What is personal health insurance?
Personal health insurance products help lower your risk of being burdened by expenses for preventive care or medical bills as a result of an illness or accident. While provincial health plans provide coverage for many health expenses, there are gaps that can have a significant impact on your finances. For example, depending on the province or territory where you live, you may have to pay for:
- Prescription drugs to treat a chronic or serious health condition
- Emergency medical services provided in another country
- Practitioners like physiotherapists to promote wellness or help with injury recovery
- Medical equipment to assist with your mobility
- Healthcare in Canada is publicly funded. Canadian citizens and permanent residents may apply for public health insurance for Canada from their province or territory. It ensures you don’t have to pay for most healthcare services, as the costs are covered by general taxation.In some provinces, new permanent residents can avail of provincial health insurance coverage as soon as they arrive. In others, there is a waiting period of up to three months. Private health insurance for Canada can cover your needs during this period.