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Private Mortgage Insurance As A Condition Of Approval On Your Loan
By Calvin A Leonard
If you are a homeowner that was required to purchase Private Mortgage Insurance as a condition of approval on your loan, you are not required to carry this insurance forever. A mortgage life Read more...
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Why Canadian Students Need Travel Insurance When Studying Away From Home
By Gregory Ellis
Are you over the moon because you’ve found an incredible study abroad program? Perhaps, you’ll explore the outdoor paradise of Belize while taking classes in sustainable development. Or maybe, jet off to Spain to study international relations and Spanish. Whichever exciting destination and curriculum you choose, you’ll need your passport, any visa or entry requirements, your camera and travel insurance.
Travel you ask? You see, depending on where you are, emergency medical care can cost thousands of dollars per day and surgeries can cost several thousands per procedure. To protect yourself from the nightmare of having to pay these bills yourself, buy travel health coverage for your stay abroad. The good news is that travel health often only costs about the price of a cup of coffee a day and the protection it provides can save you thousands of dollars or more.
Won’t my provincial health plan cover me for emergencies?
Sure, to a point. Provincial government health plans will usually cover emergency care but only for as much as that service would have cost in your home province. As a result, you are responsible for the difference in cost. And the difference between the actual cost of out-of-country emergency services and the amount you’re covered through your province’s health can be significant.
Consider, for example a hospital stay in the U.S. versus one in Ontario. According to estimates provided by one of kanetix’s featured travel providers, a stay in a US hospital typically costs about $2,500 Canadian per day, and for intensive care, it can reach about $10,000 per day. Compare this to the coverage available to out-of-country Ontario travellers through Ontario’s Health Plan; if you need to stay in a hospital to receive emergency services you are covered up to $400 per day for serious intensive care and $200 per day for less intensive care.
An important student traveller tip — if you’re going to be studying abroad for a significant amount of time, notify your local provincial health office.
Did you know that most provinces have a minimum number of days that you must reside in the province each year to maintain eligibility for coverage under their Health Plan?
For example, in:
Alberta you are required to reside in the province for at least 183 days in a 12-month period to be eligible for care under the Alberta Health Care Plan
Ontario you must reside in the province for 153 days in a 12-month period for care to be covered under the Ontario Health Plan
Quebec you must reside in the province for at least 183 days in a calendar year in order to keep your eligibility to be insured under Quebec’s Health Plan
The good news is that you can usually apply for an extension in coverage if you will be studying in an approved educational program. If not, there are special emergency medical travel packages available to students who are not covered under their province’s health plan.
This is why it’s so important, whether you leave the province or the country, that you confirm your eligibility for provincial health coverage and know, what and how much you’re covered for — that way you can purchase extra travel to fill the gaps.
Your travel should
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Home Owners Insurance Savings -- These Will Help A Great Deal
By Chimezirim Chinecherem Odimba
Home owners insurance is costly. However, it's certainly not as costly as having to lose your home. Simply put -- You need it. But at the same time, you'll like to get all the savings you can without Read more...
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Auto Insurance And The Kelly Blue Book
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If you’re looking for a second hand, be sure to look in the Kelly Blue Book before you get too far into your search. Using the Kelly Blue Book is a fantastic way for you to figure out how much you Read more...
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