Minor accident, major setbacks

Summary of the "Petit accident, gros contretemps" article (in French only)
Mes finances, Ma caisse
Vol. 44, No. 5: November-December 2007

When we think about accident insurance, more often than not, we think of major accidents that result in long-term hospitalization, or even permanent disabilities. However, fractures, cuts and other misadventures are more frequent and more likely to affect us. Some of these accidents can also impact our financial health significantly.

Helen's case

Helen Gagnon fell in the stairs to her basement. Result: 7 tendons severed by shards of the glass she was holding, left arm immobilized and several months of convalescence.

Helen received employment insurance that corresponded to 80% of her salary, which was enough to cover her current expenses. However, she had additional expenses (e.g. ambulance transport, repeated cab rides to the hospital) which were not covered or only partially covered by her group insurance. This does not include the financial impact on the household income due to her spouse reducing his work hours to take over at home.

Statistics

• Each year, 1 out of 15 Quebeckers suffers trauma that limits their activities or requires medical consultation¹, and 10% of hospitalization days are due to trauma.
• In 2004-2005, there were 196,865 short-term hospitalizations in Canada. Average length of stay: 10 days. Group mainly affected: men (53%)².
• Nearly 20% of the children who end up in emergency wards are injured while participating in sports or activities³.
• Only 38% of the Canadian population is covered by a group insurance plan. Provincial health insurance plans try to limit the coverage they offer.
• A large number of accident-related expenses (e.g. orthosis, wheelchair, physiotherapy) are either not covered or only partially covered by provincial health insurance programs, or even by the employers' group insurance plans.

Based on this information, ask yourself the following question: Could I face the financial consequences of an accident?

Read the complete article (in French only, PDF format, 94 KB)

1. Institut national de santé publique du Québec (INSPQ)
2. Canadian Institute for Health Information
3. Health is Cool! – 2007 survey by Desjardins Financial Security