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News



June 20, 2012
Individual catastrophic drug and medical coverage now available

The facts surrounding a catastrophic illness or accident can be shockingly blunt.  For example, with today’s effective new drugs, cancer medications can routinely cost more than $25,000 per year.   In addition, the annual cost of home care services, physiotherapy or private duty nursing can also exceed the $40,000 mark.

The costs of catastrophic health care or prescription drug costs can easily top the plan maximums built into many extended health care plans.   That’s why Manulife Financial’s new individual FlexCare Catastrophic Coverage makes so much sense.

The new Manulife plan is designed to cover the costs of medical care resulting from an unforeseen serious illness or accident by providing protection against the expenses that may not be covered by the government health insurance plan or your group benefit plan. 

FlexCare Catastrophic Coverage is available in two plans; the first with a $4,500 deductible; the second with a $10,200 deductible.  They work like this:

 

Catastrophic coverage $4,500 deductible            

Prescription drug coverage: Unlimited 100% coverage when qualifying annual prescription drug costs exceed $4,500 per person per year.

Homecare and nursing, prosthetic appliances, and durable medical equipment: Additional $25,000 coverage.  Begins when annual claims exceed $7,500 per person per anniversary year. Lifetime maximum: $100,000.          

 

Catastrophic coverage $10,200 deductible          

Prescription drug coverage: Unlimited 100% coverage when qualifying annual prescription drug costs exceed $10,200 per person per year.

Homecare and nursing, prosthetic appliances, and durable medical equipment: Additional $25,000 coverage.  Begins when annual claims exceed $7,500 per person per anniversary year. Lifetime maximum: $100,000.          

 

Under either plan, a claimant submits the relevant receipts that qualify for coverage.  Once total claims reach the $4,500 or $10,200 deductible limit, any subsequent claims for that year will be covered at 100 per cent.  The deductible can be paid from the claimant’s out-of-pocket expenses or as expenses claimed under an existing health plan.

Plus, in the event of an accident that requires a hospital stay of at least 24 hours, the plan provides unlimited chiropractor and physiotherapist coverage for one year following the accident.

The plan is ideal for small business owners, the self-employed or those with limited group benefits coverage.

For more information about FlexCare Catastrophic Coverage, contact Coughlin Individual Financial Services Consultant Jackie Moulton at 613-231-2266, Ext. 251, or email jmoulton@coughlin.ca.

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