How much insurance is enough?
At Saskatchewan Blue Cross, we know that deciding to get insurance is just the start. Determining exactly how much insurance is enough can be overwhelming, but we’re here to help.
Health insurance needs are unique from person to person and family to family. To begin figuring out your specific needs, think about who needs to be covered (you, your spouse, your dependents), their ages and the overall health of each person to be insured.
Is there a family history that increases your likelihood of certain illnesses? Are your children likely to need braces in the future? Do you or your partner wear glasses or contacts?
Just like with your home and vehicles, health insurance is as much about protecting yourself from what could happen as it is about covering you today. Be sure to think about what coverage you require now and as time goes on.
Already have another plan?
If you already have another health insurance plan in place through your employer, an association, or another insurer, carefully review what the plan offers. Consider — are there coverage gaps you need to fill? Perhaps only a portion of some expenses are covered, or maybe some practitioners or supplies aren’t included at all.
Once you understand the insurance coverage you need, compare your list to what’s included in our Personal Health Plans and decide whether you need to add one or more of our custom options to your basic plan.
If you’re travelling outside your province of residence, your government health plan may not cover all of your expenses if you require emergency medical care. Protect yourself by considering:
- Where you’re going – Healthcare is more expensive in some destinations than others and coverage amounts vary from one policy to another.
- How long you’re going – The risk of an emergency may increase if you’re away for a long period of time, and many travel insurance policies include a clause about your maximum trip length.
- Who’s going with you – You may need coverage for you, your spouse, dependents and other travel companions.
- What you want to cover – Some travel policies include emergency medical care as well as travel assistance services, baggage coverage and more.
- What other coverage you have – If you have travel insurance through your employer, a credit card or another insurer, consider what coverage gaps you might need to fill with your own separate travel insurance plan. (Hint – we have a plan for that!)
To determine how much insurance is enough, start by gathering information about the amount of your mortgage or rent and other loan payments, the number and ages of your children, your spouse or partner’s income, other life insurance policies you hold, and the amount you have in savings that could be used to pay off debt and cover ongoing expenses.
Next, visit the Blue Cross Life Insurance page and click on ‘How much coverage do I need?’ to use our handy coverage calculator. In about five minutes, the calculator will help you figure out how much is enough to protect what matters to you.
Workplace benefits and group insurance
If you own a business or manage the group benefit and insurance plans for your company, let us help you determine which plan is right for you. We have a plan for you – whether you have three employees or 500. Learn more.
Not sure where to start?
If you’re still not sure how much insurance is enough, reach out to us! Our team of experts is ready to guide you through the process. Contact us.