Health Insurance Comparison: Tips for Getting the Right Coverage

Posted by Insurance Hero on February 6th, 2020

Canada’s public health insurance is one of the best in the world but it is not comprehensive. Medicare covers only about 70% of the healthcare cost but you have to cover the rest out of pocket. But with the rising cost of healthcare spending, it is advisable to have private health insurance in Canada. This explains why over 60% of Canadians go for private health insurance; but the real question is, how do you choose the best health insurance company? Read on to learn more.

Consider Eligibility Requirements and Qualifications

Private health insurance policies may differ along several lines, one of which is the eligibility requirements. These include the requirements that must be met before you can assess the policy.

For instance, most insurance providers do not cover people with pre-existing conditions, some other insurers may provide coverage to such people but at a higher cost. Make sure you find out the eligibility requirements and be sure you meet them before taking out the policy.

Compare Insurance Costs

Private health insurance in Canada involves three types of costs, namely, premiums, deductibles, and co-payments or co-insurance.

The insurance premium is the amount you have to pay every month to get covered and insured. Higher premium plans usually have higher coverage and lower deductibles. If you need more coverage for a service, you should go for a plan with higher premiums.

Deductibles are the amounts you will have to pay before the insurance policy becomes effective while co-insurance is the fixed amount you will be required to pay for the covered service after paying the deductible. For instance, if you have an 80/20 co-insurance, you will pay 20% of the cost while the insurance company pays 80%. Visit Insurdinary to find out more.

Consider the Annual Limits

The annual limit or maximum is the maximum amount the insurer will cover every year. Once the maximum is reached, you will have to pay for the rest of the insurance cost yourself. For instance, if the annual cap or maximum on prescription drugs is ,000, you will pay the excess if your drug spending goes over the limit.

Get a Quote

After assessing your needs and getting and considering your options, you need to get a quote for private health insurance in Canada. You can determine the insurer’s coverage level, rates, and services when you get a quote on their services.

Interestingly, insurance companies provide quote comparison features on their websites. You can even make use of comparison sites to compare health insurance quotes across insurance companies. Click here to learn more about private health insurance in Canada.