1. Get information from the right sources and from the experts
Many healthcare professionals are advising that the mass panic such as you see in the U.S. is not warranted, there are many unsubstantiated stories and statistics being circulated. The media is NOT the best place to get your information.
Where can I get reliable updates and information?
- The Government of Canada COVID-19 information line is 1-833-784-4397 and travel advisories are listed here on the Government of Canada website.
- Ontario Chamber of Commerce offers updates: https://occ.ca/covid-19-chamber-update/
- Pandemic Planning: https://www.ccohs.ca/publications/PDF/businesscontinuity.pdfIt is important to verify any updates or news reported with your doctor and other reliable medical sources.
2. Prevention is key
The government and medical professionals are all asking Canadians to focus on prevention – simple steps that can minimize the spread of the virus. This includes:
- Self-isolating – staying away from public places whenever possible
- Washing your hands every time you come back from a public location
- Minimizing your in-person meetings (which for us as business owners can be challenging)
A question I keep hearing is: If a vaccine is developed for COVID-19, will the cost be covered?
Many vaccines are covered by public health agencies; fewer are covered by extended health benefits. If your extended health benefits contract covers vaccines, new vaccines for COVID-19 might be covered.
3. This will affect Canadians when applying for insurance in the future
Insurers will be asking more questions when applying for various types of insurance; some insurers are postponing cases where travel to China, South Korea and Italy is planned in the future with reconsideration after returning to Canada for one month, provided there have been no changes in health or other insurability.
The items above deal with how Corona can affect people’s health, what about your finances?
Planning for the unexpected is vital in today’s world
Before Corona hit us, finances for many were not completely stable, too many Canadians have not set aside enough money should they be unable to work for several weeks.
Many business owners’ income is now being seriously affected: meetings cancelled, orders stopped, new business postponed.
TIP: To manage financially, call your bank, some have implemented measures to help their clients get through this financial turmoil. I have heard of a client who was able to pause his mortgage payments, it can’t hurt to ask!
As well, going forward, think about the following to protect your health and your finances:
Don’t have any healthcare coverage? Check your options to find out how a plan can provide you with medical and financial support when dealing with health issues.
Have coverage but haven’t reviewed it recently? Review your plan(s) to see if it still protects you in the way you need.
Want to find out how you can protect your health and your finances? Contact me to schedule a complimentary 30-minute consultation.