www.trebmemberbenefits.com
Issue #3
March 2014
TREB Member Benefits
2020 Winston Park Drive, Suite 102
Oakville, ON L6H 6X7
Phone 416-443-9989
Fax 905-896-2108
Email [email protected]
Web www.trebmemberbenefits.com
What OHIP Doesn’t Cover
A review of private health insurance options for real estate professionals
Most people won’t do this—until it’s too late!
Issue 2 of HealthQuest Quarterly empowered you with information about what is and what is not covered
under the Ontario Health Insurance Plan (OHIP). In this issue, we arm you with practical tips to help you
decide whether or not you need private insurance – and if so, how much.
Now is a great time to start doing your research
People often start looking for private insurance coverage when it’s too late. Perhaps they’ve reached an age
where they’re no longer eligible. Or maybe their health worsens, and it’s difficult to get approved.
Even if your family is healthy or you’re just not ready to buy, it’s a smart idea to do your research today and
understand your options.
Why do people buy private insurance?
As we told you in the last issue of HealthQuest Quarterly, OHIP covers a lot but it doesn’t cover everything.
People buy private insurance to cover what OHIP doesn’t.
Business owners provide benefits to their staff, to make it more valuable to work with them. Sole proprietors
may be motivated to buy private insurance to protect their family, or their income in the event they became
ill. Others may simply want to prevent the financial devastation of a large, catastrophic health expense.
Types of private insurance available to professionals
Navigating the private insurance marketplace is complicated. It’s not easy for the average person to identify
the coverage that’s right for them. However, there are a number of general types of insurance that – if you
understand them – will put you ahead of the game. We’ve included some on the following page. You can buy
these alone, or in combination. All of these are available to real estate professionals, including sole
proprietors and incorporated individuals.
www.trebmemberbenefits.com
www.trebmemberbenefits.com
Issue #3
March 2014
Traditional insurance plans – You pay predetermined monthly premiums, and if you have an eligible health
or dental expense, you make a claim and receive a benefit payment. These plans provide protection against
both routine and unexpected health and dental expenses. They offer individuals an effective means to budget annual health and dental costs and can be tax-deductible.
Catastrophic health plans – This type of insurance provides coverage for large drug or other types of health
expenses ($5,000 or more).
Cost‐Plus or Private Health Service Plans – Available to sole proprietors or incorporated individuals, this type
of plan provides a tax effective way to pay for routine health and dental expenses. You pay the full cost of
claims (plus an administration fee), and your claims and expenses become tax deductible to the individual.
Figuring out what insurance you need
Do You need private insurance? What plan is right for You and Your Family? There isn’t one right answer. It’s
a personal decision that’s unique to everyone. However, you can get to the right answer for YOU by walking
yourself through the following steps:

Do a personal needs assessment – Look at your needs today, and your plans for the future. What do
you anticipate in the next 3-5 years? Will your kids be leaving home, or will they need coverage? What
would happen to your family if you become ill and rely on expensive medications to maintain your
health? What’s more important to you – having short-term needs met, or protecting yourself from a
large loss – or both?
 Do an inventory of what you already have – Do you have group health and dental insurance through a
spouse or through your place of work? Do any of the professional associations you belong to –
including TREB – offer insurance programs that meet your needs?
 Take the time to learn what’s out there - Use the list we’ve provided as a starting point.
 Get some quotes – Get a few quotes, and enter the costs and plan features in a spreadsheet so you can
compare.
Remember…not all plans are created equal!
When comparing the cost, read the fine print. If you’ve done your needs assessment and know what’s
important to you and why, you’ll be well on your way to finding a plan that is right for You and Your Family.
Take your time and research – but don’t wait too long!
Congratulations for starting your due diligence! As we said, most people choose to buy insurance when it’s
too late: when premiums are unaffordable due to age or poor health. Make the smart choice, and get a
handle on what’s out there today, so you can make a timely decision that works for you.
Remember we’re here to help! It’s what we do. We look forward to giving you more practical tips and
resources in future newsletters.
www.trebmemberbenefits.com