More Money Podcast - 217 What to Know About Health Care & Insurance - Camille Stewart, Vice President of Strategy and Digital Experience at Manulife

Episode Date: November 28, 2019

There’s a lot of information out there about health care in the U.S., but what about Canada? Is it actually free? What isn’t covered by our government? And does it make sense to get private health insurance? I sit down with Camille Stewart, Vice President of Strategy and Digital Experience at Manulife Canada, to discuss all of this and more. Camille became interested in working in insurance because of a personal family experience that she shares in this episode. Ever since then, she’s felt a deep passion for educating others about how to properly protect themselves in terms of their health. For more helpful resources on health care in Canada and health insurance in Canada, check out the show notes for this episode. Visit jessicamoorhouse.com/contests to enter to win a copy of one of the books featured on this season of the podcast! For full episode show notes visit https://jessicamoorhouse.com/217 Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello, hello, hello, and welcome to episode 217, the bonus episode for this week, which I talked about at the end of yesterday's episode. Thanks so much for joining me for this episode, which is specifically about healthcare and health insurance in Canada, something that us Canadians need to know way more about, because so many of us have no idea how much things cost or what we are and are not covered for by the government, what we are actually getting with our work benefits. Or if you're like me and you do not have work benefits because you're self-employed, what do you have to look forward to in terms of costs that will pop up or when to decide, does it make sense to get private health insurance? Is it just cheaper? Does does it make sense to get private health insurance?

Is it just cheaper? Does it just make sense for my personal situation? So for this episode, I will be talking to Camille Stewart. She is the Vice President of Strategy and Digital Experience at Manulife, one of the biggest insurance providers in Canada. She shares some really impactful personal stories about why she got into this line of work in insurance and especially health insurance. And we just talk about kind of just like the key things everyone should know. So they know if you're protected, because as you know, and I feel like I've talked about this on the show, I've definitely talked about it in some videos I've done on my YouTube channel. Being protected through insurance is key. And so

many of us, I think, are underprotected. Some of us are overprotected. That's also another issue. But I think a lot of us are possibly not protected enough. And that is something that we all need to address is protection is a very important part of having a fully functioning, awesome financial plan. So hopefully, this will teach you a thing or two about what you need to look into more in your own financial plan. But without further ado, here is my interview with Camille Stewart from Manulife. Camille, thank you so much for joining me on the Mo Money Podcast. Thank you so much for joining me on the Mo Money podcast. Thank you so much for having me. I am so excited to have you on the show.

I haven't really, I don't think I've ever really done an episode that really focuses specifically on health insurance in Canada, because I feel like actually a lot of Canadians do not know much about how health insurance works in this country, because I think we focus a lot on our neighbors to the south, and we're wow that that looks expensive glad I live in Canada but then that's pretty much it unless you kind of really do a deep dive or if you're self-employed like me you learn real quick what is covered and what isn't covered and what you should do to protect yourself so I'm really glad that you're on the show so we can talk about this specifically. Before we kind of dive deep into this conversation, tell me a little bit about yourself. You work at Manulife and how did you get into this

interesting industry of health insurance? So, you know, I have a really interesting story that speaks to health insurance in general. So when I was in university, insurance wasn't even on the radar, wasn't even something that I really thought about. And then I had, you know, our family, unfortunately, had a situation where my mother had a significant health issue. And it was a brain aneurysm. She survived it. But then it became, you know, looking at situations where we had to deal with prescription drugs and understanding what would it take to get her back on the road to health. And Manulife at the time, because she was insured with Manulife through her group program, was the name and the company that really helped my family through that tough time.

