To be clear, I don’t know the answer or I wouldn’t be asking. Does buying health coverage make sense if you work for yourself and live in Canada? It’s the math I have trouble with. Let’s say it costs you $300 a month to buy health coverage for yourself and your family.

Unless you’re having a particularly ill month, rarely will you ever draw $300 out in using it. My guess is that we have drawn maybe $1000 a year out in health expenses.

So, wouldn’t it make much more sense for our family to be placing $300 a month into a high interest account to use for health expenses? Obviously this means we’re gambling we’ll be healthy enough over the short term to build a health ‘nest egg’.

It just seems like, based on the averages, even a year into it we could realistically have over $2000 saved for health expenses. In a healthy year, that could be closer to $3000. Again, that’s gambling I don’t need a few crowns this year.

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