[run4yourlives]

You should look into this, because although it isn't advertised, you can in fact opt out of your employer's plan in a large majority of cases. There could be exceptions if your employer is smaller and/or several people have already opted out.

Couple of things to note first however:

1. It's not impossible, but it isn't likely that you'll be able to find the same coverage on an individual plan for the same price. You could choose to opt for less/different coverage of course that is more to your liking.

2. Talk to your employer... they may be quite interested in learning why you don't care for the plan. One of the reasons I so like HCSA's is that you aren't limited to such a narrow scope of services... it is basically your company saying "Hey, for medical and dental here's $2K a year. Spend it on whatever CRA figures is a medical expense." A good benefit consultant should be able to work with your employer to make their plan something that is attractive to employees.

3. Pay attention to the things your employer pays for beyond health and dental. They're probably paying for Life Insurance, Dependent Life, ADD, LTD etc etc. Some of these benefits can be a lot cheaper in the plan, and are nothing to top up. Life Insurance for example you can buy as much as you want.

4. Make sure you qualify health wise. Apply for some optional life through your employer before you go out on your own. It would really suck to be rejected privately, then not qualify for re-entry in your employers plan either.

5. I'll say this to anyone - Buy Critical Illness insurance. As much as you can afford. This benefit is such a gimmie it's not even funny. It is basically free money to you (for anything) if you contract a major illness. Buy a house with it if you want. Take a vacation. No restrictions, no caveats. With cancer rates approaching 50%, it sure would be nice to temper your chemo treatment with a new Porche or a trip to Europe wouldn't it?

[inafield]

1.) Insurance providers are, unfortunately, set up that way in Canada. Bulk processing of applicants is cheaper administratively than lots of individual applicants. I think any insurance company that wants to rock the boat will take a long hard look at this group vs. individual practice.

2.) GWL's 50-75% coverage vs. Blue Cross' top-tier 90-100% coverage is a no-brainer if you want to spend the extra (a lot) of money.

3.) They are, which is why I haven't switched. I get minimal life, dependent, ADD, and LTD. In fact, it is so minimal that I went and got extra that isn't tied to my employment. The company won't stop paying for it though, because they want the $60k they'll get if I die or am permanently disabled.

4.) Fully passed.

5.) I've heard this before. I'll have to look into it. Despite being more fiscally conservative than most other Canadians, budget is still tight.

[run4yourlives]

1. I'm in the industry. It has more to do with pooling of risk than bulk processing, but same idea more or less. Insurers can and do rock the boat all the time, but around the core players their nature is to be conservative. Check out HSCA plans for an example of innovation here.

2. That's your plan, not the carriers themselves. Both offer everything from nothing to 100% coverage. Sounds like you have a pretty low end plan. Seriously, talk to your employer about an HCSA... you can use it to pay deductibles and it is designed exactly for plans like yours.

3. The company won't stop paying for it though, because they want the $60k they'll get if I die or am permanently disabled.

Pretty sure this isn't happening. In fact, I'm pretty sure that's not even legal. They may have an additional benefit as part of their general insurance policies (key man, etc.) but all the payout for a life/add claim goes 100% to the people you've designated as a beneficiary.

5. Getting 15k-20k of CI for under $10 a month is the average rate. That's probably less than you spend on coffee. Given your LTD is probably about as good as the 75% EHC you have, I'd look into it. Nothing like not having to worry about expenses when(if) you get sick. Covers everything from heart attacks to cancer. You can usually insure your spouse too.