Canadian-Money-Advisor.ca BLOG

what is health insurance 2 - Posted October 24, 2009 by Monty Loree

What is Health Insurance?

This is a general term for insurance against loss by sickness or bodily injury. It typically includes coverage for expenses such as doctor visits and hospital stays, and can cover normal and preventive care such as check-ups, prenatal and baby care. Health insurance can be made available to individuals and families. It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided through a government-sponsored social insurance program, or from private insurance companies. The plan can be customized to suit the unique needs and the premium payments are treated as medical expenses under the Income Tax Act. Therefore a small business owner will receive a tax deduction while his employees will get a non taxable benefit.

Canada's national Health insurance program, often referred to as "Medicare", is designed to ensure that all residents have reasonable access to medically necessary hospital and physician services, on a prepaid basis. Instead of having a single national plan, they have a national program that is composed of 13 interlocking provincial and territorial health insurance plans, all of which share certain common features and basic standards of coverage. Canada's regionally based Medicare systems are cost effective partly because of their administrative simplicity. One of the most important things you need to do as soon as you arrive in Canada is to apply for a health insurance card.

All members of the family, including newborn babies, must possess their own card. The application form can be obtained from the provincial ministry of health office, any doctor's office, a hospital or a pharmacy. If necessary, the immigrant-serving organization in your area can help you fill out the form. To apply for a health card, you will need your birth certificate or Confirmation of Permanent Residence and passport. The permanent resident card may also be presented. In most provinces, you will receive coverage as soon as you apply.

There are a few companies in Canada that offer Visitors to Canada Health Insurance at a reasonable price and one such company called Expert travel financial security stands out far above the rest with a superior product, at an excellent price, and a very good service. This insurance is purchased by the day, and is available from 1 to 365 days. The premium is payable in full at the time of purchase. Any visitor to Canada for any reason - recreation or work, regardless of his status, on a work visa or with landed immigrant status, and covered or uncovered by one of the provincial healthcare plans, or awaiting coverage, a Visitors To Canada Health Insurance plan may provide the coverage. Visitors to Canada Health Insurance is intended to cover all or part of the costs associated with medical issues that are sudden and unexpected. They may not provide coverage in some circumstances like engaging in professional or dangerous sports, acts of war, etc.

An Added advantage for the Canadians is they can access the various health programs anytime and from any part of the country without any hassles in a cost effective manner.

Comments (4)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Life Insurance

Other posts about Canadian Term Life Insurance

More articles from October, 2009

More articles from 2009

what is car insurance 3 - Posted October 24, 2009 by Monty Loree

What is Car Insurance 2?

Be it in the country of Canada or any other place, insurance for your car is very important. The rates of the car insurance may be quite high. So here are a few tips to keep your insurance rates for your car as low as possible. The first thing to do is to shop around. This is the only way in which you will know of the best insurance that your car can get. The next thing if you have more than one car is to make sure that all the cars that you own are on the same type of policy. Most of the companies for car insurance will offer you with a discount for multi vehicles and this can go all the way up to fifteen percent which is not a small amount. By doing this you can save a lot more money than you think of. Insuring your home as well as your car with the same policy is an idea that is equally great. If you have old cars then you can also think about dropping down the collision coverage.

Make sure that you purchase collision coverage only if you think it may prove to be useful in your case. Because the older the car the deductible insurance also is low so if you do spend a lot on this collision coverage then you will be wasting your money. Driving carefully is the most important thing when it comes to car insurance. If you have a bad record of driving then the insurance premiums are generally higher. The rates of insurance for your cars are based on the history of that car. Cars that are most likely to be stolen or those cars that have been known in accidents are all those for which you will have to pay higher insurances. So make sure you drive a low risk car both for your benefit as well as for money saving.

If you are in Canada and you drive to work then the insurance rates for your car will be higher. This is because the more you are on the road, the more are the chances of you getting into accidents. If you are new to the field of driving and if you have undergone an approved driver training course then you get a discount on your car insurance. Having extra theft protection for your car will get you a discount on your insurance for your car.

All the drivers in the country of Canada will have to have at least a minimum of about $200, 000 for the third party liability coverage. This is to cover the injuries to any other person or their property when you cause an accident in the traffic. Each and every province in the country of Canada will need the drivers to carry coverage for their very own expenses when it comes to medical terms and also loss of income that results from any sort of injuries relating to driving.

