Over the last decade traditional group insurance premiums have increased an average of 10% per year. Provincial governments downloading once-covered expenses such as chiropractic, physiotherapy, and vision examinations, have had much to do with escalating costs. Drug costs for new medications and annually adjusted dental fee guidelines, have also made a large impact on increased premiums.
Newlyweds are no longer just considered to be “twenty-something” in age as many Canadians are waiting longer to get married. In addition, many partners are getting married for a second or even third time.
Sound financial management of assets and liabilities plays a major role in any relationship, regardless of the age of the couple. Here are a few items that anyone can benefit from in order to maintain harmony over money matters.
Individuals who have incorporated their business such as consultants, contractors and professionals often find that providing affordable health and dental care coverage for themselves and their families can be an expensive proposition.
Take Bob for example. Bob had just left his architectural firm to set up on his own. In looking at the options available for him to replace his previous firm’s Extended Health and Dental coverage for he and his family, he discovered that the monthly premium would be between $400 and $500 per month. This was for a plan that didn’t provide coverage for all practitioners and procedures, had an annual limit on the benefits, and a co-insurance factor of 20% (only 80% of eligible costs were covered). There wasn’t even any orthodontia coverage although he could purchase that in limited amounts at an additional cost! He also had to move quickly to replace his lost coverage as he had a pre-existing condition that most likely would not be covered if he waited too long to implement the new plan.