All about health insurance in Canada

One of the many benefits of living in Canada is universal health insurance. Regardless of where you live in Canada, you can access free health care services if you are an ordinary citizen or permanent resident.

Despite this, the average Canadian household spends nearly $2,000 on services not covered by their health insurance, such as dental care, massage therapy and psychotherapy, and $4,000 on private health insurance premiums. Nearly 66 per cent of Canadians use private health insurance.

In this article, we intend to provide you with information about health insurance in Canada and related issues.

Top Insurance Companies In Canada

In recent years, insurance companies have merged with brokerage firms, banks and other financial institutions to offer their clients a broader range of services. This argument is undoubtedly valid in the Canadian insurance industry, which has recently experienced several acquisitions and mergers.

The five largest Canadian health insurance companies are defined based on their annual revenues in 2019. Income figures mainly include premiums paid by policyholders, income from investments and other insurance products offered in investment products such as mutual funds.

It is important to note that many insurance companies offer other financial services, such as wealth management. As a result, some financial companies may be larger than listed companies, but their businesses are not the most significant components of their income.

• Manulife Financial Corp

Manulife Financial (MFC) is Canada’s largest insurance company covering financial services. Headquartered in Toronto, the company generated 61 billion Canadian dollars (47 billion US dollars) in revenue in 2019, including premiums and income from investments in dividends.

Manulife operates in Canada, Asia, Europe, and the United States through its John Hancock subsidiary.

In 2002, the China Insurance Regulatory Commission (CIRC) issued a license to a company branch to open a branch in this country. Guangzhou was the first license to open a branch in China granted to a foreign joint venture life insurance company. Manulife now has official chapters in more than 50 cities in China.

• Great West Lifeco

Great-West Life Co. is a financial services company headquartered in Canada that operates as a holding company for six subsidiaries that provide insurance to customers in North America, Europe and Asia. Great West Lifeco covers a variety of insurance policies, including life, health and disability insurance.

• Sun Life Financial

Sun Life Financial (SLF) is based in Toronto and is one of the oldest insurance companies, founded in 1865. The company offers health insurance, investment products and wealth management services, and its customers are primarily from countries in Asia, the United Kingdom, and North America.

As of the end of 2019, Sun Life Financial had more than 40,000 employees, nearly 126,000 advisors and C$1.1 trillion (about US$850 billion) in assets under management. Revenue from insurance-related products was approximately C$38 billion in 2019 (US$29 billion), premiums and separate fund deposits, which are life insurance products in mutual funds.

• Fairfax Financial

Fairfax Financial Holdings Limited is a holding company that operates through subsidiaries including Allied World, Brit Group, Odyssey Group, Northbridge Financial and Zenith National. It offers a wide range of P&C insurance, reinsurance and investment services. The company has about 39,000 employees. Last year, the company’s total assets rose 17 per cent from $95.3 billion in 2020.

Group of healthcare workers greeting a financial advisor during the meeting in the office. Focus is on young doctor.

Cost of health insurance in Canada

The cost of health insurance depends on various factors. Here is a summary of the main factors that affect your health insurance premiums.

Age

It is one of the most significant factors that affect your premium rate. Health insurance companies follow this general rule: the older you are, the higher the premium rate. It makes economic sense when you think about it. Older people have a higher chance of developing chronic diseases than younger people and therefore are likely to use more medical care services.

Considering that health insurance premiums increase as you age, buying an insurance plan when you’re young and healthy is probably a good idea.

Medical history

Health insurance companies offer their best offers to healthy and young applicants. A pre-existing condition may not disqualify you from receiving health insurance, but you will likely pay a higher premium rate than a fit applicant.

Location

Just as someone who lives in Vancouver or Toronto is likely to pay more rent than someone who lives in Lloydminster or St. John’s, where you live affects the affordability of health insurance. Your premium rate will be higher if you live in a city with higher healthcare costs than the national average.

The type of plan you choose

Group health insurance plans are much cheaper than individual insurance policies. For example, personal insurance is more affordable than insurance covering all your family members.

Insurance deductions and co-payments

An insurance deductible is the amount you agree to pay before your insurance starts paying. Let’s say your health insurance policy has a $1,000 deductible. You’ll pay 100% of health care costs until the bill reaches $1,000. After that, your insurer will pay the eligible expenses.

Private health insurance in Canada

Many Canadian private health insurance plans cover the following costs:

• Extended health care (prescription drugs, medical supplies, hearing aids, vision care, semi-private or private hospital rooms, chiropractic and massage therapy)
• Dentistry Services
• Disability if you have a severe illness and are no longer able to work
• Coverage of severe and acute diseases (such as cancer)
• Mental health support and counselling services
• Speech Therapy Services
• Travel Insurance

Cost of artificial body parts (arm or leg)

Tourist Health Insurance in Canada

Tourist health insurance is essential for people travelling to Canada because the country’s publicly funded health care system does not cover non-citizens or temporary residents. This type of insurance can cover various medical expenses, including emergency hospitalization, prescription drugs, and dental treatment.

In addition, observing food hygiene and safety can help prevent illness while travelling. By doing these steps and having the right insurance coverage, travellers can enjoy their trip to Canada with peace of mind.

Health insurance for Students in Canada

Health insurance is one of the main points for students studying in Canada. Most provinces require international students to have valid health insurance while looking in Canada. This insurance covers emergency care, hospitalization and other health-related expenses.

Canadian universities and colleges offer health insurance to their students, and students can purchase private health insurance from different insurance companies. The cost of student health insurance in Canada varies by province, type of coverage, and duration of coverage.

Final words

As we mentioned, Canada’s universal health insurance is funded through taxes and is available to all Canadian citizens and permanent residents and provides access to essential medical services but excludes several other services, such as dental care. to be

Private health insurance can cover more of the costs not covered by Medicare. It is so popular among Canadians that it is estimated that nearly 66% of Canadians have access to some form of private health insurance. You can contact our colleagues at cianimmigration for advice.