Research is pointing to the lingering disconnect among Canadians about the true cost of health care and what is and is not covered by provincial plans
Research is pointing to the lingering disconnect among Canadians about the true cost of health care and what is and is not covered by provincial plans.
“Our research revealed that a large majority of Canadians are not aware that not everything is covered by their provincial health insurance,” Brigitte Parent, senior vice president of individual insurance and wealth with Sun Life Financial Canada, told LHP. “Canada's health insurance system was set up to respond to people's need for it, rather than for their ability to pay for it.”
According to the findings from Sun Life’s Canadian Health Index, 89 per cent of Canadians believe they are fully covered for all costs associated with hospital stays and psychiatric treatment.
That misperception has challenged advisor efforts to sell plan membership and other health-related coverage.
But the rising costs around medication and other out-of-pocket expenses are a concern, especially given the ageing population.
According to a 2014 study, the percentage of the population aged 65 and over among the total population increased from 4.1 percent in 1900 to 13 percent in 2010 and is projected to reach 20.9 percent by 2050.
"Fortunately, effective solutions exist for many people who are 65 and older,” Jon Sabes, CEO and co-founder of GWG Life, pointing to the value advisors offer clients looking for protection.
Carriers are also doing their part.
In an effort to educate clients, Sun Life, for example, has put together an outline of provincial healthcare funding guidelines, detailing coverage details.
“Our research revealed that a large majority of Canadians are not aware that not everything is covered by their provincial health insurance,” Brigitte Parent, senior vice president of individual insurance and wealth with Sun Life Financial Canada, told LHP. “Canada's health insurance system was set up to respond to people's need for it, rather than for their ability to pay for it.”
According to the findings from Sun Life’s Canadian Health Index, 89 per cent of Canadians believe they are fully covered for all costs associated with hospital stays and psychiatric treatment.
That misperception has challenged advisor efforts to sell plan membership and other health-related coverage.
But the rising costs around medication and other out-of-pocket expenses are a concern, especially given the ageing population.
According to a 2014 study, the percentage of the population aged 65 and over among the total population increased from 4.1 percent in 1900 to 13 percent in 2010 and is projected to reach 20.9 percent by 2050.
"Fortunately, effective solutions exist for many people who are 65 and older,” Jon Sabes, CEO and co-founder of GWG Life, pointing to the value advisors offer clients looking for protection.
Carriers are also doing their part.
In an effort to educate clients, Sun Life, for example, has put together an outline of provincial healthcare funding guidelines, detailing coverage details.
