Our Health Care system in Ontario is a great equalizer of its citizens – whether you are rich or poor, you have to wait your turn (yes this is a generalization and we all know there are some exceptions). The fact is, that if you are diagnosed with a ailment, whether major or minor, you usually have to wait for diagnostic testing, treatment and surgery. For many business owners and execs, time is money – wouldn’t it be great to just get in, get fixed and get back to life?
I recently met with an insurer that offers a coverage tailored health insurance coverage to people for whom time is indeed money. This new generation of health insurance coverage focuses on the treatment of your ailment quickly and efficiently so that you can get back to your life.
Let’s say you have to get an MRI on that knee that you hurt playing rec league hockey. You would have to wait in line until a spot opens up, take your tests then wait for your doctor to schedule the procedure – It would really suck having to limp back and forth from work or even miss the rest of the season just waiting for the appointment.
The health coverage, aptly named Priority Care, gives you access to US and Canadian health care clinics that specialize in testing and treating various forms of ailments. You get your diagnosis from your family physician, then call up your insurer (because you have diligently bought the policy from yours truly :)! ). They take your diagnosis, find you some places to get fixed (2-3 choices) and then you choose when & where to go. The policy includes traveling to the health care facility with a companion, getting the procedure done, then flying home. Easy!
I will admit that i am not going into all the details about the plan simply because this is not a sales pitch for it, rather, I am trying to let you know about a great thing emerging in the health insurance market.
You see, unlike Critical Illness (which everyone who can get it should get it), this type of insurance can be used more than once and is not limited to critical illnesses.
Awesome product Claudio, what’s the catch? The catch is the cost. A 40 year old male non-smoker could pay around $106 per month with a $1500 USD deductible (and premiums increase yearly). There is also a lifetime maximum payout of $2,000,000 USD. This may change as the product moves forward but not anytime soon.
So let’s use me as an example. I am considering the $10,000 USD deductible because my goal is to use the product to fix me in case of a critical illness. If I had a heart attack yesterday, I would have to survive and wait 30 days for my CI policy to pay out. When I get out of the hospital and it is diagnosed that my ticker needs some work, I want to make sure that I go to the best place to get fixed. I take the diagnosis to the health care insurer, and once they sort out where I am to go, I would use a portion of my Critical illness payout to pay for the deductible and put the rest into a savings account (i want to keep it liquid for the upcoming recovery time).
The product makes sense and the only thing that a business owner has to wrap their head around is the price (there may be tax favourable options for you – your account should be consulted).
As insurance products become more complex and targeted, you should expect to see products like this emerging on the market to meet demands that arise. Your portfolio of insurance protection will get thick – and before you say it I know what you are thinking “Not another insurance product!” You are right, but variety in insurance policies exist because they can handle a risk better than and all-in one coverage – would you want your general practitioner operating on your heart or would you prefer a heart specialist?