Advertisement
Unsure about your benefits as a student? No longer covered by your school or your parents? Here’s how you can navigate health insurance in Canada.
Whether you’re getting an eye exam, having your routine dental cleaning or a prescription filled, you’ve probably been asked if you have health insurance to cover a portion of the costs. Without it, you’ll be required to pay out of pocket for any costs that are not covered by your provincial or territorial government.
If you’re in school, you most likely have supplemental health and dental insurance. Some educational institutions make this mandatory by including the cost in your tuition fees. However, if you’re a new grad, you may be getting accustomed to managing health insurance on your own (as opposed to through your parents or school). Here’s a quick lesson on what health insurance is, how it works, where you can buy it and the benefits you can receive.
A health insurance plan helps to cover the costs of your medical and dental bills. Depending on the provider and type of plan you choose, health insurance can cover a number of health-related expenses. Coverage typically includes prescription drugs, vision care, dental care, medical equipment and visits to medical practitioners (such as physiotherapists, dietitians and registered massage therapists).
Depending on your school, you may be automatically enrolled in the health insurance plan that’s offered to students. Once you’re enrolled, you can download a copy of the plan details. You’ll also receive a benefits card that will have your plan identification on it. You will need to present this card to your healthcare provider at every visit when paying for your services (in my experience, most providers will keep this information in your file).
Some health and dental service providers set up direct billing. This means they bill the insurance company directly, and you will only be required to pay the balance not covered by your plan. If they don’t have direct billing, then you’ll need to pay the full amount out of pocket, and then submit an online claim with your receipt to receive reimbursement. It can take several business days to assess your claim and for the amount to be deposited into your bank account.
If you’re an international or foreign-exchange student, you’ll need to research the health insurance for the particular province or territory in which you are studying. Some provinces provide health coverage to international students that is either free or for an added cost, and you’ll be required to apply through the province.
For example, international students studying at a university in Ontario must obtain mandatory health care coverage through the University Health Insurance Plan (UHIP), a not-for-profit insurance plan created by Ontario’s universities that is comparable to the Ontario Health Insurance Plan (OHIP).
In other cases where provincial health insurance is not offered, students need to purchase personal health insurance, typically through their school in Canada. Be sure to check if these health plans are mandatory or optional.
If you’re no longer in school and find yourself without any health insurance coverage, you’re not alone. Acquiring your own health insurance plan could be the solution—if you’re concerned about paying for hefty medical bills that may arise due to an injury or illness while finding employment. This can help bridge the gap while you’re looking to get a job offer from an employer that provides health insurance.
Check your college or university alumni group to see if they have a partnership with a health insurance provider. With a group benefits plan, you’ll be able to access competitive rates.
If your parents have health insurance, you’re out of school and under the age of 21, you may be able to be added as a dependent on their plan. Otherwise, you can be added to your parent’s plan until the age of 25 if you’re still a full-time student at a college or university.
If you’re married or in a common-law relationship, then you could be added to your partner’s plan. Keep in mind that there are additional costs associated with adding you as a dependent on a health insurance plan.
It can depend on your overall health, your financial situation and your priorities. In Canada, employers aren’t required to provide health insurance to their employees. So getting a job offer doesn’t guarantee you’ll have access to a health and dental plan. If having health insurance is important to you, check the job description to see if it’s included before you submit your resume.
There are times when you’re going to need a new pair of prescription glasses or a cavity filled. If you can afford to get a personal health insurance plan or you’re willing to pay out of pocket for these expenses, then it may not be so critical that you find a job that includes health insurance right out of the gate.
If you’re looking to purchase private health insurance, some of the most popular providers in Canada include:
It’s a good idea to obtain health insurance quotes from several companies before you make a commitment to paying monthly premiums.
Health insurance providers usually offer tiered pricing plans to choose from, such as a basic plan, standard plan or premium plan. Essentially, the more you pay, the more benefits you receive. Plus, the higher-priced plans will typically allow you to claim a higher dollar amount and reimburse a higher percentage of your eligible expenses.
The cost of private health insurance can vary widely depending on factors such as your age, your gender at birth, your place of residence and your chosen plan. Shop around and gather multiple quotes so you can compare. According to the rate comparison site Ratehub.ca (whose parent company, Ratehub Inc., owns MoneySense), Canadians aged 18 to 35 can expect to pay between $82.55 and $91.30 per month on health insurance.
It’s prudent to compare plans and decide which benefits you plan to use the most. If you’re a healthy individual with minimal medical issues (and a tight budget), a basic plan may cover your needs. However, if you have underlying medical conditions, you may get more out of opting in for a more expensive comprehensive plan.
Benjamin Franklin said it best: “An ounce of prevention is worth a pound of cure.” There’s no doubt that taking care of your health is important. Being proactive can help you avoid major health issues—and major health expenses—down the road. Being in my 30s, I’ve come to realize how important it was to take good care of my health in my 20s. Although Canadians already have access to healthcare coverage, not everything is covered. Private health insurance can help fill that gap.
If you think you might need private health insurance, it’s good to apply for it when you’re young and in good health. Most providers don’t require information about your medical history, and Gen Zers can acquire the lowest rates that they’ll see during their lifetime.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Would swapping a house for cash from a corporation save on taxes? And is this tactic worth it in...
Here’s what to keep an eye on as we head into the new year, from the housing market and...
Certain social benefits cheques will be delivered this week, even while Canada Post ramps up its services after the...
Partner content from
Zensurance
Which companies have laid off employees in Canada? This is what we have so far.
Tax planning in Canada isn’t just for March and April. These smart tax moves need to be made before...
If you’re self-employed, you might be wondering if it’s necessary to incorporate. Here’s how to incorporate a business in...
Partner content from
Zensurance