And so that's where I started to look at, as a scientist, because I have a science background. I said, hey, this is a really neat way that you can impact the health and lives of Canadians through making sure that they've got the right coverage. Because if we didn't have that coverage, I don't know that I'd be sitting here in this role today. Wow. And yeah, I've heard a lot of stories. Actually, I was recently, and again, this is more focused on, it was a story that was based out of the States, but still, it was a keynote speaker that talked about her similar personal experience. She had, I think it was actually an aneurysm or something similar to that, and totally unexpected and totally rocked

her world and changed her life. And now she talks about how you should protect yourself and really not take your health for granted and really make plans in advance because you can never expect when these things happen. So thank you for sharing. I think that a lot of people listening probably have some other family member or someone they know that has probably been impacted by this. So I appreciate you sharing that. So since I've mentioned, you know, a lot of us Canadians don't necessarily know how we are covered by just basic health care from our government, because I think it does get confusing because we do get a lot of our kind of media coverage

and stuff from the states. Can you kind of explain just at a high level, just in very general terms, what as Canadians can we expect as just kind of free health care that, you know, is provided because we pay our taxes? We do see people fitting into two camps. One is assuming that the government will cover everything. If something happens, don't worry, I'm going to be covered. And others looking at the U.S. health care system and really wondering. So I'm glad to be covered. And others looking at the US healthcare system and really wondering. So I'm glad that you've asked that question. We do have under the public healthcare

system, what we would call that primary care provider being covered. So think about if you're going to the doctor, if you're having your annual checkup, or if something happens and you get sick, your child gets sick, you can go to the doctor and that's covered. If there's an emergency or if your health deteriorates and you need a specialist, that is also covered. So thinking about not only that primary touch point, but sort of the coordination of your medical care through doctors is covered under our government health care program. And, you know, if you think about situations where you're either maternity and you're thinking about having a child, all of that care is covered.

Early childhood development is covered. So if there's a medical emergency and you've got to get to the doctor or you've got to go to the hospital, that's covered. So as Canadians, we're really fortunate to have that level of coverage. But there's also quite a bit, as you mentioned earlier, that isn't covered and can be a shock to your budget and your lifestyle if you don't have supplementary health care coverage. Absolutely. It's funny, actually.

The timing is just kind of coincidental, but I went to the doctor this morning. And luckily, yeah, that was covered. It's a free visit. However, I went there specifically to get a few prescriptions that I hadn't gotten refilled a number of years, like pretty much since I've become self-employed. And then my doctor asked, do you have any coverage? I'm like, no. But I did know the price of the prescription, so I was prepared for that. But that was just like another thing to think about.

Well, it was a different scenario when I was, you know, prepared for that. But that was just like another thing to think about if, well, it's just, it was a different scenario when I was working. I did have coverage through my employer. It was something that I never thought about. I never thought about prescription. I'm like, oh, it's always, it was usually my plans. It was always like 80%, if not 100% covered. When you don't have the coverage, sometimes it could be kind of shocking how expensive

those prescriptions can be. Like for like very little things, like my medication and you're like really okay goodness so which is why i didn't get my prescriptions filled for a very long time but it's it's it's we're lucky in some respects but yeah i think we need to be more aware of if you're not covered it can be very expensive and if you're in a situation where you you can't shell out a couple hundred dollars for a prescription, that could be very impactful for you. So, yeah. So it's something to be thinking about. Another thing, too, is one thing that I personally experienced.

My husband is also self-employed. So we do talk about health insurance probably more often than a normal couple. But he actually got into a bicycle accident maybe two years ago. It was just his bike. The seat broke off, and mid-ride, he fell face-first into the road, and luckily, there were some people around. They're like, oh, we'll call an ambulance, and then he remembered, oh, actually, that's not free, and I think he actually took an Uber to the hospital because it was cheaper.

That's another thing that I don't think a lot of people realize, that that's not necessarily covered if you don't have special coverage for that. It's not covered just by your basic health care. So there is what you would consider a flat rate for an ambulance. And you're absolutely right that there is a flat rate charge. Yeah, it's not free. So once you get to the hospital, your treatment is covered, but getting to the hospital is not free. I know.

And when he told me that, I'm like, when you're watching a TV show or movie, you just assume that ambulance is free because it's an emergency. He's like, no, you have to pay for that. I'm like, whoa. Hence why he took an Uber,

which I thought was like so cheap. But you know, I'm like, you do what you got to do. I thought that was so nice that he was like in the moment, like dislocated his shoulder and he still was thinking about, it's cheaper to take an Uber to the hospital. That's clearly a sign of who I married. But anyways. So talking a little bit more about what isn't covered, what kind of scenarios would it make

sense for someone to have some supplemental or private health insurance? I know I've talked a lot about being self-employed. That's probably one of them. So you're absolutely right, Jessica. If you don't have that supplemental coverage, things like your eyeglasses aren't covered. Dental care isn't covered. All of the paramedical services. So, you know, unfortunately, your husband had that accident.

