While provincial health plans cover most of your basic health care requirements, additional health insurance can help to serve a number of other important requirements like:
- paying for certain services that are not covered by a regular provincial health insurance plan such as ambulance services, special care, wheelchairs and other medical equipment.
- supplementing your income in case of a terrible accidental injury or illness.
- paying your medical bills in case you become ill while travelling outside the country.
Review your employer’s plan (if applicable) before applying for additional health insurance
Before going for an additional health insurance plan, go through your employer’s plan to ensure you don’t make the mistake of purchasing the coverage you already have. For e.g., you may already be covered for prescription glasses or even your dental treatment through your employer’s plan.
Look for other important details in the new plan that you are willing to take
Check your policy to find out if:
- there is any deductible, which is a certain amount of the claim you are bound to pay from your own pocket before the insurer takes care of the rest.
- there is a limit on a certain percentage of the claim in terms of getting the payment from the insurer.
- the amount paid by your insurer is limited to a maximum annual amount.
Who are covered?
If the health insurance policy is in your name, you are obviously covered.
Your spouse or partner and children under the age of 19 may also be eligible for coverage under your insurance policy. Also, children over the age of 19 may be eligible for coverage under your additional health insurance policy in case they are still in school or disabled.
If you plan to travel outside of Canada, opt for travel health insurance
Planning a trip across the border? A week in the sun? The trip you have spent your whole life dreaming about? An unexpected illness or injury can affect even the best travel plans.
If you plan to travel outside of Canada, you may want to obtain travel health insurance to pay for medical treatment while you are in another country.
Your policy may not provide coverage for medical conditions you had before applying for insurance. Hence, read your policy carefully.
What to consider when buying travel health insurance
Before obtaining an insurance policy, please read it carefully for exclusions, including those related to pre-existing conditions. In layman’s terms, an exclusion is a condition not covered in your policy.
Make sure you understand what your policy does and does not cover before opting for one. Health insurance can be complex, hence, it is strongly advisable to consult an insurance advisor.
Talk to one of our experienced financial advisors for help
If you are not sure of the type of health insurance you need, you can easily get in touch with one of our experienced financial advisors. Our advisor can help you understand the different types of health insurances available highlighting their different pros and cons in terms of your requirement and budget.
Trust Life & Investments is all about providing affordable insurance options for our customers in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Get in touch with our expert financial advisors to know more about the best and affordable Health Insurance plans in Toronto and Mississauga.