Comments (2)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Life Insurance

Other posts about Canadian Term Life Insurance

More articles from October, 2009

More articles from 2009

What is Cash Advance? - Posted October 24, 2009 by Monty Loree

What is a Cash Advance?
If you are in the country of Canada and are facing a problem like cash crunch to the end of the month, you do not need to fret about the situation. Here is a solution that may prove to be useful in most of the cases. The option is to get a cash advance loan so that you can overcome the financial emergency of yours. This can be your savior in Canada. You can pay all your bills with no money in hand with cash advance in Canada. These loans are also available online to help solve your problems. So how will this be able to help you. This will transfer money to your account. This may however take a few hours or sometimes gets done in a matter of minutes.

These are all payday loans that range from about $1000 to $1500 dollars that are generally given to lend out for all those who need money for a short period of time. You will need to qualify for these loans and you will not simply get them. The qualification for this is very easy. An employment proof and a drawing of salary is all you need to qualify for this loan in Canada. This may prove to be really helpful especially towards the end of the month when your pockets are almost empty. There are no more formalities to this. A onetime fee is one thing that has to be paid when the lender gives back the money from the one who borrowed it from him or her.
In Canada these advances are very useful in situations of emergency.

You will never know when crisis may strike you in the form of accidents or even sickness and this is when these loans do come in handy. Do not ever over use these loans as they might put you in trouble. On the other hand there are also people who prefer only to pay the fee for this advance and then keep extending the amount for the loan. This also means that over some period of time the fees from this advance can add up to a great amount that is more than the loan itself. So keep in mind that you do not unnecessarily take these cash advances unless you are really facing a crisis situation and need some cash very badly. Even if you do take a loan, make sure that the loan is paid back without having to extend the time period by which it has to be paid.

You can also get these cash advance in the country of Canada by applying through the internet. There are a number of lenders who will be able to lend you money that comes quick with requirements that are really simple. With these online applications in this country you will not need to get out of your home or office to apply for this loan. You can simply fill an application online and then submit it with all the details and wait to get a loan.

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss The Banks

Other posts about Canadian Creditors

More articles from October, 2009

More articles from 2009

what are foreclosed homes - Posted October 24, 2009 by Monty Loree

What are Foreclosed Homes?

When a home owner who has taken a mortgage is unable to repay his mortgage, the bank that holds the mortgage can foreclose the same after moving the court. It can sell or auction off the home to recover its initial mortgage outlay. Such homes whose mortgages are foreclosed are called foreclosed homes. But this is an extreme step taken only when the home owner is unwilling or unable to meet his obligations even after repeated warnings and grace period. Such foreclosed homes make for attractive buys for people with limited budgets and good credit history. However a buyer looking at a foreclosed home still has to pass the background check, have good credit rating and also should consult a lawyer to ensure that the house is encumbrance free. Better to look for any problems than face any unpleasant surprises at a later date.

Due to the technological developments in the last couple of decades, we in the developed world take the internet for granted and do most of our transactions online, whether work or pleasure. To facilitate viewing of foreclosed homes by people who might be interested in them, the Canadian Foreclosure Sales Inc. has created a database of all such homes that are up for sale across the country. This entire database is available online at the click of a button to anyone anywhere looking to buy property in these parts.

Until recently such listings were ambiguous � they did not specify if a sale was court ordered or not. People had to scroll through thousands of listed residential and commercial properties before identifying ones that may be available at bargain prices due to a court order. But with this initiative that has made a foreclosed homes database available online, everyone is happy. The Canadian National and Provincial government and financial institutions have welcomed and felicitated this effort. This database has speeded up the process of sale of distressed real estate by reaching out to millions online, virtually free of cost and cutting across geographical borders.

Also this database enables the interested prospective buyer to keep track of the home he has interest in by its Listing Tracker. Since this is a national database, people from across the country put up their lists on the site. So for someone wanting to buy real estate at bargain prices, this is a one stop shop, with listings from across the country. This is now the preferred go to site for national listings of distressed court ordered sale of real estate in the country. Foreclosed homes make a sensible buy though some have turned it into a lucrative business. As the listing is done online, you can also avail the services of a mortgage broker or mortgage calculator too free of charge. This is just to speed up the process in cases where the interest is genuine. Thus such distressed properties make sound economic sense though one should evaluate them carefully before signing up and buying them.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Collection Agencies

Other posts about Canadian Collection Agencies

More articles from October, 2009

More articles from 2009

what is debt consolidation contd - Posted October 19, 2009 by Monty Loree

What is Debt Consolidation?
It is not uncommon to come across people who borrow money. In fact most of us borrow money at some point in our lives whether it is from a financial institution or from a friend. When we borrow money, it is important that we return it back on time. And when we are not able to do so, most people tend to borrow more money to repay the old loans. The process of borrowing money or taking a loan in order to repay other loans is referred to as debt consolidation. The concept of debt consolidation is very common in many countries, especially in Canada. Most people here borrow money so that they can pay off their older loans. This is mostly done in order to secure a fixed interest rate or to secure a lower interest rate or to achieve the convenience of having to serve only a single loan.

