Best health insurance in Canada
Choosing the best health insurance in Canada can be challenging due to the variety of options available. Here are some of the top health insurance providers for 2024, each excelling in different areas:
1. Blue Cross
Best known for prescription medication and dental coverage, Blue Cross offers highly customizable plans and unlimited benefits for drugs and dental care. Their plans are divided into Basic, Mid-tier, and Enhanced, with varying levels of coverage for paramedical services, mental health, vision, and travel.
Blue Cross insurance in Canada offers a wide range of health benefits designed to meet the needs of individuals and groups. Their personal benefits plans provide coverage for prescription drugs, dental care, vision care, and various wellness services, making them a suitable option for those who are self-employed, between jobs, retired, or looking to supplement group health benefits.
For those who travel frequently, Blue Cross offers comprehensive travel insurance. This includes coverage for emergency medical care, trip cancellation or interruption, accidental death or dismemberment, and baggage protection.
In addition to personal and travel benefits, Blue Cross provides group benefits tailored to the needs of employer groups ranging from small local businesses to national companies. These benefits can include supplementary health and dental coverage, employee assistance programs, health spending accounts, and various types of disability coverage.
Overall, Blue Cross is recognized for its extensive coverage options and commitment to customer satisfaction, with various plans that can be customized to fit individual and group needs across different provinces in Canada.
2. Canada Life
Ideal for vision coverage, Canada Life offers extensive health insurance options that can cover up to 100% of vision care costs. They are known for their financial stability and comprehensive coverage options.
Canada Life is one of the largest and oldest life insurance companies in Canada, established in 1847. It offers a variety of insurance products tailored to individual needs. Here’s a summary of its key offerings:
Term Life Insurance
Canada Life provides customizable term life insurance policies with terms ranging from 5 to 50 years, including a "My Term" policy that allows for flexible term lengths and automatic renewals. Policies are convertible to whole life insurance without needing a medical exam up to age 70.
Universal Life Insurance
This product combines life insurance with an investment component. It offers flexible premium payments and the ability to choose investment options, making it a cost-effective option for managing your risk profile. Canada Life offers three types of universal life insurance: annually increasing pay to 85 COI, level COI, and limited-pay COI products.
Whole Life Insurance
Whole life insurance provides permanent coverage with fixed premiums, a savings component, and the potential for cash value accumulation. It’s ideal for estate planning and long-term financial security.
Additional Insurance Products
- Critical Illness Insurance: Offers a lump sum payment upon diagnosis of a severe illness, helping cover medical expenses and daily costs.
- Disability Insurance: Provides a tax-free monthly income if you can’t work due to illness or accident. Plans include the Independence Plan, Lifestyle Protection Plan, and Overhead Expense Plan.
- .Health and Dental Insurance: Covers medical expenses not included in provincial health plans, such as dental care and prescription drugs.
Pros and Cons
Pros:
- Wide range of customizable term lengths
- Multiple rider options
- Convertible to permanent products without a medical exam
- Strong financial stability (A+ rating from A.M. Best)
Cons:
- Minimum coverage amount requirements
- Limited online account features
For more detailed information, including specific policy options and premium rates, you can consult Canada Life's official website or contact a licensed insurance advisor
3. Manulife
Known for customization and the Vitality rewards program, Manulife offers plans that include dental-only, medication-only, or combination plans. Their plans can include private or semi-private hospital rooms and are tailored for those without employer coverage.
Manulife is a prominent insurance provider in Canada, offering a diverse range of insurance products. Here are some highlights of their offerings and recent initiatives:
Key Insurance Products
1. Life Insurance
- Term Life Insurance: Manulife offers term life policies, such as CoverMe Term and Quick Issue Term, providing coverage from $100,000 to $1 million and $100,000 to $500,000, respectively. These plans include stable premiums and options to convert to permanent coverage without a medical exam.
- Permanent Life Insurance: This includes Manulife Par, Performax Gold, InnoVision, and various universal life policies, offering lifelong coverage, cash value growth, and flexible investment options.
- No Medical Life Insurance: Quick Issue Term offers a fully digital application process without extensive medical exams, suitable for those seeking swift coverage.
2. Health Insurance
- Manulife offers health and dental insurance plans that supplement provincial health plans, covering expenses like dental care, eyecare, and prescription drugs. They also provide critical illness and disability insurance to cover costs associated with severe illnesses or inability to work.
