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The Top 7 Best Health Insurance In Canada

In this article, we’ll look into the 7 best healthcare companies in Canada, how to get the right health insurance for you as well as the factors to consider when selecting the right health insurance.

Sun Life Financial
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The purpose of health insurance is to protect an individual's health and financial security in case of illness or injury.

With so many options available in Canada, it can be difficult to determine which health insurance provider is best suited for an individual's needs.

In this article, we’ll look into the 7 best healthcare companies in Canada, how to get the right health insurance for you as well as the factors to consider when selecting the right health insurance.

What is health insurance?

Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured.

Health insurance can also provide protection against the high costs of medical services, ensuring that individuals can access necessary care without facing significant financial hardship.

But what is the best health insurance company in Canada?

1. Sun Life Financial

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Sun Life Financial

Our rating: 4.8 stars

Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Customization: Yes

Features & benefits: Vision and dental care, prescription medication, paramedical services

Optional add-ons: Travel coverage, semi-private hospital accommodation, orthodontics, preventative and restorative dental coverage

About Sun Life health insurance

While offering products like critical illness insurance, life insurance and disability insurance, Sun Life provides comprehensive coverage options for individuals and families. This private insurance provider offers a variety of services, including prescription eyeglasses, medications, hospital cash, mental health services, and medical services.

Customers are able to choose from a range of plans that cover medical expenses, including universal healthcare. Sun Life also offers plans for those looking for more specialized coverage, such as vision or dental care.

Their plans are designed to allow customers to access the best care available, while also saving money. With over 100 years of experience, Sunlife health insurance plan is a reliable source for quality health care.

2. Blue Cross

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Blue Cross

Our rating: 4.5 stars

Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Features: Dental and vision care, paramedical services, prescription medication, travel insurance, private hospital accommodation, accidental death and dismemberment, short- and long-term disability

Other inclusions: Virtual health care (for certain regions), hearing aids, medical equipment

Optional add-ons: Critical illness coverage, hospital cash, assured access

About Blue Cross health insurance

Blue Cross Ontario offers a wide range of private health insurance coverage for families and individuals. With access to paramedical services and expenses, personal health insurance, disability insurance, and critical illness insurance, Blue Cross health insurance provides comprehensive coverage options.

Blue Cross's health insurance premiums are reasonable and cover a range of medical coverage benefits, providing customers with peace of mind. Whether looking for short or long term care insurance, Blue Cross offers an array of options that enable customers to have access to the best health insurance plans in Canada.

With decades of experience in the field, Blue Cross Ontario is dedicated to serving customers with the highest quality of health insurance services.

3. Manulife Financial

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Manulife Financial

Our rating: 4.4 stars

Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Customization: Yes

Features & benefits: Vision and dental coverage, prescription medication,

Optional extras: Medical travel coverage, private hospital accommodation, accidental death and dismemberment, short- and long-term disability

About Manulife health insurance

Manulife is a financial services provider that offers a range of products and services, including health care coverage. Their health care plans cover a range of benefits, with ambulance services, preexisting conditions, medical equipment, and dental plans all included in their personal health insurance plans.

In addition, Manulife health insurance offers you the option to add "Manulife vitality" and to earn rewards and save on how much you pay. offers a variety of medical insurance options, providing health benefits while minimizing pocket expenses. They also cover medical equipment and provide comprehensive health benefits.

Manulife is a reliable and experienced provider of health care coverage, offering a range of services that can help people access the care they need.

4. Desjardins Insurance

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Desjardins Insurance

Our rating: 4.2 stars

Availability: Nationwide

Features & benefits: Medical and paramedical coverage, vision care, prescription drugs, dental care, alternative medicine, hospitalization, advanced medical services

Eligibility: Canadian citizen/age of majority

Customization: Yes

Optional add-ons: Better coverage of prescription drugs, orthodontic treatments

About Desjardins health insurance

Desjardins is a leading provider of financial services in Canada, offering a wide range of products and services, including health coverage.

It provides basic plans, provincial plans, and individual health insurance plans, all of which include hospital insurance and dental benefits.

Additionally, Desjardins offers optional add ons such as massage therapy, and also collaborates with Green Shield to provide additional coverage.

Desjardins is committed to serving others with the best possible health insurance plans, providing comprehensive coverage and experienced advisors.

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Customers can feel confident that their health is in good hands with Desjardins.

5. Costco

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Costco

Our rating: 4.2 stars

Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Customization: Yes

Features & benefits: Vision and dental coverage, prescription medication, chiropractic services, physiotherapy, and preventive health screenings

Optional add-ons: Extended hospital stays, mental health support, alternative therapies, and wellness programs

About Costco health insurance

Costco, widely recognized for its wholesale retail services, also offers a competitive health insurance package for its members in Canada. Partnering with leading insurance providers, Costco ensures that its members receive comprehensive coverage at an affordable rate.

One of the standout features of Costco's health insurance is its adaptability. Members can tailor their insurance packages to suit their individual needs, ensuring they only pay for the coverage they require. This flexibility is especially beneficial for families, as they can adjust their plans based on the changing needs of their family members.

