Guaranteed Issue Health Insurance: How To Get Coverage

Posted by Insurance Hero on February 4th, 2020

An average Canadian need additional or supplemental insurance to bridge the gap in the provincial or government-offered healthcare. While you can get health insurance coverage from a lot of insurance providers in Canada, you will likely be denied coverage if you have a pre-existing medical condition. If this applies to you, you should go for guaranteed issue health insurance.

Meaning of Guaranteed Health Insurance

The term “guaranteed issue insurance” is intuitive; you are guaranteed to be issued an insurance coverage if you apply for it, no question asked. In other words, unlike medically underwritten insurance plans, you will not be asked any medical question or go through a health exam to get a guaranteed insurance plan.

This also means that pre-existing conditions can be covered. A lot of Canadians are denied insurance every year due to one pre-existing condition or the other. Such people can get the coverage they need by simply signing up for guaranteed issue plans.

Trade-offs to Guaranteed Issue Plans

Clearly, guaranteed issue health insurance sounds too good to be true but there is a catch to it. The major catch to this type of health insurance is that it has more exclusions and limitations as well as lower maximums for coverage amounts.

In other words, coverage for some services may be completely excluded in guaranteed insurance. Although health insurance does not require medical exams, the cost of insurance is usually higher than that of standard insurance plans. Sometimes, you may even pay more in guaranteed insurance than you would pay out of pocket. Visit Insurdinary to find out more.

What To Consider When Signing Up For Guaranteed Insurance

If you wish to get guaranteed issue health insurance, it is advisable to carefully review the insurance policy and be sure that it tallies with your needs. For instance, if you need prescription drug coverage the most, you should invest in an insurance policy that covers most of your prescription drug needs. In other words, you need to ensure that the exclusion and limitation do not have a grave effect on the services you need.

It is also necessary to shop around for the best health insurance policy and choose the best coverage. With so many insurance providers in Canada, you may need to compare quotes and options from various insurers before making a choice. Just like medically underwritten plans, you may be able to compare quotes effectively through comparison websites. This allows you to compare insurance plans across multiple insurance providers and even go through reviews left by other customers. Click here to learn more.