Many health care expenses, such as dental work, prescription drugs, eyeglasses, private and semi-private hospital room accommodation etc. are not covered by a Government Health Insurance Plan. If you’re without an employer group plan, these expenses are paid by you directly. A personal health and dental plan can cover these costs. If you’re self-employed or are an employee of your own business, health and dental premiums may be a non-taxable benefit and a tax-deductible expense. For others, the premiums may qualify as a medical expense and create a tax credit.
Robin Muir, CFP®, CLU®, CH.F.C.