I did it sitting at my kitchen table. And no, it wasn’t through some weird online marketing scam, or Facebook ad claiming “stay-at-home moms make $5,000 a day!” I was also wearing all of my clothes – just to be clear.
So what did I do? I signed up for insurance. Yup, super sexy.
While building a 2019 budget for myself (please keep reading I promise this gets more interesting), I realized that I spend around $2,000 a year for physiotherapy and massage. And that’s not going very frequently – it’s around once a month. While everyone has different needs and cost of treatment, I think this is a pretty standard cost for someone trying to reach an elite level of performance.
Since I haven’t had a stellar performance in the last two track seasons (wa wa waaaah), I am understandably not being supported by provincial or national funding. I wish this wasn’t the case – especially when I pay my physio and massage therapy bills. When it comes to funding there really isn’t a clear cut way to determine development potential. If I were sitting on the other side of the table, I can’t see a reason to justify choosing to give money to me over someone who is performing better. Business wise, I 100% respect that doesn’t make sense.
I digress. The point is, the Canadian Athlete Insurance Plan (CAIP) is available to any athlete regardless of your performance level. If you’re a member in good standing with your governing sport body (for track that’s Athletics Canada), all you have to do is enrol, pay, and provide proof of your injury (unfortunately easy for most injury-prone track/field athletes) and you’re in business. I’m pretty jazzed because this seems like a total no-brainer. By spending $795 (*grunt*) now to sign up, I’m able to claim $1,500 for physiotherapy/massage over the year. And unlike most track-related things which are performance-dependant and difficult to plan for (ex. which races you’ll get in to), needing physiotherapy/massage is pretty much a guaranteed spend for any athlete.
Basic equation is:
Step 1) Figure out your projected annual cost of treatment by taking the cost of one appointment, times the number of times you go a year. Do this for physiotherapy and massage and add them together.
EX = [10 appointments x $100] + [10 appointments x $100] = $2,000
Step 2) Look at the different service levels CAIP offers.
EX. The “Gold’ level of the program costs $795 annually, and allows you to claim up to $1500 of therapy. $1500 – $795 = $705 in savings! Since I know I’m likely to spend over the $1,500 amount, I should go for the Gold plan instead of a lesser/cheaper option.
To any numerically inclined readers: I’m not factoring in the cost of capital/opportunity costs #SorryNotSorry
So if you’re in the market for some insurance, check it out! And feel free to ask me any questions, I think this is something that should be way more publicized. This is a direct way for athletes who haven’t shown they deserve funding (yet) to invest in themselves, and save money.
Athletes need to be smart about their budgets and this experience is making me wonder what else I should look into…
Bye for now! Going to look for savings,