Canada Health Insurance

Health Insurance for Married Couples

Newlyweds have many things to think about but re-evaluating their insurance coverage should be near the top of their list. There are a number of health insurance plans that newly married couples as well as old married couples should consider.

• Health Insurance: For married couples who do not have good coverage provided by their employer, an independent extended health insurance should seriously be considered to supplement the provincial coverage. Coverage for couples is likely less expensive than getting two individual plans. Coverage for regular visits to the dentist, glasses and eye exams, prescription drugs and a number of other professional fees such as physiotherapists, psychologists and others are not covered by your provincial plan but can be covered by a supplemental medical insurance plan.

Working married couples should re-evaluate their health insurance plans and decide whether or not they want to go with coverage under one employer or co-ordinate between plans.

• Life Insurance: Working couples tend to have a higher standard of living than single persons. They usually have a bigger house, a more expensive car, and perhaps more exotic vacations. Allocating funds to a life insurance plan as well as to a retirement savings plan is essential for your long-term financial stability. Starting early has a huge payoff as the interest accumulates.

• Disability Insurance: The purpose of this insurance is to ensure that there will still be revenue should you not be able to work for any particular health reason. Statistics show that young people are more likely to suffer a lengthy disability as opposed to dying prematurely.