Individual Health Plans
Paying out of pocket for healthcare or dental expenses can be risky to your wallet, especially when you add up drug and dental expenses. That’s why many people turn to insurance companies. Insurers accept the risk on your behalf, and spread that risk with their entire block of business Canada wide.
There are many people that aren’t covered under a Group Benefits Plan. Small business owners, self- employed, people that are retiring, changing jobs, residents moving back to Canada, family members, students over 18 that aren’t covered by their parent’s plan, or students over 25.
According to the Canada Revenue Agency’s website, there is a medical expense tax credit available that can be used to reduce the tax you pay or may have to pay. Premiums paid to private health services plans (including medical, dental and hospitalization pans) qualify for this credit. We recommend you discuss this with your accountant or tax-preparer for confirmation, as this should not be considered legal or accounting advice.