Tuesday, 25 February 2014

Drug Expenses: Out-of-pocket

Your “out-of-pocket” expenses

Understanding Cost sharing: 

The terms “cost-sharing” or “out-of-pocket costs” refer to the proportion of your medical bills you will be responsible for paying when you actually receive Health Care Insurance.  Keep in mind, that Cost sharing never includes your monthly premium.

These are the four cost-sharing terms you will see.


A fixed dollar amount you pay for certain types of care.
-       You might pay a $20 for a chiropractor’s visit and the insurance company will reimburse the rest.
-       Plans with higher premiums generally have lower copays, and vice versa.


A percentage of the cost of your medical care.
-       For glasses that cost $500, you might pay 20 percent ($100). Your insurance company will pay the other 80 percent ($400).
-       Plans with higher premiums generally reimburse a larger portion of the bill.

Out-of-pocket limit

  • The most cost-sharing you will ever have to pay in a year.  It is the total of your deductible, copays, and coinsurance (but does not include your premiums). 
  • Once you hit this limit, the insurance company will pick up 100 percent of your costs for the remainder of the year.
  •   Plans with higher premiums generally have lower out-of-pocket limits.

NOTE: Most people rarely pay enough cost-sharing to hit the out-of-pocket limit but it can happen if you require a lot of costly treatment for a serious accident or illness.

Plan with Deductible

The amount you pay every year before the insurance company starts paying its share of the costs.
-       If the deductible is $2,000, then you would pay cash for the first $2,000 in health care you receive each year, after which the insurance company would start paying its share.

-       Plans with higher premiums have lower deductibles, and vice versa.

Make the right choice!  Ask for a no obligation Blue Cross quote!

Drug Cost...Nothing matters more than your health!

Tuesday, 18 February 2014

Cancer Drugs

Cancer Drug Statistics

Some truth about Cancer drugs in Canada

Lots of clients when we discuss about Drug coverage for cancer treatment, ask us:  Well, isn't that covered by our medicare...?

The sad truth; Not always.  

Unless you know someone close that went thru treatment, you might not realize that lots of drugs are not covered by medicare.

Their next question: Who pays for those Drugs...?

YOU DO!  Either from a personal drug plan, a group drug plan or from your own out-of-pocket.

Not to scare, but this is the reality we leave in.   With Medicare, we are covered when we are in hospitals, but we need to make sure we have our family well insured.

Here are a few facts:
  • About 50% of newer cancer drugs are taken at home and, as a result, in most provinces patients can be responsible for the full cost[1]. 
  • The average cost of a single course of treatment with newer cancer drugs cost $65,000[2].
  • Of the 12 cancer drugs approved by Health Canada between 2000 and 2009 that are administered outside a hospital or clinic, ¾ cost over $20,000 or more annually[3]. 

Wednesday, 12 February 2014

Drug & Health Insurance

Who needs Personal Drug & Health Insurance Plan?

The short answer – we all do.

While our provincial health care coverage ensures we have access to primary areas of medical care, Individual Health Insurance fills in the gaps of the cost of health care. 

Drug Plan includes coverage for prescription drugs.  Health Plan includes medical equipment, some services from registered professionals like physiotherapists or psychologists, vision care, dental care, and more.

Personal Individual coverage is designed for those who don’t have access to a group health care plan, most commonly those who are self-employed or between jobs.

By having your own personal plan, you are guaranteeing your coverage, in most cases, for life.

Ask #Questions, Get #Options, Make a #Choice!

If you are looking for a free quote, from plans that qualify for the new Drug Legislation in NB....Click here