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Financial Services: Health Plans in Canada with LMBF

Canada offers a universal healthcare system which provides reimbursement for numerous health expenses but it can leave out things like physiotherapy, prescription drug costs, medical equipment expenses that aid with mobility, and even emergency medical services in other countries if you are travelling abroad and get into an accident. In some cases, an employer will offer a group benefits plan, but if your employer doesn’t, if you are self-employed, or if you would like additional coverage, private health insurance in Canada is the option for you. LMBF’s health insurance experts can help you get the health plan in Canada you need for peace of mind. Start today with a free health insurance quote.

Advantages of Health Insurance in Canada

Flexible Care

Flexible Care

Health insurance in Canada may be purchased at different levels for different amounts of coverage. Individuals who may not have a large budget to afford extensive coverage can purchase basic plans to cover dental care, preventative care, and a range of other services, where those who want more intensive coverage may purchase higher levels of protection.

Medical & Preventative Care Expenses

Medical & Preventative Care Expenses

Although Canada’s universal healthcare system does provide coverage for a wide range of treatments, it does not cover several necessary medical costs, like prescription drugs, mobility-aid equipment, etc. Private health plans reimburse Canada residents for these costs.

  Reasons to need health insurance
  • Your employer does not offer a group benefits plan or you are self-employed
  • You’re changing jobs and losing your group plan
  • You want extended coverage beyond your provincial and/or employer’s group plan
  Ways that health insurance may benefit you
  • Provides coverage beyond what the universal healthcare system offers
  • Covers a wide range of medical expenses, treatments, and costs
  • Can be customized depending on your coverage needs

What is health insurance in Canada?

Personal or private health insurance in Canada is an insurance product designed to provide coverage for expenses that are not typically covered by the universal healthcare plan. This includes emergency services in other countries, mobility medical equipment, dental care, prescription drug costs, and more. These costs can add up, and if you don’t have a group benefits plan through your employer then it might be worth considering purchasing personal health insurance in Canada.

Our Health Insurance Partners

Although Canada offers a universal health care system, there are some medical expenses and preventative care costs that are not covered. If you do not have employer group benefits coverage, it may benefit you to seek out a private health plan in Canada. LMBF has partnered with some of the top private health insurance carriers to help secure coverage that supplies you with the peace-of-mind you need. Get a free quote to see how affordable it can be to get health insurance in Canada from any of our partners.

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Looking to Get Started on Your Private Health Plan in Canada? Get Started With a Health Insurance Quote Today.

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Health Insurance in Canada: Some Frequently Asked Questions

A: Dental coverage can be included as a component of your private health plan in Canada. Depending on your policy and provider, you may receive between 60% and 80% reimbursement for your annual preventative dental care.

A: Depending on the extent of your policy and if you don’t have any or adequate group benefits, your private health plan in Canada may include coverage for prescription drugs. Your policy may pay out for between 60% to 80% of your total annual prescription drug expenses.

A: Canada offers a universal health system that is paid for through general taxes, but it doesn’t cover every medical expense. Employers may sometimes offer group private health plans, but in Canada it is not a requirement to do so.

A: Co-pay is a feature of health insurance in Canada, not unlike a deductible. Co-pays will typically come as a charge after a deductible has been paid out. However, with some claims (and some providers) co-pays will be applied immediately. Co-pay is basically a set amount that a beneficiary pays out for insurable medical services, where the remaining amount is then paid out by the insurance company.

A: Premiums that are paid out towards private health plans in Canada that include hospitalization plans, dental, medical, etc., can typically be claimed as medical expenses, so long as more than 90% of the premiums that are being paid under the plan constitute as “eligible medical expenses.” Cosmetic procedures are typically not eligible.

A: In Canada, there’s typically two ways to get private health insurance: through an employer or a health plan that you purchase yourself. Canada health insurance is priced based on your pre-existing conditions, your age, family health, the amount of coverage you require (including add-ons for special services) and more. On average, policyholders spend around $700 per year on private health insurance in Canada.