Quote:
Originally Posted by Slava
I like these plans in general, but I do wish that more people would use them in conjunction with an actual benefits plan for their own well being. It's perhaps not as a big of a deal if you are the sole employee of the business, but there are certainly cases where having a full insurance plan is a little smarter.
I've seen cases where employees have a set limit per year (say $3000). You go in for a root canal, bridge and cleaning and that $3k is shot. Now its true that a lot of medical coverages have limits on dental per year as well. The difference though is that with the PHSP your coverage is used up and now when you need prescription drugs, chiro, massage, etc. for the remainder of the year you are out of luck.
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What are some examples of these cases? On a dollar in dollar out basis some of the traditional plans like Blue Cross, Manulife, Great West Life, Desjardins, GMS will end up costing more per year without a doubt. It is just a different way to finance health and dental and PHSP gives you more coverage for less money at the end of the year. Many people don't understand but either way you are going to be paying out money each month and if you aren't you should set that money aside regardless for when you need to use it. PHSP isn't a use it or lose it proposition but rather a pay as you go. A more honest approach to health and dental and 100% legit.