Health Insurance

A healthy life is commonly desired by everyone but not everyone has the same control over their health. Therefore, a sense of security for better health is a must. A provincial health cover is provided by the government to all Canadian citizens but it has its own limitations. A Personal Health Insurance product help you cover for a larger group of diseases and disorders. The provincial health scheme either covers the complete cost of treat or a percentage depending upon the kind of treatment. The amount thus unpaid by the provincial insurance has to be paid by the individual. You would need a health insurance to get a cover against the limitations of provincial health insurance. Hence, an Individual health insurance can complement provincial plans to safe-guard your future.

Limitations of Provincial Health Insurance:

  • It provides only essential health services.
  • You might not get the complete coverage for the treatment. In some cases, only a percentage of the cost of treatment is covered.
  • It doesn’t cover for prescription drugs, dentist visit, Paramedical services and emergency transportation (Ambulance) cost.
  • Provincial Insurance only pays for a regular physician
  • New residents will have to wait for at least a period of 3 months to be added to the Provincial Health In such cases a Personal Health Insurance product with a short coverage period is recommended.

Individual Health Insurance helps you bridge the gap between Provincial Health Insurance and your perfect well-being. People who are insured under Group Insurance, which is usually provided by the employer, should also pair an appropriate Health Insurance product for a complete health cover. Group Insurance doesn’t account for individual needs and rather focus on the group. To meet your personal requirements you would essentially need a Health Insurance. Many Group products miss out on things like dental services and prescription drugs. Alterations and personalization of a Group Insurance is not possible since it is controlled by the employer.

You should look for a Health Insurance product which is renewable so that you can tailor your newer requirements. There are two ways in which these policies work. You can either get a direct coverage, which means all the medical bills will bear the name of your insurance company. The second method is to avail the services and pay from your pocket. The expenses can later be recovered from the insurance company in form of medical claim.

Individual Health Insurance is a common requirement for individuals from various classes. Since these policies can be customized, hence guarantee to cover for your specific requirements. Following class of people should get an Individual Health Insurance:

  • Part-time, self-employed and unemployed
  • A full-time employee who needs an extensive health insurance and already has a group insurance plan through the employer
  • Someone who is waiting to get enrolled in the provincial health insurance
  • A single/married individual and an individual with a dependent

The contract between the company and the individual terminates when either of the following happens:

  • End of the term
  • Death of the insured Individual
  • Policyholder’s consent for cancellation of policy

Conclusion

Health insurance is a comprehensive plan which protects the insured and his family in case of a medical emergency. There is no restriction on age and are offered at various level to suit the pocket. Insurance plans differ according to the benefits available and most insurance companies and insurers provide assured renewal. In some policies you even have a grace period of up to 30 days to pay the premium amount.