Canada is known for its advanced and thorough government health care insurance solution provided under the provincial healthcare program. However, not all health expenses are covered by the healthcare program. Different provinces have different coverage under the healthcare and some of the health expenses are covered out-of-pocket. However, private health insurance is available through various insurance companies to cover for these expenses not covered under the provincial healthcare
Individual and Group Cover
Over 70% of individuals who have a health insurance Canada policy have it through their employers. Since Canada healthcare covers for most of the medical costs, most self employed people will not seek for alternative health insurance. Health insurance is therefore mainly taken by employers as a tax deductible benefit and as an employee retainer. However, there are consultants and employees who are not covered by employer who choose to take up a health and dental insurance program especially in provinces where dental, prescription, doctor fees and other medical costs are not covered under healthcare. If you are going for an individual health policy, ensure that you know what is not covered in your province to avoid paying for cover that is redundant.
Health Care Spending Accounts
Health Care Spending Account (HCSA) is an employee health care insurance benefit that is given by certain employers to assist in paying for various health expenses. The employer puts a deposit for every employee with the HCSA provider and the employees can spend the amount of money for health related expenses. The HCSA accounts are either given as a complement to the provincial healthcare or as a complement to a private health insurance coverage. Some of the areas that employees use under the HCSA include co-insurance costs, medical expenses for people who have attained coverage limit and medical expenses that are tax deductible such as transportation and other travel expenses, new and change of eyeglasses and eye contacts, dentures and other dental expenses, therapy and rehabilitation, and professional fee for the doctor or medical practitioners. Having a HCSA program for your employees can help retain the best employees and help boost their morale.
Considerations when seeking Group Health Insurance
There are a wide range of insurance companies that provide health care insurance Canada policies. You therefore need to carefully consider the options available to purchase the ideal cover for your employees. Some of the considerations to look out for are provided below.
- Rate Guarantee – Some health insurance Toronto companies offer a bonus to new clients in terms of an extended period of guaranteed premiums. This rate guaranteed period ranges from one to two years. The guaranteed rate period locks the premiums at a level rate within the bonus period and thus saving you costs and helping you plan better for the health insurance expense.
- Guarantee Cover – Some health insurance Ontario companies provide a number of guarantee covers without medicals. This is best for a group that has an uninsuranble individual. Some Calgary health insurance companies provide up to 5 guarantee coverages. This guaranteed slots are ideal for retaining some of the top performing executives who would otherwise not be insured because of a preexisting condition.
- Internet Platform – Some health care insurance companies are providing very convenient internet platforms to assist your employees claim for expenses, follow for compensation and manage their policies. This is a worthy consideration as it helps your employees access the insurance services in a more convenient manner.
- Premiums – It is important that you get several health insurance quotes from different companies and compare the services and prices offered to ensure that you are paying the optimal premiums for good services. You can easily get free quotes online for Canada health insurance to assist you in your comparison. It is also important to keep reviewing the marketing and comparing prices to ensure that you keep getting health insurance Canada coverage at the best rates.