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5 Things to Know About Unemployment Health Insurance

Woman’s hands circling around a paper structure of people holding hands. Representing Health Insurance.

In August 2021, the unemployment rate in Canada was 7.1 percent. While the numbers are improving, there remain countless Canadians that are unemployed and need health insurance coverage.

Your healthcare needs don't stop when you're unemployed, but thankfully there are options to help people who have been unemployed for both short and long periods of time.

Continue reading to find out what you can do to obtain or improve your unemployment health insurance.


1. Public Health Insurance Can Help

If you had employer-funded health insurance, you're most likely stressed about how you will afford medical treatment or coverage. Thankfully, each province offers free health insurance to Canadian residents.

Applying for this program is the first step you need to take when you're unemployed, especially since wait times can take weeks or months. Additionally, private insurance companies, like Ken Maynard Insurance Brokers, require this coverage as a prerequisite for additional coverage.

2. Public Health Insurance Has Limits

While public health insurance can be helpful, especially since it requires no monthly premiums, it is not all-inclusive.

These plans typically don't offer coverage for dental, medication, or optical needs. These limitations make having an additional private plan essential to avoid bigger medical bills.


3. Not All Private Plans Are the Same

Now that you know that you'll most likely need to buy health insurance, you need to understand how it works.

There are many types of companies and plans with different coverage areas, costs, and deductibles. Typically, the higher the monthly payment is, the lower the deductible amount that you have to meet is. More affordable health insurance monthly payments will have higher deductibles before coverage begins.

When you're unemployed, this can be a big expense, and the plan you choose depends on your individual situation. These private plans do tend to cover more services than public ones, so you will need to find an affordable one that offers the support you need.

4. Critical Illnesses May Not Be Covered

If you expect long-term unemployment and may be at risk for critical illnesses like cancer or heart attacks, then you may need extra coverage.

However, you must get this plan before developing a condition. When you are unemployed, there is a lot of uncertainty with your income. This type of plan is best for those that are high-risk for these conditions; otherwise, a regular plan will work.

5. Health Insurance Companies Can Help

Health insurance companies are here to help you, especially local ones like Ken Maynard Insurance Brokers.

After being approved for public health insurance, meeting with a private company is your next step.

They can give you information on different health insurance plans and pick one that is best for your financial situation and health needs. There is a plan for every need and person; a good company will be mindful of your situation and keep things honest.

Finding Health Insurance When Unemployed

Finding health insurance when unemployed can be stressful, but we are here to help.

Since 1965, our decades of experience giving health insurance quotes in Vaughan will ensure satisfaction and quality. Additionally, our family and community model of business guarantees that we will treat you with honesty and trust.

Reach out to Ken Maynard Insurance Brokers today for help finding a health insurance plan that fits you.


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