Hello! Welcome to Novella Wealth Online Channel -I'm Kinson
-I'm Edmond Last time we talked about the differences between TFSA and RRSP Many of who you plan to move here from Hong Kong also have questions about existing medical insurance that you bought and are there any health insurance options in Canada? So before we start Remember, if you haven't subscribed to our channel, remember to do so below A lot of people are asking since Canada has universal health care system is there a need to buy extra health insurance? In fact, the Canadian health care system, in general, includes general coverage, doctor's visit, hospitalization, etc. Even to the point of hospitalization and surgery, it's all included in there The only thing is, if you need special medication, you may have to pay-out-of-pocket There are also some paid medical insurance in the market We call it Extended Health Insurance It helps to pay for the extra costs such as medication and dental, eye prescription glasses and all that Many of you also wondered that, in Hong Kong there is outpatient insurance Or even insurance specially for women's related diseases, is there something similar in Canada too? Broadly speaking, we actually have four different kinds of insurances in Canada Life insurance, critical illness insurance, disability insurance, and as mentioned earlier, Extended Health Insurance because the fact that Canada has a free health care system that includes outpatient, hospitalization, or any diseases, there is no private medical insurance to this extent In fact, Hong Kong people are very used to or very accepting of the concept of buying insurance What kind of medical insurance or insurance can I buy here then? Actually, many of my friends who are returning residents One of the things I always recommend they consider is critical illness insurance What is critical illness insurance? When you have some serious symptoms, such as cancer, stroke, or heart disease It will pay out a lump sum instantly A lot of my friends have asked, "Does critical illness insurance mean that if I have a medical condition today and I have a surgery for $10,000, let's say Doctors fees cost $5,000, then I can apply for $10,000 plus $5,000?" Actually it's not like that Critical illness insurance is actually for if you gotten sick and you meet the symptoms and conditions in the policy, a lump sum will be paid to you They won't care how you use the money You can use the money for medical treatment or even for travel That's why I think when you buy critical illness insurance, it's not just for medical treatment In fact, critical illness insurance gives you an additional option Who needs critical illness insurance? I think everyone, if their budget allows it Everyone needs it, why? As I said, here in Canada, there's a free health care system So you don't need to worry about whether you have money to go to the doctor's because the government is actually taking care of you in this area What I'm trying to say is, with this money, there are more choices for you It means, for example, that you get a lump sum of money from the insurance If the doctor says an operation can be arranged for you soon then you can use the funds right away and you can put your work on hold Or you can even take a break for two to three years after you've recovered, and not be worried for your everyday living needs And if you are in waitlist for the surgery Or you want to get a second opinion and other doctors' perspectives then you can take the money and can go other countries like the United States, Hong Kong, or other places to get the treatment you want In other words, you can actually have more choices. Even some people are saying Should I buy critical illness insurance for my child? I think it would be a good idea Why? I don't necessarily mean to use the money for medical treatment Because actually think about it, when a child is sick, who is going to take care of the child? It must be the parents! Just think about it, if parents need to take care of their sick child while still having to go to work, it's quite difficult. So if they have this money, they can take care of their children with all their heart and soul and don't have to worry about any family burdens or expenses because the insurance money can take care of it Edmond, let me ask you If a friend wants to purchase insurance from you, which insurance company do you represent? Canada is a little bit different from Hong Kong Because when you're in Hong Kong If you want an insurance from AXA then you're going to find an AXA agent. If you want Prudential, you would go to Prudential for their agent. In Canada, you can't actually go directly to, say, Manulife to buy an insurance policy It can't be done You need to find a Broker (intermediary agent) like us since we are the representative for many insurance carriers in the market and can help you find an insurance plan that's right for you. The Canadian market, you could say that in Canada, every insurance company is actually offering somewhat the same products or the same prices Generally speaking, how we choose the right company is their approval, depending on your situation The main thing is the application process and the most important thing is that the claim process is simple, and that the approval is quick I remember Edmond you said that your client had gone to apply for insurance from a carrier but at the end chose to sign a CI policy from another Because the first one didn't work out Yes, let's not mention the name of that company The reason was that the approval process was so troublesome If the application was already so complicated when you buy, you can imagine the claims process must be very stressful too So the client did not choose the insurance company that had him waiting for a long time Kinson, so is there a certain amount or what kind of insurance that is best? Well, actually, there's no fixed number of policies you can buy As long as it's compliant to guidelines, that is, you can buy up