Insurance Coverage You Wish You Had For Your Car
The ROI Benefits of Private Healthcare Plans
by MATT HOWELL, CHS
After 15 years in the health insurance business, I recently heard a true story that summed up what I consider to be the most common misconception about health insurance in Canada:
Three performers travelling from Montreal to Toronto were involved in a car crash. Thankfully, all survived, and none suffered catastrophic injuries. But the singer had a broken jaw, the dancer suffered a broken leg, and the guitarist’s hands were embedded with glass. Don’t worry, the car was insured. But not one of the performers had private health insurance to cover costs associated with rehabilitation and treatments. Many Canadians without workplace health coverage or private plans assume the government will take care of everything. Yet, dental work, physiotherapy and prescriptions are only a few of the many healthcare expenses not normally covered by provincial government plans; millions of uninsured workers are paying for these treatments out-of-pocket.
The law requires us to buy insurance for our homes and cars and we often voluntarily insure appliances, electronics; even our cats and dogs. Yet, I‘m always surprised by the disconnect between insuring our things more easily than insuring ourselves.
Maybe it’s because we don’t see the return on investment (ROI) as clearly as we do for our belongings?
But every uninsured person, from artist and private business owner to employee without insurance, should understand the financial benefits of a personal healthcare plan. Let’s take a look at why our healthcare should make it on our list of valuables worth protecting.
Would you buy this insurance for your car?
Let’s talk in terms of an auto insurance deal – I’ll give myself as an example - and see if you’d buy in.
Here’s the short and skinny:
I am a 49-year-old male and the premium my sedan is $180 per month. The policy includes the basic components of a common comprehensive package, but also has some neat return opportunities on investment pieces:
I did the quick math and I figure I’ll be paying $2,200 per year and getting back $1,200 on average from these new “dollars in/dollars out” benefits. At the end of the day, I’ll only be paying about $85 per month for the actual “what if I hit a deer?” part of the insurance.
I also figure I’ll keep my car in better shape and safer just because I can do these things without digging into my pockets.
I know your question: “Where do I sign up?”
Well, you can’t. Because it doesn’t exist.
Would you buy this insurance for your health?
That $180 per month is what I pay for my individual health benefit. It’s the only insurance product I own that gives me a return on investment without having something bad happen.
As soon as I bought it, I started getting money back out for things I already do.
That’s $2,025 in return on investment in the insurance. So my net cost of the “what if” is $200 per year for all the stuff that could happen; a dental filling, nursing care, an ambulance ride, a medical episode abroad, or medical equipment purchases and rentals like a CPAP machine, crutches or a cane.
Even if I didn’t have any prescriptions, I’d be paying $65 per month to protect my body, health and wellbeing.
Where do I sign up?
Shop around for a health insurance policy that works for your family, your lifestyle and your budget:
• Ask for explanations in a language you understand.
• Prepare yourself with a list of what-ifs: it helps you get a sense of your priorities based on what you know about your life, activities, existing conditions or possibly aspects not covered in a spouse’s health plan.
If you’re stuck on your what-if list, reach out to me and I will happily help you create a framework of questions that can be helpful when comparing insurance providers.
I always tell people: “Set up your benefits before you need them.” Buying health insurance is a win-win situation. Pay yourself first by putting health first.
MATT HOWELL, CHS
GROUP LIFE & DISABILITY CONSULTANT
Peak Benefit Solutions
Matt is a Group, Life and Disability Consultant and holds the Certified Health Insurance Specialist (CHS) designation and looks to help small business owners protect themselves, their families and their employees' families from lifestyle-threatening risks.
Before merging with Peak Benefits Solutions, Matt founded Howell Financial Corp in 2018, after having more than 20 years of experience as a small business owner. Prior to being in financial services, Matt spent 12 years growing 3 successful, local restaurant franchises.
Matt is no stranger to financial services, having spent 10 years as an advisor with Freedom 55 and Riley Financial Group where he cared for a client base of over 500 homes and 80 businesses.
A big believer in generosity, Matt supports the Trillium Gift of Life Network.
As a proud father Matt sits on the board of the Children's Safety Village.
As an engaged Financial Advisor, Matt is a director in the local chapter of Advocis, an association promoting advisor professionalism since 1906.
As a concerned small business owner Matt is an active member in 5 local Chambers of Commerce in and around the greater Quinte area.
Originally from the Bancroft area, Matt moved to Belleville in 1990 to attend Loyalist College and never left. Matt is the proud father of Donovan, future lawyer/NFL superstar, and Emily, future veterinarian/Mayor of Belleville.
Matt collects guitars and likes to fish the Bay of Quinte.
Peak Benefit Solutions Inc. was established in 2008 and have helped more than 400 clients from entrepreneurs, manufacturing, professional services and public organizations with their comprehensive benefits planning. Every step of the way, we are with you.