Why You Need Guaranteed Health Insurance and How To Get It

Posted by Insurance Hero on February 6th, 2020

Canada has one of the best healthcare systems in the world but the provincial plan only covers so much. You will likely have to cover the remaining medical cost yourself but it is advisable to do that with a private health insurance plan. Sadly, you won’t be able to get insurance if you have a pre-existing medical condition but you go for a guaranteed health insurance plan.

What To Expect In a Guaranteed Issue Plan

Guaranteed issue plans offer a lot of benefits, one of which is the fact that no medical exam or question is required to get such a plan. In other words, you are guaranteed to get coverage irrespective of your circumstances, no question asked.

As pointed out earlier, guaranteed issue insurance allows you to get health insurance coverage even if you have a pre-existing medical condition. Pre-existing conditions are medical conditions diagnosed before the effective date of the policy. However, such conditions are not covered by medically underwritten plans.

In addition, guaranteed health insurance plans have consistent costs year per year. This is a major factor that differentiates them from medically underwritten plans. The cost of insurance for medically underwritten plans fluctuate with the customer’s health condition and you may have to pay more if your health goes bad. Visit Insurdinary to find out more.

What are the Eligibility Requirements and Costs?

Generally, the costs of insurance for guaranteed issue plans are generally higher than those of medically underwritten plans. The higher cost is due to the risk of providing coverage without asking a medical question or taking a medical exam.

Furthermore, coverage for guaranteed issue insurance usually starts at the age of 40 and spans to age 70 to 95. Also, the eligibility requirement for a guaranteed health plan may vary from one insurance provider to the other and you may need to contact the insurance company to find out their terms and conditions. You should also get a quote and know about the costs involved before taking out the insurance policy.

How to Get the Right Plan

Just like any other insurance plan, it is advisable to go through the quote system before getting a guaranteed health insurance plan. Quotes can be obtained online on most insurer’s website and you can even compare quotes on those websites. You can also use comparison websites to compare insurance plans and choose the best coverage. However, if you are healthy and without a pre-existing condition, it is better to try a medically underwritten plan first. Click here to learn more.