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By Wally Thompson
Special to the Financial Independence Hub
April was Oral Health Month in Canada and while we should take care of our oral hygiene year-round, past studies show that a whopping 6 million Canadians avoid the dentist because they simply can’t afford it.
When it comes to dental insurance, a new survey from Manulife revealed:
- More than one third of Canadians do not have access to private health and/or dental insurance coverage
- When choosing coverage, 42% said the most determining factor is the cost of premiums, followed by companies offering a variety of coverage options (36%)
- While 30% of Canadians make sure they visit the dentist for regular check-ups, 29% hate having to do it
- For those who have visited the dentist, 52% admit to feeling guilty about their oral care habits
A visit to the dentist may not be everyone’s idea of fun but regular visits are beneficial for our overall health. Getting dental insurance for you and your loved ones helps make sure the right care is available on a regular basis and when there is an emergency.
Here are four common misconceptions and what to look for when purchasing dental insurance in Canada:
I’m healthy so there’s no need for dental insurance
If you don’t have dental insurance, don’t wait until you need to deal with a tooth infection, a chipped tooth or to be in serious need of cleaning to start looking into your coverage options. Individuals and their families should consider a plan when they are healthy in order to protect themselves from conditions that may arise in the future. Individuals will need to do a complete assessment on their needs to determine their overall supplemental health insurance coverage. Health status, affordability and the types of coverage are a few key factors that would be part of your overall needs assessments.
If you work with a financial advisor, he or she can also help you and your family complete your overall needs assessment and complete the purchase. You should also ask your advisor how these premiums can be treated as a business expense for your annual tax returns.
I can’t afford insurance
