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Owen and Associates
Association Sponsored Health and Dental Solutions
Owen and Associates
Overview of Presentation
What is Supplemental Health Coverage?
Provincial coverage at a glance
Facts and figures
Our Health Care products
Premiums
Things you need to be aware of
Ancillary Services
Owen and Associates
Introduction
Question – are YOU one of the millions of Canadians not covered by a supplementary health plan?
Without a supplementary health plan, you and your family WILL be vulnerable to routine and unexpected expenses not covered by the government health plan such as:
Major illness requiring expensive drug costs Major dental work Prolonged hospital stay Homecare Medical equipment requirements Illness while traveling
Owen and Associates
Why would I consider a supplemental health plan?
Common misconceptions
“The Government covers all my medical needs, right?”
“I’m healthy, why would I purchase a plan?”
“I have other financial priorities.”
Owen and Associates
Why would I consider a supplemental health plan?
A few items to consider
The Government only covers basic medical needs - like a trip to the doctor or hospital.
Your continued good health is not a given - health changes & accidents do happen.
What “financial priorities” could be more important than your health care?
Owen and Associates
Overview of Provincial Health Plan Coverage
Did you know …
Owen and Associates
Facts and Figures
In 2007, households paid $3.9 billion out-of-pocket for prescription medication.Source: Canadian Institute for Health Information. Drug Expenditure in Canada: 1985 to 2007. May 2008.
In 2006, the average Canadian household spent $1,250 on health care costs not covered by provincial health plans - dental care, eye care, paramedicals – up 10% from 2005. Source: Statistics Canada
Owen and Associates
Facts and Figures
As demand outstrips funding, provinces have begun to limit what services and procedures are covered and are refusing to pay for new services and medications. Source: Toronto Star. 21 June 2008.
More than half of Canadian employers are considering eliminating post-retirement benefits for most retirees to contain the soaring costs of health benefits. Source: AON Consulting Inc.
Owen and Associates
Our Solution - Health and DentalInsurance Products for Our Members
Owen and Associates
The TESL Ontario Association Health and Dental Plan
8 distinct plan choices
4 Drug & Dental, 4 Dental only
EHC benefits included
Web Site link available through Owen and Associates at your TESL home page and at www.owenandassoc.com
Owen and Associates
Insurance Premiums
Owen and Associates
Premiums
Rates are determined by plan type chosen, age, status, and province/territory of residence
Single, couple, child rates are offered
Premiums are subject to review annually
Coverage effective 1st of the month
Owen and Associates
Premiums
Favorable Tax Position
Deduction of premiums as a business expense All family members can be deducted Some maximums apply depending on type of business Non taxable benefit for employees Still able to claim under medical expense for excess
Exceptions may apply - contact Canada Revenue Agency for details.
Owen and Associates
Premiums
Typical individual health insurance premium $1,250.00Tax saving at a 40% level -(500.00)Prescription drug expenses per year - 180.00Dental expenses per year - 200.00Contact lenses expense per year - 100.00Chiropractor/Registered Massage Therapist expenses per year - 150.00
The cost to you $ 120.00
* The example shown is for illustration purposes only and is not meant to berepresentative of every situation. Your actual savings will depend on the policyselected and the expenses you incur. Please refer to your policy for completecoverage details, and consult your financial advisor.
Owen and Associates
Things you need to be aware of
Owen and Associates
Application
Complete in full including medical information (if needed) First two months premium (age banded and per person,
discounted for couples and large families) must accompany the application in the form of:
Cheque Credit Card Pre-authorization from financial institution
Turn Around Time – 4-6 wks for underwritten apps and 2 wks for non-underwritten apps
Owen and Associates
Underwriting Philosophy
Our intent is to offer coverage for an ailment or condition which arises in the future.
Offer exclusion, rating or guaranteed issue plan (Counter offers) vs. accept or reject
For some conditions unable to offer coverage Enrolled 1st of the month, no waiting period
Guaranteed issue plans also available to those with pre-existing conditions.
Owen and Associates
Claims Service
I.D card provided for up-front payment on most claims
Currently over 90% of all claims are processed electronically
Claims Customer Service 1-800-268-3763 SecureServeTM (Internet support) DrugCheck®
Owen and Associates
Additional ServicesFor TESL Ontario Members
Owen and Associates
Additional Services
As consultants to TESL Ontario, Owen and Associates is available to provide you with guidance regarding:
Mortgage Insurance and Mortgages Life Insurance Critical Illness Insurance- provides a lump-sum
should you become critically ill Disability Insurance Travel Insurance – Traditional Out of Country Travel Insurance for those
working outside of Canada for periods greater than 1 year
RRSP’s Group Benefits and Pension for businesses
We are independent and objective and work for you!
Owen and Associates
Contact Us:
For further information, please contact:
Toronto Collingwood 208 Evans Avenue, Suite 107, 391 First Street, Suite 301, Toronto Ontario M8Z 1J7 Collingwood Ontario L9Y 1B3 Phone 416.252.6116 Fax 1.866.952.9920 Phone 705.443.8679 Fax 705.443.8385
www.owenandassoc.com
Please refer to the Owen and Associates information leaflet in your TESL Conference bag
Owen and Associates
Thank you!
