- 24 Mar 2021
- Reading time
- 2 minutes
Just like all other insurance policies, with health insurance, the insured pays a premium to an insurance company, which in turn foots part or all of the bill that the individual incurs on medical expenses. The price of the premium, the coverage offered, and other insurance benefits that you get are dependent on the insurance company in question. Hence, if you're looking to get some health insurance of your own, then you should take all these factors into consideration.
Health Insurance Premiums
By paying for a health insurance premium, you benefit from reduced costs for hospitalizations, prescription costs, and even the cost for medical check-ups, among others. However, while health insurance is meant to keep you protected from the dangers of high medical expenses, the degree of their help is limited based on the premium that you pay to the health insurance company.
Another noteworthy point is that even though the health insurance becomes active from the very moment you pay for it, the insurer's services do not kick in until you reach their deductible limit. So, if you have to pay for some drugs and your health insurance policy's deductible is high, you might have to foot the bill yourself. The common notion is that health insurance with a high deductible is paired with lower premiums than those with low deductibles.
Health Insurance in Canada
The Canadian health care system operates a public health insurance system. This system entitles all Canadian citizens or permanent Canadian residents to some free health care services. Nevertheless, there are a few points to note regarding health insurance in Canada.
Even though you are a Canadian citizen, you need to apply for public health insurance and obtain a health insurance card to benefit from any free healthcare services.
Public health insurance only covers some basic needs. So, you would still need the services of a private health insurance company if you hope to get more comprehensive protection. We've got a good list of some noteworthy private health insurance companies, along with reviews from their customers. These health insurance reviews would tell you more about the effectiveness of the company's policies.
You can get emergency medical services for free, even if you do not have a health card yet (this may be different for immigrants). The good thing about being a Canadian citizen or a Canadian resident is that the public health centers in your area do not deny you emergency services even if you don't have a health card on your person.
Is Health Insurance Premium Tax deductible in Canada?
Health insurance premiums in Canada are tax-deductible when they are employee-paid premiums for a private health insurance company. However, if your employer pays for your health insurance with pre-tax cash, you may not be eligible for this.
On a Final Note
The synopsis that we have got on some trustworthy health insurance companies would go a long way in helping you out in your journey to becoming a policyholder. We have also got insurance company reviews if you want to know the customer's opinion on their insurance company before they make your choice. With this information, you'll be knowledgeable enough to get a health insurance policy that's just right.