to seven times your annual income Then you can split it up into many policies But it's not always better to buy so many In fact, as I mentioned, every insurance company in Canada offers similar policy But the main thing people make claims for It's usually cancer, stroke, and heart disease So I would look at the application process for that one insurance company whether it's simple, and claim procedures is simple, that's what's important. Edmond, if people ask you, "What is the maximum CI insurance I can buy?" What would you say? In Canada, generally speaking, if you want to buy a critical illness insurance policy, the maximum limit is up to seven times your annual income But generally speaking, what we really want is to find one that suits you best If you're looking for a critical illness coverage, you actually need to find an insurance advisor and discuss your unique needs and situation. Edmond, another question is if there's a family history of medical condition, will it affect the purchase of critical illness insurance? Actually it doesn't necessarily affect it, but if you have a family medical history when you apply for CI insurance, you need to report the information to the insurance company. In my years of experience, when applying for CI the result is usually either: one, you can apply at the normal premium Second, the insurance company does not approve you, not accepted Or they may increase your insurance premium, same amount of coverage but increase your price Or maybe they may add some additional terms to your policy such as exclusions. The insurance company will inform you And then you can decide whether to buy Many people think that because of their family medical history that they cannot apply because they can't buy insurance That is not necessarily the case. To give a simple example If the mother has breast cancer Will it make a big difference if the son wants to buy a CI? It shouldn't have much of an effect But again, every time you buy an insurance policy Disclose all medical history and go through the normal procedure to get approved and then wait for the insurance company to see how they determine your case Approval? Is it a premium increase? Or is it not approved? Or some exclusions? There are also many people who would ask, before they return or before they immigrate, how should they handle the existing insurances in Hong Kong We recommend that our clients before you immigrate, or before returning to talk to your Hong Kong insurance advisor about your situation in Hong Kong You can also make an appointment with us to understand your options here If you look at what the options are available for you you can then decide whether you should cancel the Hong Kong policy or keep it Some people may think find it bothering to have to keep their insurance policy in HK But we have to consider one thing, which is that you were in good health when you bought that policy in Hong Kong. But now that you may no longer in such good health, or you can't buy insurance anymore. Then it doesn't make sense to tell you to cancel your existing insurance knowing you will not be able to purchase another one after you cancel the one in HK So book an appointment with us so we can give you an opinion Should you keep your policy in Hong Kong or should you cancel it? The most important thing is to see what other options you have here Edmond, some people may ask "If I immigrate here via the HK Pathway Stream A / Stream B, and I hold a work permit or a study permit, am I eligible to purchase insurance in Canada?" If you come here on a work permit or a study permit, insurance companies have limitations for this type of people But when your status changes to PR (Permanent Resident) or when you are in the process of applying for permanent residence you can actually start applying for insurances with the normal conditions as everybody else So simply put, it's not impossible to buy but there may just be some limitations -Not as many options
-A little different Kinson, some may worry that the worst thing about purchasing any insurance is having your claims rejected when you actually got ill, what do you think? In my experience, What we deal with are long-established insurance companies All the approval application procedures are done before you buy when you report all your past medical history, physical condition, they do the approval first They will only accept you when they deem your situation is permissible So when you need to file a claim They don't have to examine your claim so much, it's usually faster. Usually when you hear those situations [rejected claims] is when those people go to those financial institutions that are not insurance companies and bought an insurance policy there. Usually they sell these, that is, if you're willing to pay, they'll sell them to you When it comes to filing for a claim, they will then check: Do you have a medical history or not? Did you have any symptoms prior? Did you have any family medical history that you didn't tell them about? That would delay their claims process, or may even result in rejection. So I think for general people If you're going through a traditional insurance company and you're doing the normal approval process The chances of not being paid out is low Unless there's something you did not disclose at the time of purchase If you deliberately hidden something, then there's a chance your claims will not be approved. We hope that today's content answer a lot of your questions about the differences in health insurances in Hong Kong and Canada, and your learn something about critical illness insurance If you have any questions for next time Leave us a comment below So that we can make more great content for you If you are interested to learn more about your insurance options and get quotations You can also book an appointment with us at the link below [or scan QR code on screen] Before this video ends Remember to leave a comment, subscribe to our channel, like and share this video Bye bye