Many people do this in order to have just a single payment to make every month. For example if you have a loan to pay off on four credit cards, then you might borrow a loan big enough to repay the loans of all the four credit cards so that at the end of it all you will have to make only one payment every month. Some people find this a more easy way to make payments. The reason for this is that you will know exactly how much to pay every month and this makes budgeting easy. Also, by consolidating all your loans, you will have to pay a lower amount as interest on the borrowed money. This is because these loans have a lower interest rate when compared to unsecured loans like credit card loans. And these loans also have an extended period over which one can repay the loans.

In Canada, there are several agencies which will help you consolidate your debt. These agencies have a debt consolidation team. What these people do is they will negotiate with the people who have lent you the money and try and reduce the interest rate and the monthly payments. They will also ask them to increase the duration of time so that you will have a longer period to repay the loan. And after doing this, the counsellors will give you tips on how to keep yourself from getting into another debt. They will help you budget your money.

Like everything else, even debt consolidation has its disadvantages. Some people are scared to risk everything and wonder if it is worth it to risk their house. Only when you are confident that you can repay all your loans should you go in to consolidate your debts. Another disadvantage is that you will be paying off your debt for a longer period of time than usual. Though in some cases this might come in as an advantage, in some others it is not. So whatever it is, think carefully before taking any decision and weigh the pros and cons of it.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Debt Settlement

Other posts about Canadian Debt Consolidation

More articles from October, 2009

More articles from 2009

what is disability insurance - Posted October 19, 2009 by Monty Loree

What is Disability Insurance?

We humans can never predict when a tragedy, calamity or accident may befall us as we live in an uncertain and unpredictable world. Our only recourse is to insure against any unforeseen and unfortunate circumstances like death, accidents, and disabilities arising out of such accidents. When one is the sole bread winner of the family and gets involved in an accident, he has to find a way to support his family in case of such accidents and any disabilities resulting from them. Such insurance is called disability insurance. In most developed countries, such disabilities are provided for in the social security programs by the government. Or it may be provided by the employers in case of heavy machinery involved in their employees� jobs as a matter of routine. Also in huge industries labor unions provide for such exigencies. In Canada all such benefits are tax free till the person goes back to work.

Mostly such benefits are not large but enough to just sustain the family. The disability insurance provided by the state cannot be used to comfortably live off, but serves as a safety net apart from other insurance policies an individual may have. The second most comprehensive insurance against disabilities comes from the employers as it is in their own interests to have their workers insured against getting hurt on the job. The principle is similar to that of a car owner having third party insurance, where you are liable for someone else�s injuries.

Also a company provided insurance may cover temporary disabilities too, not just permanent ones. If an employee is hurt on the job, the organization may pay him for medical expenses and to sustain himself and his family till he is able to go back to work and fend for himself. Even if the worker gets hurt or falls ill away from the job, most organizations do support the worker till he can get back on his feet and this is done with the help of group insurance for the employees provided by the company. Thus disability insurance is as vital as any other insurance to an employed person to keep his income uninterrupted in case of accidents.

There are plenty of service providers in Canada and it is the policy buyer�s responsibility to check out all available offers for disability coverage and choose the one with the best possible coverage and a reasonable premium. Under Canadian law, though a non-cancelable policy costs a bit more, it has to be honored by the insurance company, while with a cancelable policy the company has the option of increasing the premium or canceling your disability insurance policy for non-compliance. Before selecting the service provider and the insurance package, take the time to study and evaluate details like availability of occupational discounts or preferred premium classification. Also calculate the elimination period (how long till you start receiving monthly benefits) and the benefit period (how long you will receive the monthly benefits) as these factors along with the amount of monthly benefits determine your premium.

Comments (0)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Life Insurance

Other posts about Canadian Term Life Insurance

More articles from October, 2009

More articles from 2009

Money - It's either Too Much, or Not Enough - No halfway - Posted October 31, 2006 by Monty Loree

MONEY - IS THERE EVER A HAPPY MEDIUM?
I was thinking about people's money situations today. You hear people complaining that they never have enough money, and then you hear others complaining that there are people with too much money.

I started to ask myself... I don't usually hear somebody say," Oh, I've got just the right amount of money!!"



I drew this illustration to show that having just enough money is just a small line on the page. You're either above what you need financially, or below what you need.

