How to Afford Medical Expenses Not Covered by Your Public Health Insurance

Doctor’s visits, blood tests, and x-rays are usually covered by public health insurance if you have it. However, some expenses may slip past this insurance depending on where you live.

In Canada, you may have to pay out of pocket for some services and equipment.

This can make recovery hard, as now you’re worried about your finances on top of your health. If you need help getting prescription drugs, eye and dental care, or physiotherapy, here’s what you can do.

If Your Unexpected Medical Expense Has Already Arrived

If you’re reading this article with an upcoming appointment or a bill already in your hands, here’s what you can do now to afford unexpected medical expenses.

1. Put Other Expenses on Hold

If you can afford monthly splurges on takeout, shopping trips, and entertainment, consider putting a hold on this spending. Depending on the timing of your emergency, you might free up the cash you need by sacrificing these frills.

2. Credit Cards

Most people will pull out the plastic in their wallets when faced with an unexpected expense. However, your credit cards might not be available so soon after the holidays

3. Line of Credit

A line of credit works an awful lot like a credit card, as it’s another open-ended account available on a revolving basis. In other words, you can withdraw from your limit, and redraw once you pay what you owe.

If you’re not sure if a line of credit is right for you, check out a lender like Fora. It offers convenient access to cash with simple and quick applications.

4. Financing Plan

If you’re receiving services from a private healthcare company, you might be able to negotiate your payment schedule. Ask to speak to someone in charge of billing to discuss financing plans. They might let you pay off your bill over time.

5. Other Funding

In Ontario, there are specialty funds for people who need mobility or assistive devices, including hearing aids and wheelchairs. You might be eligible for the Assistive Device Program if you can prove you need customized equipment for six months or longer.

If an Unexpected Medical Expense Has Yet to Arrive

Did you notice the word “yet” in the title above? It’s not there to scare you, but it should let you know that an unexpected expense is a possibility. One day, you might get sick enough to need a prescription, a podiatrist may prescribe orthotics, or you could need a mobility device following an accident.

While there’s no guarantee you’ll face any of these specific expenses, there’s a good chance you’ll have to pay for something not covered by public insurance. Here’s how you can prepare for that day.

1. Make an Emergency Fund

An emergency fund is the best line of defence against unexpected medical expenses. Try to set aside a little each month for an eventual cost. Keep saving until your fund has three to six months of living expenses.

2. Invest in Private Insurance

Private health insurance fills in the gap left by the public system. You can buy it as an individual or join an insurance plan provided by your employer.

The Takeaway:

Public health insurance doesn’t always provide the coverage you expect. Tweak your budget throughout the year so that you can afford the next unexpected medical expense.