But if he needed some physio or chiro after. He did. And I and i don't think he went because well i think he went to one or two but he needed more and again he's like i don't want to pay the money and now his shoulder doesn't work as well as it used to so that's his own fault but yeah just exactly it's like that's something so so important is there does it ever make sense if you do have health benefits through work to get some supplemental coverage as well on top of that? It depends on the coverage that you have through your employer. But there are times where you think about travel insurance. If you're traveling for extended periods of time outside of the country, your employer coverage may not be enough. And, you know, you talked earlier about the fact that you had 80% coverage.

In some instances, it's even lower. It really depends on what the employer is offering. And so that's where, you know, the Cover Me programs can come in to help supplement that group coverage that you may have. Yeah, bringing up travel insurance, too. I know a lot of people think that they are perfectly protected, not so much through their work benefits, through their credit card. Cause sometimes credit cards offer some sort of perks. I don't want to be in a situation where that's my only form of protection. So for me, whenever I'm out of the country, I always get private travel health insurance just to cover all my bases. Cause especially

going to States, if something happens, it is so expensive. It just is scary. Like I'm always just like, if I chop off my hand, I'm just going to pretend like it's fine and wait until I come back to Canada. Well, the other piece that we may not necessarily think about is even if you have that coverage through the credit card or through other means, when do you get reimbursed? So in some instances, you may actually have to

pay up front and get reimbursed from the plan after. And that's where it can become really, really expensive. So it's important to check to see and really understand what does your card or your employer program, what does it cover? And so this is why we have a number of travel programs under Cover Me and under Flex Care that, you know, what I love is even as an employee of Manulife, I purchase the extended travel coverage because when I leave, I don't want to think about it. I don't want to worry. I want to just enjoy my trip and not, yeah, just worry about what could happen because you always hear all those stories from the news and you're like, oh, I don't want that to be me, but it could be me.

You never know. So it's just good to be, you know, very just safe, just like smart and safe. When it comes to, I guess, healthcare expenses, we kind of touched on this a little bit, but what can people do, again, kind of at a high level, people, just as a reminder for people, what can people do to kind of prevent

some healthcare costs? So I mentioned, you know, what I had gone through with my mother. And if I look at both of my parents, I mean, they're struggling with what we would consider to be chronic diseases. I mean, 60% of worldwide deaths are caused by four chronic diseases. It's kind of scary to think about, right? So diabetes, lung disease, cancer, and cardiac disease. Those are the four chronic illnesses that are causing 60% of our worldwide deaths. And those four diseases are actually mostly caused by lifestyle choices, which is interesting to know that we can actually impact as Canadians,

we can impact whether or not we unfortunately may be diagnosed with these diseases. So things like smoking, things like poor eating habits, lack of physical activity, and alcohol. Those four things cause the poor disease. I always hate that last one. I'm like, I do like a good wine though. So I am there with you, Jessica. That is the one thing. Even this weekend, I was talking to my husband and I was saying, okay, I know better now. I have the fact base. And when it comes to alcohol, that's the one where everybody just says, come on, is it really that bad? Well, I guess it depends on how much we're talking. I'm like, I'm not a lush or anything. I just like a good glass of wine once in a while. So I don't think you have to just go gold turkey, but I think it's about moderation.

That's probably the key, right? And making sure you understand your choices and every person's body reacts differently. That's true. So what's necessary for you? So when you think about those chronic illnesses and those four lifestyle choices, I would call them, that we can make, that's where we can control or have a little bit more control over our health. And that's where the Manulife Vitality Program really comes in to try to help Canadians improve their lifestyle and behavioral choices. And you mentioned just one thing I wanted to clarify, smoking. That also probably encompasses some other things like vaping, because a lot of things in the news are showing that that's also very bad for your lungs.