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In addition to the standard features, Costco also offers a range of optional add-ons, allowing members to enhance their coverage. These add-ons range from extended hospital stays to mental health support, ensuring that members have access to a wide range of health services.

Costco's commitment to customer service is evident in its health insurance offering. Members have access to a dedicated support team, ready to assist with any queries or concerns. The seamless integration of insurance services with its retail offerings makes Costco a unique and valuable choice for Canadians seeking comprehensive health insurance coverage.

6. CAA

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CAA

Our rating: 4.0 stars

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Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Customization: Yes

Features & benefits: Vision and dental coverage, prescription medication

Optional add-ons: Speech therapists, hearing aids, orthotics

About CAA health insurance

CAA health insurance is one of the leading health insurance providers in Canada. It offers a wide range of insurance packages, including accidental death, permanent life insurance, term care insurance, and different types of insurance.

CAA also provides dedicated customer service to help customers find the best coverage for their individual needs. Their health insurance plans include coverage for prescription drugs, with different levels of coverage available depending on the customer's needs.

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Customers have the option to customize their insurance package based on their budget and lifestyle. CAA offers affordable rates and a wide range of options for all kinds of customers.

The company's customer service is highly praised by customers for its helpful and friendly staff. Overall, CAA is a great choice for those in Canada seeking quality health insurance.

7. Canada Life (formerly Great-West Life)

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Canada Life

Our rating: 3.8 stars

Availability: Nationwide

Eligibility: Canadian citizen/age of majority

Customization: Yes

Features & benefits: Vision and dental coverage, prescription medication, ambulance services, in-home nursing, medical supplies, and hearing aids

Optional add-ons: Accident care (death and dismemberment), emergency travel medical coverage, hospital accommodation, hospital cash, major dental care

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About Canada Life health insurance

Previously known as Great-West or London Life Insurance Company, Canada Life is a major provider of life insurance, retirement, and investment solutions in Canada. It is a reliable insurer with a focus on providing additional benefits for its customers. The company offers a variety of insurance policies, from life and health insurance to orthodontic services and physician services.

It also provides special rates for emergency medical coverage and coverage for those with pre-existing health conditions. Its standard plan is designed to meet the needs of those seeking to improve their overall health.

Canada Life aims to make its services accessible to as many Canadians as possible. Its goal is to serve the needs of its customers by providing a comprehensive range of insurance plans and benefits.

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Understanding health insurance in Canada

Canada's health insurance system is composed of publicly-funded and privately-funded providers.

Publicly-funded insurance or universal health coverage is provided to all Canadian citizens and is managed by the government, while private insurance is usually provided by employers and is run by private companies.

Medical care of family members may be covered under private plans, and there are also plans that are specific to one person.

Manulife, Blue Cross, and Sun Life are the three major private insurers in Canada, and they provide a variety of benefits, such as prescription drug coverage, dental coverage, vision care, and short-term disability.

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Private plans are typically more comprehensive than public plans, and they often provide access to services in a shorter amount of time.

In addition, private plans often offer a wider range of services, such as mental health coverage, which is not available through public plans.

Understanding Canada’s healthcare system

With OHIP in Ontario, Alberta health care Insurance Plan (AHCIP), RAMQ in Quebec and the Medical Services Plan in British Columbia, our public healthcare system covers many of the “basics" health insurance options, including:

  • Doctor and hospital visits
  • Diagnostics and examinations
  • Surgeries and treatments
  • Standard accommodations in the hospital (including care, food, and prescriptions)
  • Medically necessary dental surgeries
  • Eye examinations for Canadians aged under 18 or over 65

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Every region and jurisdiction has its own guidelines regarding health insurance, leading to potential differences in what is excluded.

Services that may necessary to cover, depending on your province

  • Outpatient prescription medications
  • Dental coverage
  • Psychological services
  • Massage therapy
  • Physiotherapy
  • Private hospital room stays
  • Ambulance and EMT services
  • Prescription eyeglasses
  • Medical equipment (including wheelchairs, crutches, and leg braces)

Benefits of health insurance for entrepreneurs

Entrepreneurs can benefit from health insurance coverage in several ways. Firstly, it provides access to necessary medical services and treatments. This includes:

  • Dental care
  • Vision care
  • Prescription drugs

And other services that may be required for the entrepreneur, their family, and their employees.

Employer-sponsored plan means that employers have the flexibility to choose the type of health insurance that best suits their needs and budget. This can include coverage for preexisting conditions, which is especially important for entrepreneurs who may have existing health issues.

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Having health insurance coverage provides peace of mind, knowing that medical costs are covered and that the entrepreneur and their family have access to the healthcare they need. It also ensures that vision and dental care are included in the coverage, as well as prescription drugs.

Understanding Private Health Insurance in Canada

Private health insurance is an important part of the Canadian health system, providing coverage for medical expenses that are not covered by the provincial health plans.

Given the abundance of health insurance providers in Canada, it can be difficult to determine which one offers the best coverage. This overview will provide a brief examination of the different types of health insurance available in Canada and the advantages and disadvantages of each.

