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Medical insurance is coverage that helps pay for healthcare costs.
High healthcare costs can be a big problem and have serious health implications. In fact, 22% of Canadians have reported splitting pills, skipping doses, or deciding not to renew their prescriptions because of the expense.
What’s covered in a public health insurance plan will be different depending on the province; generally covering things like doctor visits and hospital stays. But it doesn't cover everything. You might need additional private insurance for things like prescription drugs, dental care, and vision care.
You can get private medical insurance obtained through your employer or purchase it individually. This extra coverage helps fill the gaps left by the public health system, making sure you have access to a broader range of health services when you need them.
There are different types of medical insurance plans in Canada. Each type offers different levels of coverage to meet other needs.
The government provides public health insurance, also known as Medicare. It covers essential medical services like doctor visits, hospital stays, and surgeries. Each province and territory has its own health plan, so coverage details can differ. Most Canadians qualify for this basic coverage, which is funded through taxes.
Private health insurance is purchased by individuals or provided by employers. It covers services not included in public health plans, such as prescription drugs, dental care, and vision care.
These plans can vary widely in terms of coverage and cost, so it's important to compare different options to find one that fits your needs.
Supplemental health insurance is an additional policy that can be added to either public or private health insurance plans.
This type of insurance provides extra coverage for specific needs, like long-term care, critical illness, or disability insurance. It helps to cover the costs of services that might not be fully covered by your primary insurance.
Group health insurance is typically offered by employers to their employees. These plans often provide better coverage at a lower cost because the risk is spread across many people.
Group plans can include medical, dental, and vision care coverage, as well as other benefits like mental health services and wellness programs. It is a great option for those who can get this kind of coverage through their employer. You get extensive coverage with the perks of lower costs thanks to your employee benefits!
Travel health insurance is designed for people outside their home province or country. It covers medical emergencies, hospital stays, and other health-related expenses that might occur while travelling.
This insurance is crucial because provincial health plans usually don't cover out-of-country medical costs.
Only 70% of Canada's total health expenses are paid for by the government; the remaining 30% is paid for by the Private Sector (employer-provided insurance, personal plans, or out-of-pocket).
When you visit a doctor or hospital, public health insurance covers most of the cost. You show your provincial health card and the healthcare provider usually bills the government directly. This means you don't have to pay out of pocket for these services.
But oftentimes, public insurance doesn't cover everything. You might need private medical insurance for things like prescription drugs, dental care, and vision care. You’ll typically pay a monthly premium if you have private insurance through your employer or bought it yourself.
When you need a service that's covered, you either pay upfront and get reimbursed, or the insurance company pays the provider directly. This way, you share the cost with the insurer, making healthcare more affordable.
Medical insurance is designed to help cover the costs of healthcare services, ensuring that individuals can access necessary medical care without facing overwhelming expenses. Typically, medical insurance plans provide coverage for a range of services, which can vary depending on the specific plan and insurer.
Let's take a look at the different kinds of coverage you can come across in your search for medical insurance in Canada!
- Doctor Visits: Visits to your family doctor or a specialist.
- Hospital Stays: Inpatient and outpatient hospital services, including surgeries.
- Medical Tests: X-rays, MRIs, blood tests, and other lab work.
- Emergency Care: Treatment for emergencies, including ambulance services in some provinces.
- Prescription Drugs: Medications that aren't covered by public insurance.
- Dental Care: Routine check-ups, cleanings, fillings, and other dental work.
- Vision Care: Eye exams, glasses, and contact lenses.
- Mental Health Services: Counseling, therapy, and psychiatric care.
- Alternative Therapies: Chiropractic, physiotherapy, massage therapy, and acupuncture.
- Medical Equipment: Items like crutches, wheelchairs, and prosthetics.
- Long-term Care: Services for chronic illness or disability, including home care.
- Critical Illness: Coverage for serious illnesses like cancer or heart disease.
- Disability Insurance: Income replacement if you can't work due to illness or injury.
Choosing the right medical insurance plan can be tricky. With so many options, it's important to consider several factors to find the best fit for your needs. Here's what to keep in mind when selecting a plan:
Think about what medical services you and your family use most often. Do you need extensive prescription drug coverage? Or maybe dental and vision care are more important? Make a list of your top healthcare priorities.
Determine how much you can afford to spend on insurance premiums each month. Remember to factor in other costs like deductibles, co-pays, and out-of-pocket maximums. Choose a plan that offers the best coverage you can afford.
If you take medications regularly, look at the plan's drug formulary to ensure your prescriptions are covered. Pay attention to any restrictions or requirements for generic substitutions.
Consider any extra benefits the plan offers, such as mental health services, wellness programs, or alternative therapies. These can add significant value to your insurance plan.
Look for a plan that offers flexibility if your healthcare needs change. This includes the ease of adding family members, switching doctors, or adjusting coverage levels.
Good customer service can make a big difference. Research the insurance company's reputation for handling claims, answering questions, and resolving issues quickly.
Finding the right medical insurance doesn't have to be complicated. Here are the steps to help you secure the coverage you need easily and efficiently.
Get a Quote
Start by getting a quote. Platforms like PolicyMe allow you to get a quote in just 60 seconds. It's a quick way to see how much your insurance might cost based on your needs.
Apply Online
Next, complete your application. PolicyMe allows you to do this in about 5 minutes. You can apply online on your own or get help from a phone advisor. This flexibility makes the process convenient, fitting into your schedule without hassle.
Choose Your Plan
PolicyMe offers various plans to suit different budgets and needs. Whether you need comprehensive coverage or something more basic, there's an option for everyone. Review the plans available and select the one that best matches your requirements.
Finalize Your Coverage
Once you've made your choice and have selected a plan, you can finalize your coverage! Double-check the details to ensure everything is correct. Then, confirm your selection and secure your medical insurance.
Getting medical insurance is easier than you think. There's no need for crazy-long hours worth of research and phone-call consultations. If you're curious and want to learn more though, PolicyMe is always here to answer any and every question you might come across whil you're shopping around!
- Medical insurance ensures access to necessary healthcare services without financial strain, covering a range of services from doctor visits to emergency care.
- Medical insurance costs vary widely, influenced by factors such as the type of plan, coverage level, and location.
- With PolicyMe, getting a medical insurance quote is quick and easy. You can apply online in minutes and choose from various plans to secure the coverage you need.