Supplementary health insurance pays for health services—such as prescription drug and dental services—that the New Brunswick provincial government health plan generally does not. Before buying supplementary health insurance, check your benefits plan at work to make sure you don’t buy coverage that you already have.
This insurance replaces a portion of your regular income for a specified time if you cannot work temporarily or are permanently disabled due to an injury or illness. Long term disability insurance does not necessarily mean that you will receive benefits for the rest of your life. Long term refers to the nature of the disability, not to the payments from the insurance company. Generally, if you pay the entire amount of the disability premium yourself, any disability benefits you receive will be tax-free. However, if your employer pays all or part of the disability premium, your disability benefits are subject to income taxes.
Travel medical insurance
This insurance pays for medical treatment while you travel outside of your province of residence or Canada. The policy may not provide coverage for pre-existing medical conditions you had before applying for coverage, so inquire with the insurance provider and read the policy carefully.
Critical illness insurance
This insurance pays a one-time lump-sum payment if you are diagnosed with a critical illness that is specified in your policy, such as cancer or Alzheimer’s disease. There are often exclusions, so read the policy carefully. Be sure you know what is and is not covered.
Long-term care insurance
This insurance can provide coverage if you enter a long-term care facility such as a nursing home. It may also provide coverage for the services of a caregiver in your own home. Some conditions and restrictions may apply.