It's not just cigarettes anymore. It's like anything that could probably negatively impact your lungs is probably a bad thing. I mean, vaping is a relatively new phenomenon, and there's still a lot more research that has to be done. But it certainly is already showing to not have a positive impact on health. If you kind of just have an idea, it's probably not healthy. It's probably not healthy. Right? Like it's probably not. Don't do it. It's just what I say to myself every time I walk by a McDonald's. I'm like, no, we don't need that today. That's going to be a mistake later. So just watch yourself. Okay. So really it comes down to just living that lifestyle that we all know we're supposed to. It's like, you need to work out. But I think it's great to also think about that in those terms, because I think a lot of the reason a lot of people don't work out is they're like, no, I like my body

or I'm fine. Or there's like all those skinny people that are somehow like actually still very unhealthy because it's not about looks. It's actually just about like actual internal health. So I think think about in terms of, it's not about like losing weight or just getting those abs or whatever. It's like, no, no, no. You're going to be so glad that you were working out and being fit early on when you're 60 or 70. I want to be like those like workout gurus that are somehow 60, but they look like 25. Like that's what I want to be. I don't want to be 65 and having like back problems and a hump and stuff like that. That's what I think whenever I'm like, don't want to work out. I'm like, do you want to have a hump

when you're 65? No. And I think too, oftentimes when we're younger, you're right. It is all about the look, but it's locking in the right behaviors so that when you get older, because trust me, when the number starts with, you know, four or five, six, seven, eight, there are changes. There are specific changes that come in. And so it's all about making sure that you've got those right behaviors that are set and that you're starting to live that healthy lifestyle. I was talking to my uncle this weekend who's 85. Wow. And he doesn't use reading glasses. He goes to the gym five days a week. Wow. And he is still, you know, he's not skinny.

Yeah, yeah. But boy, is he healthy. Wow. I don't even go to the gym five days a week. Like he's probably fitter than me if we were to do like a test. Like most older people are probably fitter than me, which is my own issue. I need to just go to the gym. I need to just do it. Um, I guess another thing too is obviously diet or just like eating.

I think it's very confusing for people. It's just something that I think it's getting better, but a lot of us eat poorly and it could be just based on how we were raised. I know a lot of the things like I shouldn't eat that even though I was raised on that, you know, lots of processed foods and stuff. It's really about eating holistically and whole foods, healthy foods. So this is where the Manulife Vitality Program can really help start to think about nutritional choices within the program. There's a lot of education and a lot of pieces where people can learn about the different meal choices that you can make.

As you said, we're not all exactly the same, but it is important for us to understand how can fruits, vegetables, and whole grains impact our bodies. And so when you think about the way that the platform works, it starts to say, okay, Jessica, let's talk about diet and let's think about those choices that you can make. And it includes these small nudges and rewards you for making those right behavioral changes. And as you're rewarded, and then the following week, maybe a little bit more challenging. Okay, I, you know, two vegetables this time instead of one, but it starts to introduce small changes that are personalized to introduce small changes that are

personalized to you. And that's where the behavioral economics comes in. Yeah. Let's talk a little bit about that because that is a thing that I'm seeing a lot more and more, which I love because for so long, people would be like, I know what to do. I'm just not doing it. And a lot of it comes down to just like behavior and habits and making a whole like real mindset or lifestyle change, which is easier said than done. So you mentioned, uh, manual life vitality. Do you want to kind of go into what exactly that is, how it works and how behavioral economics is like a big component of that? So the manual life vitality program, uh, which we're so excited about launching in Cover Me this month, actually.

This is really allowing Canadians to get a lot more out of the health insurance that they've purchased through Cover Me. Rather than just saying, hey, we're going to be there when you claim, we really want to help Canadians think about those lifestyle choices and help make those small changes. And so the program is a digital program, and it allows you to create a personalized goal and start to make some small changes towards living a healthier lifestyle. And it rewards you. So every week you've got new goals.

And if you make your goals for the week, then there are small rewards to help you nudge. So every week you're actually thinking about what am I going to do this week to be rewarded? And so that's where the behavioral economics of keeping your goals and the things that you want to accomplish front and center come in to the Manyife Vitality Program. We started to really take a step back and look at how could we really help the health of Canadians. And most of us have wearables. Most of us are already using a number of apps. And so, you know, digital platforms

are part of our lives. Technology is part of our lives. So we said, let's connect those dots and let's try to help Canadians live healthier. So how, you kind of mentioned wearables. So I assumed that is how things like, cause I'm like, how do you track it? How is it? Cause I feel like if it's someone that's just like, yes, I did this. It's like, no, no, no, no. You need to have that actual accountability. So how do you track this progress? So you can track it through a wearable device.

