Why does insurance advice have to be technical and complicated?
Confused yet over your benefit plan choices? Well if you are not, then chances are you haven’t looked long enough. Keep going, and you will be really confused in a short time.
Why do I call this article Benefit Plans Sesame Street Style?
Because we need to get back to basics the more confusing an issue gets. Cut down a few trees to see what we have in front of us. The basic ABC’s and 123′s please!
Okay, here goes the logic behind my approach…..
You call for a benefit plan to ensure you are okay in the event of an illness. Because, after all, who will cover those expensive medical drugs right?
Question: How did you get to a point that you need expensive drugs?
Did you get cancer or have a heart attack or stroke that led to those drug costs?
Yes?
Okay, so were you working before? Are you working now? What if you cannot work?
If you cannot work, would you produce an income to pay the bills? The bills, including any premium for the drug plan you called for! Any bill for that matter?
So, priority number one is covering off the income problem, because without income, forget the drug problem, it pales in comparison.
And, this explains why if you are working for a large company they offer life and disability, medical, and dental, right?
The bottom line is that if you are looking for a benefit plan, you should first be looking to cover off the income need – that is, you need to ensure income or it’s game over. Then, the gravy is how you will look at the drugs and dental expenses.
And, if you are in Ontario, should drugs become a huge issue, there is also the Trillium Drug plan to help.
The United States is looking to move to a system (jury out) that is similar to Canada. Their problems are far greater than ours, as a simple pregnancy can be costly.
We have the luxury of having basic medical care in Ontario, Alberta, and Canada that is far superior to the issues facing Americans, and I hate to say it, we have income problems more than medical plan problems.
It really becomes a question of ensuring your lifestyle is not affected with illness or injury, or other medical issue. After that, it is a need to cover off inevitable expenses as cost-effectively as possible.