A medically underwritten health and dental insurance plan is what one might think of as a 'standard' health insurance plan. The term 'medically underwritten' refers to the fact that a medical questionnaire is required, and the insurance company may write to your physician to obtain a copy of your medical records when the insurance company evaluates your application.
As with any health insurance plan, it is designed to help offset the cost of health and dental expenses that your provincial government health care plan doesn't pay for.
Medically underwritten plans tend to offer better value than other plan types (i.e. more benefits per dollar). They also come with the caveat that any 'pre-existing conditions' are excluded. This is why it is preferable to get a medically underwritten health care plan when you are younger and have less health history.
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A self-employed individual who needs to provide health benefits for themselves and their family.
An individual who has little to no health history (i.e. few if any 'pre-existing conditions')
An individual who has little to no health history (i.e. few if any 'pre-existing conditions')
An individual who is comfortable with their existing health conditions (if any) being excluded, but wishes to have a robust plan for everything else.
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.
There are a number of factors that can affect plan pricing, including:
Generally, insurance cost less for younger age groups, and more for older age groups.
Plan cost will vary depending on the number of people covered.
Plan cost can vary from one province/territory to the next.
Plans that include more benefits and higher coverage amounts come at a higher cost.
There are two other types of health insurance plans; 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.
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