There's instances where folks have said to me, Camille, what if I don't want a wearable? So that's great. Strap your phone on your arm. Okay. Yeah. And you can use that as well because the phone will track your steps. And in some instances, different apps can track different, like if it's heart rate etc and so that is where we get sort of the ability to track and have a verifiable source of the activities that people have done

and that's really what we're looking for so it's not me going in and typing to say I promise I've done 15,000 steps today which is so many apps out there that they make you do that and I'm like I'm not gonna do that like I I've tried and,000 steps today. Which is so many apps out there that they make you do that. And I'm like, I'm not going to do that. Like I've tried and then I fall off the wagon two weeks because I don't want to necessarily track all that manually. And if you're constantly fudging the system, eventually you do start changing your behavior because it's a lot of thinking to try to fudge a system. And so this is where we've said, you know what?

Don't worry about fudging a system. And so this is where we've said, you know what, don't worry about fudging the system. Let's just make sure that we've got a verifiable way to track the progress that you're making. So every day I can see on my wearable and I've also linked a few friends. So I can also see if they have or haven't exercised. Oh, so you can have like an accountability group? That's correct. Oh, I like that. Because I actually tried to do an accountability group with my husband and my sister over the summer. It was just a text message group. So we could be like, I worked out.

And, you know, those things sort of work. But just texting each other. And near the end, if someone drops off, then you almost don't want to text because then you don't want to make the other person feel bad that they're not working out. But if you have like data and stuff like that, I think it's actually kind of a great idea to kind of, well,

you can see each other's stuff. That's right. And you can actually see, Hey, I've done a workout. And so we can send emojis to each other or good job, high five, just to keep those small behavioral changes going. So the program as someone who's been, you know, I always put myself through anything that I would want to recommend. And I love the program because I know, for example, if my peers have worked out,

or if I work out, I'll get my little nudges. It makes me feel good for making the right choice. Exactly. And I feel like if you see other people doing it, people close to you, it'll make you feel like you also want to participate. Like, yeah, I always kind of struggle with my fitness. I'll do it for two months and then get off the bandwagon for a month and go back. And what I do find helpful is having other people doing it with me, or I need, I need someone else to tell me what, like, they're also doing it. I don't like doing it alone. So I think that's really important. Can you kind of share, I don't know if you'll be able to do this. Can you share any kind of stats or data about the participants that are already doing this? Like, have they actually seen some results?

So the thing that we love is, first of all, if you think about when you touch your insurance program regularly, it's usually program 23 times a month. And that says they're really, really interested in the goals and in making those differences. And so we've seen like a 30 to 35% increase in actions and activities happening on the platform, which has been awesome. And as I said, as someone who uses the program, I'm really, really excited to every morning. Yeah. Okay. What's my goal today? And we get nudges, um, depending on the wearable that you have. Um, vitality will also the manual life vitality program will say, okay, here's your goal for this week. It pushes right to my wearable and just reminds me, get going. Those reminders are so helpful. And I know that's like a big thing with lots of like fitness gurus.

Like you need to put in your calendar, you need to remind yourself to stop like working or stop sitting and actually work out. So having that little nudge is probably can make all the difference. I would say. Wow. That's amazing. You kind of mentioned this program.

Is it available? Who is it available to you? Who can sign up to this? Because I know you can, if you're an individual, but also if you're like with a work program that has Manulife. So we have it currently on our individual insurance. So if you buy term life insurance, it's available. Oh, great.

Yes. As I said, we're launching it on our Cover Me program. And it is available also through certain group or employer programs at Manulife. That's something that we're also looking to roll it out to. As we said, we really are excited about helping change behavior in Canada. And so as much as we can think about those touch points, we're doing that. And the Cover Me launch is really important to us for health and dental as well. That's awesome.

