MEDICAL INSURANCE COVERAGE – DO NOT LEAVE CANADA WITHOUT IT

If you do and if you have a medical problem outside Canada you will have a substantial financial hit.  And because you do not have out of country medical insurance there could be grounds for negligence..

Free style skier, Canadian Sarah Burke, suffered a serious injury in the United States and was in the hospital for a week before she died from her injuries.  She did not have insurance and her medical bills were estimated to be between  $200,000 and $500,000.  We will never know but likely it was closer  a half a million dollars.  Or more.  Air ambulance, hospital care, surgeons, medicine, family expenses and returning her body home are just some of the expenses.  She suffered irreversible brain damage resulting from her fall and a major artery rupture.  Her association did not have insurance for her injuries or other athletes at non sanctioned events.   Sarah did not purchase her own insurance.  The result of this is that sponsors and athletic associations will be looking at making sure – this would be the hope –  that in all instances their athletes will be covered with medical insurance for any out of country illnesses or accidents.  One would have to wonder why this was not done at the outset.   In Sarah’s case, because she  represented her sport well, and was a beautiful young woman,  donations came in to cover off her costs.  Her family commented ” we are extremely grateful for the outpouring of support and messages honouring  Sarah and the generous  contributions  that have been made.  Our family will not have any financial burden related to her care.”  This was an exceptional case

A more recent case, and unfortunately not the only one, was Canadian tourists staying at Mexican five-star hotel and  one of the spouses was savagely beaten up in the hallway of the hotel.  Injuries were life threatening.   This was a Calgary couple.  They did not have out of country medical travel insurance and   now a fund is being set up requesting that donors make a contribution.  Likely they will not receive much assistance from strangers.   Other cases like this have occurred and many are in Mexico.   If these Canadians organized their own travel arrangements they neglected to get insurance coverage.  If they had  a travel agent  they may or may not have been asked if they want insurance coverage for their trip.  In both cases   such insurance coverage is not a cost.  It protects your financial assets from being depleted – just like car insurance,  home insurance and life insurance. Do not leave home without it.

 

 

National

Why the Euro has not worked and will not work

The following is part of an excellent  Jan 7 2012 commentary in The National Post by Conrad Black about Margaret Thatcher -a remarkable British Prime Minister

“She warned that one currency for all Europe, with a shared credit rating between all participating countries, would not work. She warned that fixed exchange rates would not work; that surrendering powers from Westminster to Brussels and Strasbourg wouldn’t work; that importing to Britain European industrial relations, tax rates and union-dominated labour markets wouldn’t work, and that subsuming British foreign policy, especially relations with the United States, into a European foreign policy wouldn’t work either. In all of this, and in most other policy matters, she has been proved correct.”

INVESTOR OBSTACLES IN 2012

Has the start of  a new year ever had as many known potential obstacles as the start of 2012?

The  Chinese Premier says that they face a weaker economy and inflation.  Stagflation?

Some questions are:

Iran?

Iraq?

Any solution to the continuing Euro crisis?

Greece?

Italy?

Spain?

Portugal?

U.S election turmoil?

U.S debt crisis?

Pessimism by Grant Thornton CEO,  Hyundai, Samsung, Morgan Stanley and  other responsible commentators all  predicting and or preparing for  economic uncertainty

Impact of algorithms?

Market volatility – unprecedented?

These are just some.  There will be more.  And there will be surprises.   Has there ever been  more uncertainty at the beginning of a new year?

Jane Fonda: Comments on American Greed

Jane Fonda, interviewed on CNN, was asked her comments on the problems in the United States.

She stated categorically that the biggest problem was greed. When asked when it started she said she did not know and when asked what the solution might be she also had no idea. Just like the rest of us. She was very clear that greed was a very big problem.

Further she said all the Republican candidates frightened her.   Jane Fonda, an American treasure, nailed it.