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Changes to insurance benefits in Ontario warrant a conversation with your broker.

  • Current policies provide non-catastrophically injured individuals with medical and rehabilitative benefit coverage of up to $50,000 and attendant care benefits of up to $36,000.As of June 1st, the new basic policy will reduce these benefits to a combined maximum of $ 65,000. You should consider purchasing optional benefits of $130,000 or $1,000,000.
     
  • Current policies provide catastrophically injured individuals with medical and rehabilitative benefit coverage of up to $1,000,000 and attendant care benefits of up to $1,000,000.As of June 1st  the new basic policy will reduce these coverages to a combined maximum of $1,000,000.You should consider purchasing optional benefits of an additional $1,000,000.
     
  • If you no longer able to work, the basic income replacement benefit is payable based on a calculation of 70% of your net income up to a maximum of $400 per week.  If you earn more than $30,000 per year, and do not have access to another disability policy, this basic coverage is insufficient.You should consider purchasing an optional benefit to increase this amount to $600, $800 or $1,000.
     
  • If you do not work outside the home, but are a caregiver to a child, parent or other person, you are only entitled to a caregiver benefit of $250 per week per person if you sustain catastrophic injuries.You should consider purchasing an optional benefit so that this coverage is available should you sustain injuries that are determined to be non-catastrophic.
     
  • If you are working and have defendants, you can also purchase an optional dependents benefit which provides for a payment of $75 per week for the first dependent and $25.00 per week for each additional person up to a maximum of $150 per week. You should consider purchasing this optional dependent care benefit.
     
  • If you are responsible for the housekeeping within your home, you are only entitled to a housekeeping benefit of $100.00 per week if you sustain catastrophic injuries. You should consider purchasing an optional benefit so that this benefit is available if you sustain non-catastrophic injuries in a motor vehicle accident.
 Feel free to contact me if you would like to receive more information on these insurance changes.
Anandi Naipaul
Anandi Naipaul
P: 905.572.5820
anaipaul@rossmcbride.com