Risk Management Issues
Beyond the currency and tax concerns that confront you on an annual basis, one of the greatest concerns for most Canadian snowbirds is the risk of an accident or illness while in the U.S.
The costs of medical care in the U.S. tend to be significantly higher than those provided for under each provinces health care insurance program. Therefore, you could be personally responsible for any differences in cost not provided by your provincial health care plan. And in some cases, there could also be circumstances where health services that you could require in the U.S. might not be covered at all under your provincial health care plan.
Getting Sick in the U.S.
Coverage by either a provincial health care program or an extended health care program will generally not provide full coverage for travel outside of your province or outside of the country. You should be aware of the amount of coverage, the types of procedures covered, and the limit to the length of your stay prior to leaving the province.
Provincial health care plans will cover only a portion of the medical fees in the U.S. Most provinces have put strict limits on the amount they will pay for Canadians who need medical/hospital care in a foreign country. The maximum often falls far short of the costs, especially in the U.S. Provincial health care plans also limit the length of time you may be outside the province; generally the length of the visit may not exceed six months in any given calendar year.
Changes in coverage by provincial health care plans for health care received outside of the province or country have made it increasingly necessary for consumers to purchase additional insurance which is typically referred to as “travel” insurance.
Choosing a Travel Insurance Policy
Medical fees and costs in the U.S. are often a great deal higher than they are in Canada (e.g., a person with a fractured arm was hospitalized for five days at a total cost of U$12,000 where the provincial health care plan covered only C$1,000).
As a result of reduced coverage, there has been a boom in the number of companies offering travel insurance and a dramatic increase in the cost of insurance. Regardless of the cost, you cannot afford to travel to the U.S. without additional health insurance and you will need to make sure that the policy you choose will provide adequate coverage.
You should compare different policies to find the best coverage available to fit your particular needs. You should check with a reputable insurance company or insurance broker to help you evaluate your needs. You should also read the policy carefully to determine the restrictions and exclusions that may apply to you.
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