Let’s talk about something that doesn’t often get much attention—but should: personal health insurance for high-income earners in Canada.
Now, I know what you might be thinking. We live in Canada. Healthcare is covered, right? And yes, to a large extent, it is. Our healthcare system is amazing when it comes to covering the basics: doctor visits, hospital stays, and many medical tests. But (and this is a big but)… it’s not everything.
For instance, you would find out pretty quickly that if you are not in the hospital and you need to be on an expensive medication that the cost is typically only covered while you are in the hospital. Once you are out of the hospital, you would need to qualify for the income-based Pharmacare program in order to have prescriptions paid for by the Provincial Medical Services Program.
For many high earners, employer health benefits go above and beyond the basics. These plans often include dental care, vision, prescription drugs, disability insurance, critical illness (ie: payment when diagnosed with cancer, heart attack, etc), life insurance and sometimes travel medical coverage. On paper, it sounds like everything’s taken care of—and for a lot of people, it might be. But is it actually the right fit for you?
Let me explain.
Just because you have coverage doesn’t mean you have the right coverage for your lifestyle, needs, or financial strategy. I’ve seen people—myself included—assume their benefits are all-encompassing, only to find out (usually at the worst time) that some important services weren’t covered at all.
If you have never looked at the details of your employer provided benefits plan, get a copy from your HR department and then ask yourself a few questions:
🔍 Does your current plan cover the services you genuinely value?
Think mental health support, physiotherapy, or access to private care. If these are priorities, make sure your plan reflects that.
🔍 Are you financially prepared for unexpected out-of-pocket expenses?
Things like private hospital stays, extended therapy sessions, or specialist services can add up quickly.
🔍 Do you travel often—personally or professionally?
If so, double-check whether your employer’s travel coverage is comprehensive and reliable. Emergency medical care abroad can be costly, and not all policies are created equal. And… are you in good stable health? Many plans may have exclusions which would not cover your pre-existing medical conditions in some cases. You work hard for your money. The last thing you want is to pay $250,000 for a stay in a hospital in the USA or elsewhere.
I’m not saying everyone needs to run out and buy a personal insurance policy—but I am saying it’s worth a closer look. Especially if you’re earning a higher income, the conversation shifts from Can I afford this? to Is this a smart way to protect my health and finances long-term?
For some, a supplemental personal plan can fill critical gaps, provide peace of mind, or even offer more flexibility than employer-based options. For others, their current employer health benefits may be more than enough.
The key is knowing where you stand.
If you’ve never reviewed your policy in detail—or if it’s been a while—it might be time. Personal health insurance isn’t about fear—it’s about strategy. It’s about taking a closer look at what you have, what you actually use, and what you might want to plan for in the future. Understanding your coverage now can save you stress (and money) later.
And in the broader picture of Insurance in Canada, where we rely heavily on a mix of public and private options, being proactive about your coverage puts you ahead of the curve.
So, do you really need personal health insurance? Maybe. Maybe not. But it’s a question worth asking.
Let’s open up the conversation. What’s been your experience with employer benefits? Ever found yourself wishing you had more coverage—or surprised to learn you didn’t need as much as you thought? Email insurance@cbiggroup.ca or call 1-888-564-7484 —we’d love to hear your take.