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This year has put a lot of emphasis on benefits packages, especially health coverage. Employees like you may have had a hard time using dental benefits or RMT credits, especially as you couldn’t make appointments for part of the year.

As a result, you might be contemplating what you actually need from a health plan. Many people point out prescription coverage. Mental health benefits have become more popular this year too. Short-term illness coverage may have helped if you needed to take time off work for illness or self-isolation this year.

Have you thought about catastrophic health insurance? This benefit has been more popular in recent years, especially among older employees. Yet it’s an important option for everyone, no matter what their age. Here’s why you might be at risk if you don’t have a catastrophic health plan yet.

What Does a Catastrophic Health Plan Do?

Catastrophic health plans have been more popular with older employees because they realize their risk of getting sick is quite high. The older you get, the higher the chance that you’re going to develop something like cancer.

That’s not necessarily a pleasant thought, but it is the truth. In fact, statistics show that Canadians have a one in two chance of developing cancer in their lifetimes. The question is less if you’ll get sick and more about when.

That’s something that this year has put front and centre for many people. A catastrophic health plan, with the right coverage, may actually have helped you if you got sick earlier this year and needed to be hospitalized or self-isolated.

Catastrophic health coverage could also cover other types of health issues. Catastrophic illness deals particularly with sudden and non-chronic illnesses like cancer. Catastrophic health might extend more generally to cover events like recovery from a car accident or another injury.

Protecting Your Family’s Health

Catastrophic health coverage doesn’t just cover you, of course, which is why you may want to consider it even if you’re relatively young. It could help you protect your family members as well.

What would happen if your spouse were to get sick? What if one of your children needed to be hospitalized? These aren’t scenarios people like to consider, but being prepared is always a smart idea.

Catastrophic health coverage can help you be prepared for these situations should they arise. In turn, you can face an already stressful situation knowing you have the right coverage to see you through.

The Best Offence Is a Good Defence

The likelihood that you or a family member may become ill at some point is quite high. Most health plans don’t extend coverage for these extenuating circumstances, which can make managing an illness or injury that much more stressful.

Catastrophic health plans take the guesswork out of this “what if.” While you hope to be in good health and that everyone in your family will stay healthy, you never know what the future holds. That’s something this year has really driven home.

If you don’t have catastrophic health insurance already in place, you may want to talk to your employer about offering it as part of your benefits. They could add it to a flexible plan or consider it as an added option. Chances are you’re not the only employee thinking about how to protect themselves and their families.

If your employer doesn’t offer this option, then you might consider getting your own catastrophic health coverage. If your employer offers a Lifestyle Spending Account, don’t forget that you can use these funds to go towards catastrophic health coverage.

Be Prepared to Take Care of Your Health

You’ve been thinking a lot about your health this year and how you can protect it. A catastrophic health plan is one of the many moves you can make to get better protection.

Ready to see what catastrophic health coverage could look like for you? Check out your options or ask your employer about the benefits they could be offering.

 

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JungoHR

JungoHR is Canada’s first HR Hub™ designed to solve the HR pain in every organization. We truly believe that people are an organization’s greatest asset, and when they are empowered and supported, success is just around the corner. We strive to always be thinking ahead, to find solutions to problems not yet noticed, and to find answers to HR and benefits questions not yet asked. We have carefully curated a hub of partnerships designed to provide the expertise needed in any HR specialty. We have an entire team of experts dedicated to our clients and we are ready to help you take back your time. We pride ourselves on not only understanding the needs of today's HR professional but innovating for their needs for the future.

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