Health & Dental Insurance

A foundational part of financial planning is ensuring you have comprehensive health coverage in place.
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What is health insurance?

It helps pays for routine health expenses such as paramedical services, dental and vision care, and unexpected health expenses like hospital stays or prescription medications.

As a Canadian citizen, you'll be resident of a particular province and therefore covered under the local provincial government health insurance plan. Health insurance through an insurance company is designed to supplement your provincial health care plan, and fill-in any gaps where appropriate. For this reason, a health insurance plan in Canada is often referred to as an extended health care plan (i.e. it extends your government health insurance plan benefits).

In other words, a health insurance plan helps offset the cost of health and dental expenses that your provincial government health care plan doesn't pay for.

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What does health insurance cover?

Health insurance plans cover a combination of routine expenses (i.e. planned predictable expenses), and unplanned expenses. Every plan will vary with regard to dollar amounts for these benefits.

  • Prescription drugs
  • Dental visits
  • Paramedical services
  • Vision care
  • Ambulance (air / ground)
  • Hospital accomodation
  • Emergency travel medical
  • Medical equipment

How much does health insurance cost?

There are a number of factors that can affect plan pricing, including:

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Generally, insurance cost less for younger age groups, and more for older age groups.

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Single, couple or family

Plan cost will vary depending on the number of people covered.

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Province of residence

Plan cost can vary from one province/territory to the next.

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Plan selection

Plans that include more benefits and higher coverage amounts come at a higher cost.

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What types of health care plans are there?

There are three main types of health insurance plans; Medically Underwritten, Guaranteed Issue, and Guaranteed Acceptance. The appropriate plan for you depends on your circumstances. An advisor can assist in determining the appropriate plan for you.

Medically Underwritten

  • Medical questionnaire required
  • Lowest relative cost
  • Most benefits per dollar
  • Excludes pre-existing conditions
  • Can apply anytime, acceptance is subject to qualifying medically
See Medically Underwritten

Guaranteed Issue

  • No medical questionnaire
  • Higher relative cost
  • Fewer benefits per dollar
  • Covers pre-existing conditions
  • Must apply within 60 days of employee benefits terminating
See Guaranteed Issue

Guaranteed Acceptance

  • No medical questionnaire
  • Highest relative cost
  • Fewest benefits per dollar
  • Covers pre-existing conditions
  • Can apply anytime, acceptance is guaranteed
See Guaranteed Acceptance

What's your current situation?

Types of health & dental plans

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