Insurance Understood: Review the medical provisions in your insurance policy

By Steve Meldrum on February 29, 2020.

steve@swellwealth.com

Do you have a doctor? Did it take long to find a doctor? Will you have a doctor next year? If you do, will you receive the same level of care that you have in the past?

Albertans are now facing these questions. The government is changing the way the way that doctors are paid as of March 31 and consequently the model of care will also be changing.

A major part of my practice helps doctors with their personal finances. As a result, I have a lot of in-depth conversations with them about their goals and struggles. Many have contacted me and expressed concern and even explored leaving Alberta to practise elsewhere. These new pressures placed on doctors may impact you directly and it got me thinking about a feature of many life insurance contracts that may come in handy. Especially when the amount of doctors in Alberta may decline or the time they have to address your concerns is limited. It is a policy contract feature where you can get an expert medical opinion from world renowned specialists.

One of the largest companies that provide this to insurance companies is called Best Doctors. You may have been given a small brochure on it or an equivalent program when you were delivered your insurance policy. This can be a hidden gem for you or for a dependant. For example, I have a policy with this feature so I can access it for my wife or more children should the need arise. Let me frame a few questions to help you consider how you value this feature now or in the future.

Have you been admitted into the hospital and want expert guidance for your care? Do you have questions or concerns and want expert advice? Are you unsure about a diagnosis or need help deciding on a treatment option? Do you need help finding an expert who specializes in your condition?

I encourage you to learn more about the changes to the medical system and review your existing insurance policy to understand if you have provisions to get expert medical opinions. This may very well be a way to bridge the gap between what you are used to for medical care in Alberta and what may become.

Lastly, I would be remiss to say thank you to all of the doctors out there that make meaningful impact every day in our lives and community. I am beyond grateful to one of our best local doctors, Dr. Nunweiler, who literally saved the life of my eldest daughter through his medical knowledge but more importantly his tender care and humanity that he used to spend extra time evaluating and diagnosing her. It led to an emergency room visit and a week in the hospital but avoided permanent damage and even death. Thank you Dr. Nunweiler and all the other doctors out there!

Steve Meldrum B.Mgt. CFP CLU is the founder of Swell Private Wealth Ltd. For over a decade he has specialized in helping individuals and businesses expand protect and perpetuate their wealth. For further information or tailored advice, contact him at 403-487-0490, steve@swellwealth.com or connect on social media.

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