And I guess for anyone kind of listening and thinking, it's like, but you're an insurance company. Like, how does this benefit you guys? I guess in general, it does benefit you if people signed up for your health insurance aren't as sick. Well, A, that's good for them, but also good for you because it'll save everybody kind of money. That's the whole point, right? First of all, if you are on the program and you're engaged in those healthy behaviors, I mean, the more you engage, the more you get rewarded, but you'll also start to see your premiums.

You can get a discount on the premiums, which is really good. And then also there's the larger benefit to society. If we have healthier individuals, everybody's premiums can go down. And then the healthcare burden goes down ultimately. And that's really what we're looking at, just having a healthier society. Because there is a looming crisis as Canadians age. And as we start to see more chronic illnesses appearing, there's, it's going to be a significant economic burden on society. And so if we could help to reverse some of that,

that's really what we're looking at trying to help Canadians do. And that's exciting for us. Definitely. And I know it's, it's totally true that, and there's so much data and there's so many statistics out there or research out there, quite honestly, about how you can reverse lots of these diseases and stuff like that just by changing your lifestyle, just by working out.

But like a personal example, my husband's friend, he, I believe he, um, had some sort of like heart, uh, situation. I think then he was diagnosed with diabetes and he's like, what? I had no idea that I was this unhealthy. He, I mean, this is an extreme, but he went totally vegan and his whole life has changed and he works out and he's like, he no longer has to take as many pills as he used to. He was able to change it just by his lifestyle. Obviously talk to your doctor and everything. I'm not saying this is what you should do, but you know, it's just like, it's really kind of cool that you don't necessarily, the solution isn't necessarily prescriptions or medicine or something. It's like, it can be reversed by lifestyle. You never know. And prevention. If you can make those behavioral changes and avoid a diagnosis in the first place,

that's the biggest win. Absolutely. Well, thank you so much for joining me. Where can anyone find more information about this? Because I know there's a couple of videos online and more information. Where can they look for that? So for more information on manual life vitality, and if someone is looking for supplemental healthcare coverage, they can visit CoverMe.com. Awesome. Well, thank you so much for joining me. Thanks so much for having me, Jessica. And that was episode 217 of the Momentum Podcast with the amazing Camille Stewart, Vice President of Strategy and Digital Experience at Manulife.

Make sure to check out the show notes, jessicamorehouse.com slash 217 to learn more about what we talked about. And I will provide some links and resources to help you continue your education when it comes to health care and health insurance in Canada. I hope you got a lot out of this episode. And if you would like to join the conversation, make sure to do so in my private Facebook

group. You could do so by going to facebook.com slash groups slash money life balance. There's over 2000 people in there. It's a private group. I control it. I look at like every single post and every single comment. And, uh, basically it's at a no judgment zone and no negativity zone. It is all about just, I just wanted to create a safe space where people would feel comfortable asking any questions. Cause there's no such thing as a dumb question,

getting some help from other people and just seeing what other people are talking about and doing with their money. Because, uh, you know, maybe your experience is different. But in my experience, most people in my personal life, you know, like friends and family not involved in the personal finance sphere, they don't really, you know, they'd rather not talk about money, even though I love to talk about it. So hopefully you can join us in there. That would be great. Also, I'm doing a ton of things, doing lots of events, and I've got a lot of cool, exciting things in the queue as always. And how you keep up to date with all of them

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uh, on-demand webinars, videos, all these great things that I provide while I put them all in one space on my website, you have to create an account obviously, but it's free. Um, and then you can access every single download I've ever made. So that's something that you can also do to improve your financial life today. Okay. So that is it for me for this week. Thanks so much for joining me for two episodes. I'm going to be back next week with Bajinga. Is that, that's not the right word. Bazinga, whatever. I don't watch that show. Anyways, I'm going to be back next week with two episodes again, one with a guest and one will be the live recording of my recent Millennial Money Meetup. So you can look forward to that. And then I've got

another couple of weeks and then I'm signing off for the end of the year. So excited. So excited to take a little bit of a break. Anyways, that is it for me. Thank you so much for listening. I will see you back here next Wednesday with a fresh new episode of the Mo Money Podcast. This podcast is distributed by the Women in Media Podcast Network. Find out more at womeninmedia.network.