There’s more to individual health insurance products than you may think. If you want to learn more about what they are and how they work, you’ve come to the right place. Let’s look at the types of insurance and different available policies on the market for Albertans.
First, it’s important to note that the health insurance industry is competitive. No two companies are exactly alike. Pricing ranges and some products are better than others. Not every individual needs the same coverage as well.
What Are Individual Health Insurance Policies?
They’re health insurance products designed to fit the needs of each person and their family. Policies are a legally binding contract between an insurance company and the policy holder. Wherein the carrier agrees to cover specific health expenses, and the policyholder agrees to be honest about their health.
What’s the Purpose of Individual Health Insurance?
There are two purposes for this product. The first is financial. It lowers the financial risk of being buried by out-of pocket expenses (think prescription drugs), and bills related to health care (think a root canal).
Although we have one of the best provincial healthcare plans in the world, it doesn’t cover everything. There are gaps that impact individual pocket books, such as prescription drugs for chronic and serious health conditions, emergency medical services in another country, physiotherapy treatments and medical equipment to aid with mobility.
Individual health insurance also aids with optimal health. If one doesn’t have coverage, they’re less likely to get their teeth cleaned, which can lead to cavities and more serious problems such as gum disease. Additionally, many people in Canada don’t fill prescriptions because they can’t afford it, which, in turns, leads to more serious health problems later on.
When Should you Buy an Individual Health Insurance Policy?
You should consider insurance if you don’t have a group health insurance policy through work, if you want additional benefits not offered in your group plan, or if you’re losing your work coverage.
What Do Individual Policies Cover?
There are numerous health insurance options:
- Prescription (partial or full)
- Paramedical practitioner services (physiotherapy, chiropractors, naturopaths, etc.)
- Preventative dental care
- Emergency travel
- Travel insurance
- Optional preventive dental and semi-private hospital room coverage
- Critical illness
- Semi-private or private hospital accommodation
- Special nursing services
- Ambulance services
- Vision care
- Dental: Basic preventative and maintenance services such as examinations, checkups, cleaning, x-rays, fillings and extractions.
- Dental: Root canals, periodontal cleanings and scaling
Most companies sell policies on different levels or tiers. Meaning one is basic and then another one has a few more services, and another one is even more comprehensive. The price is comparatively higher based on the extent and type of service.
Since the amount and size of different services are extensive, and the needs of individuals is vast it’s hard to know which policy works best for your situation. An insurance broker will help you narrow down what you need and find and direct you to where you can affordably get the services.
To find out more you can visit our website, and get in touch for a personalized quote.
Are you an entrepreneur with one-three employees? You have the option of a Health Spending Account through your business. Ask me about personal health coverage and work health coverage for businesses of all sizes.