Three Benefits of Private Health Insurance

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All Canada residents are entitled to government health insurance through the province where they reside.  But the provincial plans only cover a handful of basic services, and each year the government typically reduces the number of services covered under the plans.  This leaves many residents without adequate insurance to cover their health care needs.  To help bridge the gap left by the provincial plans, many residents purchase private health insurance.  Here are three benefits of buying a private Canada health insurance plan.

Financial Protection

Without supplemental health insurance, you are responsible for paying for the cost of any treatment not covered by your provincial plan.  As the government continues to eliminate covered services, you could be responsible for paying hundreds or even thousands of dollars in medical expenses.  This could have a devastating effect on your finances.  A private health insurance plan can help provide the financial protection you and your family need by reducing your out-of-pocket expenses.  With supplemental insurance, you can get the care you need without breaking the bank.

Extended Health Benefits

Private health insurance plans offer broader coverage than provincial plans.  Some of the services that are covered by supplemental insurance include:

  • Vision.  Enjoy benefits such as eye exams, eyeglasses and contact lenses.
  • Registered therapist.  Receive specialty treatments, including chiropractors, acupuncture, speech therapists, psychologists and more.
  • Accidental dental.  Treatment for damage that occurs to your teeth because of a blow to the mouth is covered by many plans.
  • Medical supplies.  Get the medical items you need to treat an illness or injury at home, such as mobility aids, braces, prosthetics, and more.
  • Hospital stays.  If you need to be hospitalized, some insurance plans pay the difference in cost between a standard room and a semi-private or private room.

Prescription Drugs

According to the Canadian Health Policy Institute, in 2012 11.3 million Canadians were eligible for prescription drug coverage under a public plan.  If you aren’t one of them, you’re responsible for paying for the cost of your prescription medications unless you have supplemental insurance.  Not only can a private health insurance plan help cover the costs for prescription medications, it can shorten your wait time to get access to new medications that are approved for sale in Canada.  According to the Canadian Health Policy Institute, from 2004-2011 individuals who had private health insurance waited less time for access to new insured medicines than those who had public coverage.

Purchasing a Private Health Insurance Plan

Selecting the plan that’s right for you and your family can be overwhelming if you don’t know where to start.  An insurance professional can help you sort through the different plans that are available, so you can find a plan that meets your needs and fits your budget.


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