Should you buy private health insurance before arriving?
Sometimes.
Private insurance can be useful when:
_ You are not eligible for provincial health coverage
_ Your school requires private coverage
_ Your provincial coverage has not started
_ You need supplemental benefits
_ You want additional travel protection
_ Your existing plan has gaps
But do not buy a random policy just because the price looks attractive.
First determine what your school and province already provide.
Otherwise, you could pay for coverage you do not need while still leaving important gaps uninsured.
What should you compare when choosing private insurance?
Look at more than the premium.
Feature <=============> What to check
Emergency medical==>Maximum amount and eligible situations
Doctor visits==>Whether routine visits are covered
Hospitalization==>Coverage limits and exclusions
Prescription drugs==>Percentage covered and annual maximum
Dental==>Preventive/emergency coverage and limits
Vision==>Eye exams, glasses or contacts
Mental health==>Eligible providers and annual limits
Ambulance==>Whether ground/air ambulance is covered
Pre-existing conditions==>Definitions and exclusions
Travel outside Canada==>Whether coverage continues
Deductible==>Amount you must pay before insurance contributes
Claims==>Online claims process and documentation
Direct billing==>Whether providers can bill the insurer directly
The cheapest policy is not necessarily the best value.
A policy that costs CAD $20 less per month but excludes something you actually need could end up being far more expensive.
What is a deductible?
A deductible is an amount you may have to pay yourself before the insurer begins paying for certain covered expenses.
For example, suppose your policy has a CAD $100 deductible.
If you make an eligible claim for CAD $500, the insurer may calculate the benefit after applying the deductible according to the policy terms.
Not every student plan uses a deductible.
If yours does, understand when it applies.
What is coinsurance?
Coinsurance refers to the percentage of an eligible expense that the insurance company pays.
For example, a plan might cover 80 percent of an eligible prescription expense.
If the eligible cost is CAD $100, the insurer may pay CAD $80 and you may be responsible for CAD $20, subject to the plan’s conditions and limits.
This is different from a deductible.
A deductible is usually an amount you pay before certain benefits begin.
Coinsurance is the percentage split after the applicable rules are applied.
What is a coverage limit?
A coverage limit is the maximum amount the insurance company will pay for a particular benefit.
For example:
Prescription drugs: 80 percent up to CAD $2,000 per year.
That does not mean the insurer will pay 80 percent of every prescription you purchase forever.
The annual maximum matters.
Read the numbers.
Why pre-existing conditions matter
If you already have a medical condition, do not assume that a new insurance policy will automatically cover treatment related to it.
Some policies exclude pre-existing conditions or impose special conditions.
The definition of “pre-existing” can also vary.
One insurer might look at whether you had symptoms or treatment during a certain period before coverage began.
Another may have a different definition.
If you have an existing medical condition, read this section of the policy carefully before purchasing.
If you do not understand it, ask the insurer for clarification in writing