Health insurance is one of the most important things to have. Every person in Canada has health insurance. The government-funded system, on the other hand, doesn’t cover things like prescription glasses and visits to the eye doctor, dental care (unless it’s an emergency and the services are done in a hospital), and prescription drugs. If you are over 65 or under 25, you don’t have to follow these rules.
Even though Canada’s health care system is good and gives people access to hospitals, doctors, and specialists, it doesn’t give people access to physiotherapy, chiropractors, mental health professionals, and a lot of other services. Having access to these types of professionals can make a big difference in how you take care of your physical and mental health and how long you live.
This is why having a private or supplemental health care plan can be a huge investment. By January 2022, about 60% of Canadians will have either bought additional health plans outright or gotten benefits through their jobs, or both.
Not every insurance plan is made the same, though. Some have a lot more coverage than others, and some cost more than others. So, how do you decide which one is the best?
Look for the best insurance companies to find the best plans. We’ve done some research for you to help you make the right choice.
So, let’s look more closely at the top 5 health insurance companies in Canada, what makes them the best, and what their health products look like.
1. Manulife
Manulife has a lot to be happy about. By the end of 2022, the company employed 38,000 people, not including the 119,000 agents who had helped more than 30 million happy customers. Since the company has been in business for more than 135 years, it makes sense that it has $1.3 trillion in assets that it is in charge of. In response to COVID-19, Manulife not only promotes health and wellness for its customers through its Vitality program, but it has also given its employees an extra week off in 2022 and the option to work one-half day per month.
Manulife sells many different kinds of insurance. You can get insurance for both your health and your teeth through them.
Manulife is focused on giving you the flexibility you need to make an insurance plan fit your needs, whether you want one or the other.
Manulife gives you more options than just basic health and dental insurance. Some of these are disability insurance and insurance for serious illnesses.
Many people find it helpful to have more than one type of insurance with the same company.
Manulife gives you two choices when it comes to regular health and dental plans. The names of these health and dental insurance plans are Flexcare and FollowMe.
Even if you change jobs, you can keep your Flexcare insurance with you. FollowMe gives you money back and helps pay for costs that provincial plans might not cover.
Do you have at least three kids? If so, no matter which health and the dental plan you choose, Manulife has special rates for you.
2. Blue Cross of Ontario
Blue Cross was started in 1939, and the first state to set up a plan was Manitoba. Soon after, Ontario Blue Cross joined the other provinces and did the same thing. In the 1960s, when Medicare was created, Blue Cross changed its plans to work with provincial health care, especially since the cost of prescription drugs was going up. Blue Cross offers more than just extra drug coverage. They also offer dental, life, and travel insurance.
Blue Cross insurance is unique in that it offers insurance coverage in multiple countries. They do business in all of Canada’s provinces and territories. Different places have different types of coverage and plans, so it’s important to talk to an agent about the specifics.
Some basic needs are already taken care of by your provincial health plan. Blue Cross insurance is meant to cover much more than that.
Ontario Blue Cross provides customers with health insurance that is both complete and affordable. This could be a good choice for you if your job is different from most. Blue Cross’s plans are designed to help people who need them.
Blue Cross is a good choice to think about if you work for a small or large company or are self-employed.
Sun Life Financial
The 2022 Forbes Global 2000 list puts Sun Life at number 235. SunLife is a great place to work, according to its more than 50,000 employees and 140,900 advisors. Focusing on healthy living and financial freedom, the education they teach their clients is also a big part of what they do at work. In 2021, the company had a net income of $3.93 billion and was in charge of $1.44 trillion in assets.
Sun Life Financial has health insurance and dental insurance, but you can’t just get dental insurance. You’ll also have to get health insurance, but the products that come with each of these plans are very appealing.
Sun Life’s health insurance is about the same as the others on this list. Their website explains it in easy-to-understand terms, which is helpful if you tend to get confused about insurance.
Sun Life gives you three different health insurance plans to choose from. They are called Basic, Standard, and Enhanced Plans. They are part of Personal Health Insurance and Health Coverage Choices. They cover between 60 and 80% of the cost of prescription drugs and dental care. They also cover a lot of other travel and non-medical services.
4. The Life Assurance Company of Canada,
Since 1847, everyone has heard of the Canada Life Assurance Company. The company was started in Winnipeg, Manitoba, and its first death claim, for a person who died in a bicycle accident, was paid out in 1893. By 1897, the company had a presence in all of Ontario’s provinces.
The business grew and changed over the last century and beyond. In 2020, it merged The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company, as well as their holding companies (London Insurance Group Inc. and Canada Life Financial Corporation).
You can choose from different plans. Even though the name isn’t very clear, this company does more than just sell life insurance.
This is where you’d look for health and dental insurance. These plans are for people who don’t have health insurance through work or who are losing it for some reason.
What does each plan include? They are there for you and your whole family. People who are insured get help with costs like prescription drugs, hospital bills, ambulance rides, and eye care.
The goal is to make your health plan seem like it gives you group benefits even though it doesn’t.
5. Group Medical Services (GMS)
Group Medical Services (GMS) was started in 1949 in the beautiful Canadian province of Saskatchewan. This was a long time before the government paid for health care for everyone in the country. This company is unique because it was started by a group of determined doctors, community members, and friends. As part of their mission statement, they put health first. GMS has several options for health insurance plans. Some of these are travel insurance, student insurance, health insurance for replacements, and personal health insurance.
Do you have family or friends visiting from another country? During their stay, they can get health insurance from GMS. You may be interested in either the personal or replacement health coverage options if you live in Canada.
Personal health insurance plans are meant to give you more coverage than what your province gives you. They can change to meet your needs. Included in these are coverage for dental care and prescription drugs.
GMS has three plans for personal health insurance. There are three plans: Basic, ExtendaPlan, and OmniPlan. Each one has different benefits, with the OmniPlan being the best because it includes things like naturopathy and dental care for accidents. Make sure you know about all of them before you choose one. After you choose a plan, you can add more coverage.
People who will soon lose their group health benefits can get replacement health coverage. GMS has three plans for this kind of coverage as well.
If you think it would be helpful to compare things side by side, talk to us today. Our agents would be happy to take the time to learn about your specific needs and explain how a GMS health and dental plan can help you.
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