not covered by OHIP (Ontario Health Insurance Plan).

A health insurance policy in Toronto is a contract between an insurance company (insurer) and an individual or group (insured), in which the insurer agrees to provide specified health services at a specific cost (premium). Medical insurance provides either direct payment or reimbursement for expenses of illness, drug, dental, injuries and all contents of the contract. Variety of coverage-options is available to suit your situation and budget, special pricing for individuals, single parents, couples and families.

Is all health care cost covered by Ontario health insurance plan OHIP?

As you may know there are gaps in your OHIP coverage and it doesn’t fully cover many every-day medical expenses like dental services,prescription drugs, prescription eyewear & more. Health care costs are increasing day by day so if any accident or illness happens, these out-of-pocket expenses add up quickly to your family budget if you don’t have another reliable medical insurance plan..

Is that possible to provide individual health insurance plan?

If your employer doesn’t offer a health insurance plan, you may take individual or family health insurance plan on your own for dental, drug, physiotherapy and other medical needs. If you suffered a major injury tomorrow or suddenly encounter a life- threatening illness, you may   face unexpected medical costs. This can provide through your adviser.

Is health insurance premium tax deductible?

If you are self-employed or contract worker, you may be able to deduct your premium from your annual income to reduce your payable taxes. For those who are not self-employed, tax credit is available which should be consulted with your accountant.

Is health insurance plan more important for family with children?

This is especially true if you have children. Ear infection, rashes and high fever are very common with infants and children. While visits to physician are covered by “provincial insurance plan” (OHIP) the resulting medications or treatments can be very expensive without a “health insurance plan” which you get by your own.

© 2018 S&H Financial and Insurance - All Rights Reserved.