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How do I get the right personal health insurance?

How do I get the right personal health insurance?

If you are not covered by an existing group, workplace, or spousal benefit plan, then you should certain consider applying for a Personal Health Insurance (PHI).

This type of insurance will cover many out-of-pocket expenses that are not included in the provincial health plans in your province of residence, such as:
- prescription drug costs UP TO $250,000 per year per person
- dental visits UP TO $1250 per year per person.
- paramedical services such as chiro, physio, RMT, psychologists, acupuncture, just to name a few major ones. This coverage is UP TO $400/year PER type of practitioner.
- You, your spouse, and all your minor children enjoy the maximum claim per individual per year, the amounts are not shared.

It also covers many other smaller items which would add up to additional healthcare costs if an injure or sickness were to occur without having such a plan in place.

This kind of health insurance can help contribute to your well-being and financial stability. That's why it's important for you to understand what it is, and how it works.

Learn more in this article.
Proper professional financial consultation and strategies could have easily netted this family at least $1 million more for their estate and their adult children.

https://www.sudbury.com/beyond-local/ontario-woman-says-government-took-every-cent-of-parents-savings-11130734

"$659,126 combined tax bill from RRSP and an investment property" after both parents passed away in a single year.
The RRSP account had $715k, which meant that in Ontario the tax on RRSP comes to just under $375k, so the investment property's capital gain tax was $285k, which meant that the capital gain on the investment property was just under $1.2 million.
Combined, the year of both parents' passing, their "deemed disposition income" comes to around $1.9 million, and therefore paid a total of $660k in taxes.
Two adult kids got $50k in life insurance payment each which mostly went to cottage maintenance and final expenses for their parents.

This is a classic case of having inadequate financial planning in place, unfortunately, especially having both the relatively large RRSP account AND an investment property with significant capital gain value.

The parents had a lawyer and an accountant, yet for one reason or another, the financial planning aspect was sorely lacking (lawyers and accountants can't actually do financial planning without specialized training or licensing), and they ended up paying an amount of tax that is almost equal to their entire RRSP value saved up over the years.

Not to mention that they won't see a single dollar paid to them from their CPP except the $2500 per person for passing away, which they certainly paid into it for roughly 40 years.
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