Author Topic: Canadians - Health Care costs  (Read 2438 times)

MMMdude

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Canadians - Health Care costs
« on: May 26, 2013, 02:42:30 PM »
I always cringe about health insurance costs for Americans.   In Canada we don't really have to worry about this as anything major would be covered.  Now stuff like optical, dental and prescription drugs are not covered.  I am wondering what other Mustachians are doing or are planning to do on retirement.  Do you plan to self fund these costs by putting away $x per month or do you plan on getting some kind of insurance coverage. 

The more I think about this, I think the insurance thing makes sense as the cost would be tax deductible which should result in about a 20% reduction in premiums when you get the tax refund.  I am healthy now (not on any drugs), but any kind of moderate dental work will set you back thousands and it would seem insurance would pay off the first time such a cost comes up

StarswirlTheMustached

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Re: Canadians - Health Care costs
« Reply #1 on: May 26, 2013, 02:50:28 PM »
I'm interested in this as well. To be honest, I'm thinking of taking out private prescription/dental coverage because the plan I get through work sucks. (and they don't even do optical)

Onlyif

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Re: Canadians - Health Care costs
« Reply #2 on: May 26, 2013, 09:59:54 PM »
mmm has an excellent post on this:

Insurance: A Tax on People who are Bad at Math?
http://www.mrmoneymustache.com/2011/06/02/insurance-a-tax-on-people-who-are-bad-at-math/


Everything I've seen agrees with mmm's points.   I checked into blue cross when I was a consultant and it wasn't even close to being worth it.  For any serious dental work for example they cap the max at a few thousand dollars per year while you have to pay over $100 a month.  Unless you plan on falling off your bike and onto your mouth more than once every 3 years it's not worth it.  But run the numbers and see what they show for your situation. 

I have good coverage at work now and even with my employer paying a good chunk I would still rather just have the money and skip the insurance.  Unfortunately all employees are forced to buy certain insurance.  Guess those of us who bike to work need to subsidized those who drive to work and get sick from lack of exercise :)

Gerard

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Re: Canadians - Health Care costs
« Reply #3 on: May 28, 2013, 04:47:45 PM »
I agree with MMM's take on "insurance" for minor dental and ocular stuff. But I would be sure to get anything that you sorta-kinda need anyway done before your work insurance expires. I'm in the middle of $8000 worth of dental grafts and I'm really happy that my employer's picking up 80% of the tab.

KMMK

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Re: Canadians - Health Care costs
« Reply #4 on: May 28, 2013, 05:05:45 PM »
I'll get private insurance. You definitely don't want to wait until you need it. Seems they can deny all coverage if you have any slight pre-existing condition. Just in case we end up having expensive drug or dental expenses. I'd rather have the known cost of the monthly premiums, even if fairly high.