# Monday, August 24, 2015
                 
Canadian disability insurance 101 here! We discuss the two main DI types (short-term and long-term), along with disability insurance providers (i.e. DI sources). We also touch upon first, second and third level payers and how they tie into "all sources maximum".
posted on Monday, August 24, 2015 8:13:30 PM (GMT Daylight Time, UTC+01:00)  #   
# Friday, June 19, 2009
                 
Many Canadians have group health insurance which is provided by their employer. These insurance plans cover health costs which are not covered by the employee's provincial health insurance plan. This can include such expenses as dental care, vision care, prescription medications, etc. Depending on the group health insurance plan your employer provides, expenses such as physiotherapy, chiropractor, and speech therapist can also be covered, either partially or entirely.

Group health insurance is available for any business that has a minimum of 2 employees. This can be an easier and less expensive option to individual health insurance, as there may be less medical questions asked in order to qualify for health and dental benefits. Long term disability may also be included in a group plan; typically there is a 120 day waiting period for this benefit. However, individual long term disability coverage can be acquired with a typical waiting period of between 30 to 90 days, depending on the plan.

LTD insurance insures that a person will have an income if a sudden illness/accident prevents the insured person from working. It is designed to protect against the sudden loss of income, which for most Canadian families, can be financially devastating. Disability insurance pays a monthly benefit while the injured and/or ill person cannot return to work; this differs from critical illness insurance, which pays a lump sum even if the person returns to work.  Disability insurance is available for either long-term or short-term; it also is available on a guaranteed issue basis. Guaranteed issue disability is currently only available to residents of Ontario; however HealthQuotes.ca is working on expanding this coverage for other Canadian residents. Four questions are asked for this coverage:

•    Are you currently disabled?
•    Are you currently hospitalized?
•    Do you have cancer?
•    Are you HIV positive?

If the answer to these 4 questions is no, then enrolment in this LTD coverage is guaranteed, regardless of any other health concerns and/or issues.

Having this type of insurance coverage can be especially important during this tough economic recession. For those families that are living paycheck to paycheck, any loss of income can be disastrous for their financial well-being. An unexpected illness or injury can financially cause a family to suddenly not be able to pay their mortgage, car payments, etc. as well as big expenses such as university tuition.

Closely read your employee benefits package to see whether or not Long Term Disability insurance is included, and if so, how much you are covered for. Examine your monthly expenses and how much money is needed every month to adequately support your family. If you are not fully covered should an accident/illness occur, you may want to purchase more LTD coverage. A consultation with your insurance broker is usually free, so it won’t cost anything to ask questions if you are unsure about what type of health insurance coverage you have, and whether or not it is suited for your current needs.

posted on Friday, June 19, 2009 4:35:05 PM (GMT Daylight Time, UTC+01:00)  #   
# Monday, March 2, 2009
                 

Most times, when Canadians think about insurance, they think only of the standard health and life insurance policies. For some, this may be enough; however, especially for self-employed people, as well as those who do not have the savings to maintain their lifestyle for a period of time, disability insurance may be a wise choice.

Personal Accident Disability Plans provide monthly payments that can fund expenses, and/or replace your income in case you become disabled due to an accident. Sickness Disability is also offered, providing you meet the qualification standards for this particular plan. These plans are guaranteed to be renewed to age 65, 70, or 90; the age limit will depend on the particular plan you select; as long as premiums are paid on time, your plan cannot be canceled.

This insurance is quite easy to apply for, with automatic acceptance and/or acceptance within 5 days of the application (the coverage starts on the day the application was signed), up to 90 days. Very few questions will need to be answered, so the application process is very easy for most.

The 24 Hour Compensation Plan includes features such as:

Accident Total Disability Benefits: This entitles the policyholder to payments of $2,000 a month which is paid each month on the first day of the disability if you become totally disabled due to an injury sustained in an accident. This amount is paid while the total disability continues for up to 2 years. This benefit does reduce to $1,000 at age 70. Totally disabled means that you were employed (minimum 30 hours a week) prior to the accident, and that you are unable to perform your occupation and are not working elsewhere. Otherwise, this means that you are unable to perform most of your routine daily activities.

Accident Partial Disability Benefits: If you become partially disabled due to injury, this plan will pay a partial disability benefit of $1,000 (50% of your Total Disability Benefit) for up to 6 months. If employed prior to the accident, partially disabled means that you cannot perform one or more of your important duties and cannot work full time. Otherwise this means that you are unable to perform a significant amount of your routine daily activities.

Accident Total Disability Benefit Adjustment: If your annual income decreases after you have applied for coverage, your Total Disability benefit, as well as claim payment and premiums may be reduced based on your new annual income.

Integration With Other Sources:  If your Total Disability claim is more than $2,000 per month, your claim payment may be reduced by the amount of disability benefits you receive from other plans.

The Accident Excess Medical Rider provides you with a reimbursement of the following expenses that you may have incurred as a result of an accident:

• Paramedical services of a licensed physiotherapist, osteopath, massage therapist, and/or chiropractor, up to $800 per accident;
• Semi-private or private hospital room expenses, up to $100 per day for up one year;
• T.V., radio and/or telephone rental expenses while hospitalized, up to $15 per day;
• Prescription drug expenses of up to $500 per accident, maximum 30 day supply of medication per prescription for all Canadian residents except those who reside in Quebec;
• Medical equipment expenses, i.e. hospital beds, oxygen equipment, wheelchairs, crutches, canes, walkers, etc. of up to $7,500 per accident;
• Medical supplies and prosthesis expenses of up to $7,500 per accident. This includes such expenses as artificial limbs or eyes, surgical stockings, orthopedic appliances (not including teeth), braces, collars, splints, casts, trusses, pressure garments, burn garments, medical dressings, etc.
• Prescription vision care expenses. This covers the full cost of 1 pair of prescription eyeglasses or 1 year supply of contact lenses, provided that these were not previously required or worn. Up to $250 per accident for the repair or replacement of existing prescription eyeglasses or contact lenses.
• Dental care expenses for the services of a dentist or dental surgeon, for up to $3,500 per accident for the repair of natural teeth or treatment of a fractured jaw.

Consult with your insurance broker to see if this type of coverage is best suited for your needs. You can also visit us at http://www.healthquotes.ca/Disability/ for more information regarding these types of plans.

posted on Monday, March 2, 2009 12:51:26 PM (GMT Standard Time, UTC+00:00)  #   
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