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Understanding the benefits and drawbacks of personal health insurance is essential to make informed decisions.

There are more than 100 companies offering private health insurance plans in Canada. And guess what? In 2021, they covered about 27 million people, as per the recent CLHIA.

They dished out a whopping $30.4 billion in total claims, that include:

  • $13.4 billion in prescription, dental care for up to
  • $9.5 billion in dental care
  • $1.6 billion in hospital bills
  • $1.3 billion in eye care
  • $1.1 billion in massages

Yep, those are the big players when it comes to reasons folks cash in on their extra health insurance.

How much should I pay for health insurance in Canada?

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Recent data from the Canadian Institute for Health Information (CIHI) suggests that Canadians are paying about $756 annually, breaking down to around an average rate of $63 every month for a person with no pre-existing condition.

On top of that, it seems that the typical Canadian shells out an extra $902 each year for health-related costs, which is just a tad over $75 monthly.

Private Health Insurance vs Public Health Insurance

Public health insurance

Public health insurance is an insurance plan provided by the government. It is usually less expensive than private health insurance, but the coverage may be more limited. Additionally, public health insurance plans may have waiting periods and age restrictions.

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Private health insurance

Private health insurance is a type of insurance that covers health care cost and hospital services, such as visits to the doctor, tests, and medication.

It can also cover the cost of long-term care and disability services.

Private insurance is typically more expensive than public health insurance, but it can provide more comprehensive coverage and may include benefits that are not available with public insurance.

Pros and cons of private health insurance

It's important to note that there are both advantages and disadvantages to having health insurance in Canada.

On the plus side, having health insurance can help to cover the cost of medical expenses, such as regular doctor visits, hospital stays, medications, and medical equipment.

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It can also provide access to medical services that may otherwise be difficult or impossible to obtain.

On the downside, it can be expensive and have high deductibles or co-pays, and the coverage may not be as comprehensive as desired.

Furthermore, insurance policies can be complex and difficult to understand, making it difficult to know what is covered and what is not.

Note: Insurance companies can deny claims for a variety of reasons, leaving policyholders without the coverage they expected.

Consider these factors before purchasing individual health coverage

  • Coverage: Coverage may include hospital visits, prescription medications, mental health services, and vision and dental services. It’s important to evaluate all coverage plans to be sure the plan is comprehensive and includes all needed services
  • Cost: Assessing cost is an essential factor when selecting a health insurance plan. Prices for health insurance vary between different insurance plans, depending on factors such as age, the coverage type, and the level of coverage. Generally speaking, premiums are higher for those who are older, and those who choose more comprehensive coverage. In addition, there may be additional costs associated with services such as dental care or prescription drugs
  • Network: Having discussed the cost of health insurance in Canada, the next important factor to consider is the network. A health insurance network is the list of medical professionals and facilities that accept the insurance. Most health insurance providers in Canada will offer a wide selection of networks to choose from, including both public and private facilities. Knowing what is available in the network is essential for those looking for specific services, such as specialists or access to certain hospitals. It is also important to understand the difference between a closed network and an open network

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Tips for choosing the right health insurance

When making the important decision of which health insurance plan to choose, there are several factors to consider, such as coverage, cost, and network.

Considering the range of health insurance plans available in Canada, it is important to be mindful when selecting an option that best fits individual needs.

Researching coverage options, comparing various plans with the maximum coverage limits, and prioritizing needs are all essential steps in the application process.

It is also important to consider the size of the network, the types of services offered, the cost of premiums, the quality of customer service, and any restrictions or exclusions that may apply. Furthermore, it is wise to review the coverage regularly to ensure that it is still meeting individual needs.

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Note: medical exams are not required if you apply within 90 days of the end of your employer group health coverage.

Conclusion

In conclusion, it is important to consider the various options for health insurance in Canada when making decisions about the best health insurance for entrepreneurs.

Health insurance in Canada provides coverage for hospitalization, medical services, prescription drugs, and more, giving entrepreneurs the peace of mind of knowing that their health and medical needs will be taken care of.

Frequently Asked Questions (FAQ)

When it comes to health insurance in Canada, there are many questions that arise for individuals looking to make informed decisions.

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This discussion will provide a greater understanding of the various aspects of health insurance in Canada, allowing individuals to make the right choice for themselves.

What specifics of coverage does the Canadian health insurance offer?

It is important to understand the specifics of coverage, the process for filing claims, and the cost of premiums.

How do I determine my eligibility for health insurance?

Questions about eligibility for insurance, the differences between a public and a private health plan, and the need for supplemental coverage are all important to consider.

Are there differences in health insurance coverage across provinces?

Coverage varies from province to province, but all Canadians are eligible for the basic provincial and territorial health insurance plans.

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Where can I find reliable information on health insurance plans?

When selecting the right insurance, it is important to obtain information from multiple sources, such as online reviews and advice from medical professionals.

How should I compare different health insurance plans?

Research the different plans available and compare their benefits and costs to determine which plan is best for individual needs. Take into consideration the coverage of the plan, the co-payment and deductible amounts, and the length of time the plan is valid for.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.

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