The analysis of whether you've got enough money, or too much money is usually subjective. For the billionaire who owes hundreds of millions of dollars, he probably feels that making $10 million a year isn't very much. That kind of money barely covers his cost of living. $10 million per year to the poor would be an excessive amount.

$250,000 PER YEAR IS NOT ENOUGH
The rich usually develop rich lifestyles which cost more and more money. Thus the bar of where they have just enough goes up by their cost of living. I've talked to people who make $250,000 per year and that kind of income barely covers their costs.

I've helped people with credit repair who make alot of money. They made alot of money, got themselves deep into debt, and then something happened where their income stopped. Then they were in trouble credit wise and in some cases declared bankruptcy.

I've talked to other people who are below the poverty line and are contented with what they've got. They make ends meet and are happy with not having to deal with big expenses.

It's not the point of this article to talk my judgement of what is enough or not enough money. That is an individual choice.

The point of this article is to point out the fact that people usually never feel content with how much money they've got. Most People feel that they don't have enough money, even if they are wealthy by everyones standards.

The reason the rich get richer is because they're not satisfied with what they've got. If they were satisfied, they wouldn't feel compelled to drive themselves to make more money.

Canada is a pretty wealthy country by Third world standards. Even the poor people in Canada are wealthier than those living in nations where food and water are scarce. At that point, everybody in Canada technically has "enough" money.

What about you? Do you have enough money, too much money, or not enough money?

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss General Discussion

Other posts about Canadian Personal Finance

More articles from October, 2006

More articles from 2006

Problems with Collection Agencies? - Posted October 26, 2006 by Monty Loree

Many times our readers have the same questions about credit bureaus, collection agencies, creditors etc in Canada.

I thought I would take a few minutes to post some google links to help out readers find answers more easily.

The links below will show all of the posts on this site regarding the following topics:

• No law dealing with collection agencies
  
• Equifax Credit Bureau
  
• TransUnion Credit Bureau
  
• Credit Bureau
  
• Creditor Problems
  
• Consumer Protection
  
• Privacy Commission
  
• Credit Repair
  
• Debt Counselling
  
• Debt Settlement
  

If you would like me to post links to articles for any other subjects, please let me know. There is a wealth of information on this site, and we are excited to give everyone the benefit of this information.

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Collection Agencies

Other posts about Canadian Collection Agencies

More articles from October, 2006

More articles from 2006

Canadian Money Advisor - Posting time is slow - Posted October 26, 2006 by Monty Loree

I've noticed that the site is a little slow sometimes when I'm trying to make a post here. I'm going to look through the programs to see what may be causing the snag.

We've been building many features to the site which might be causing the system to slow down.. The problems of progress!!

NOTE: If you do make a post, we are getting them even though it's slow.

I will try to diagnose the problem in the next day or so.

Thanks for your patience and your POSTS!!

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss General Discussion

Other posts about Canadian Personal Finance

More articles from October, 2006

More articles from 2006

Site Index by Post and by Company - Posted October 14, 2006 by Monty Loree

I just added two new pages that give a

List of Posts by Company
List of Posts by Thread

I'm slowly building in more and more features to Canadian Money Advisor.

In the meantime, hopefully this will give our readers a little better access to all of the "meat" in this site.

Comments (2)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss General Discussion

Other posts about Canadian Personal Finance

More articles from October, 2006

More articles from 2006

Comments on these posts - Now Spam Protected - Posted October 03, 2006 by Monty Loree

Some of our readers may have tried to post comments on this area in the past. For the last few months we have recieved thousands of unsolicited spam comments from folks all over the world.

At first I tried to manually delete these unwanted advertisement comments, but then they started coming by the thousands each day.

I had to stop the comment service until I could install a reasonable control mechanism.

So... please DO drop by and comment on these posts and anything else on Canadian Money Advisor. I'm hoping we can keep the good comments and get rid of the bad comments!!

Comments (2)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss General Discussion

Other posts about Canadian Personal Finance

More articles from October, 2006

More articles from 2006

Discussion about bad credit. - Posted October 03, 2006 by Monty Loree

Video Discussion about bad credit.

I saw this video about bad credit on YouTube.com and thought I would share it on my blog. This is a test to see how this type of video works and plays on this type of site.

I would really appreciate your feed back.

Collection Agencies in Canada has more discussion about people who are struggling with bad credit.

Comments (1)

CMA Blog Home

More From Canadian-Money-Advisor.ca

Discuss Canadian Credit Repair

Other posts about Canadian Credit Repair

More articles from October, 2006

More articles from 2006