3. Other Insurance Options
- Travel Insurance: This includes coverage for trip cancellation and emergency medical assistance.
- Mortgage Protection: Ensures mortgage payments continue in case of illness or death.
- Business Owner Insurance: Helps keep businesses running if the owner or key employees are unable to work due to illness or injury.
Recent Initiatives
Manulife has partnered with Aeroplan, Canada's travel loyalty program, to offer rewards for engaging in health and wellness activities. This initiative is part of a modernized benefits platform set to launch in early summer 2024, allowing group benefits members to earn Aeroplan points for completing health challenges and educational courses.
4. Green Shield Canada (GSC)
A non-profit provider offering affordable plans, GSC is particularly suitable for younger individuals with low health needs. They offer good drug coverage and mental health services but require separate dental coverage for basic plans.
Green Shield Canada (GSC) offers comprehensive health insurance plans tailored for individuals and businesses. Their health insurance plans include coverage for prescription drugs, dental care, vision care, travel insurance, and additional services like mental health support and medical services. GSC's offerings are designed to cater to different needs, whether through individual plans or group benefits for small businesses.
One notable product is the Prism Continuum®, which provides varying levels of coverage for prescription drugs, dental services, vision care, and travel insurance. For example, the Prism Spectra® plan covers basic dental care such as cleanings and fillings at 80%, with more extensive dental services covered at a reduced rate.
GSC also emphasizes accessibility and social impact, reinvesting earnings to expand care access for underserved communities. They aim to positively impact over a million lives by 2025 through initiatives that support health equity across Canada.
For small businesses, GSC has introduced Honeybee Select, a digital benefits solution that simplifies the process of providing health benefits to employees. This platform offers health, dental, travel, and mental health coverage, tailored specifically for companies with 25 employees or fewer.
5. Sun Life
With a long history of providing insurance in Canada, Sun Life offers multiple health insurance products, including personal health insurance, critical illness insurance, long-term care insurance, and disability insurance. They are known for their comprehensive coverage options and additional resources.
Sun Life offers a range of insurance products in Canada, including term life, whole life, and universal life insurance. Here's an overview of their main offerings:
1. Term Life Insurance
- Sun Life Go Simplified Term Life Insurance: Provides coverage of $50,000, $75,000, or $100,000 for 10 years without a medical exam, requiring only three simple health questions.
- Sun Life Evolve Term Insurance: Offers coverage starting from $50,000 up to $25 million, with term lengths from 5 to 40 years. This plan offers flexibility and the option to convert to permanent life insurance.
- Sun Life Go Term Life Insurance: Provides coverage from $100,000 to $1 million with terms ranging from 5 to 40 years, available for online purchase.
2. Whole Life Insurance
- SunSpectrum Permanent Life II: Offers lifetime coverage with guaranteed cash values and premiums. Coverage ranges from $25,000 to $10 million, with payment options of 10, 15, 20 years, or lifetime.
- SunPar Protector II: Provides whole life coverage with a cash value option and potential dividends. Coverage ranges from $50,000 to $15 million.
- SunPar Accumulator II: Focuses on higher cash values in the early years and long-term accumulation, with coverage from $250,000 to $15 million.
3. Universal Life Insurance:
- SunSpectrum Universal Life II: Combines permanent life insurance with a variety of investment options for tax-advantaged growth. Coverage is available from $25,000 to $5 million.
- SunUniversalLife II: The most comprehensive universal life plan, offering five death benefit options and six cost options, with coverage from $100,000 to $25 million.
Additionally, Sun Life provides health and dental insurance, critical illness insurance, disability insurance, and long-term care insurance. They are known for their strong brand recognition and extensive advisor network, but their premiums can be higher compared to some competitors.
6. Desjardins
Offering broad coverage including dental, medical, vision, and travel insurance, Desjardins is a good option for those looking for extensive coverage. However, their premiums can be slightly higher compared to other providers.
Desjardins Insurance, part of Desjardins Group, is one of Canada's leading insurance providers, offering a wide range of products and services. Desjardins Group is the largest cooperative financial group in Canada, and Desjardins Insurance offers both individual and group insurance plans. Their portfolio includes life, health, home, auto, travel, and business insurance.
Key Offerings
1. Life Insurance
- Term Life Insurance: Options include Term 10, Term 20, Term 30, and Term-to-Age-65. Policies are renewable and convertible to permanent insurance up to the age of 70.
- Permanent Life Insurance: Includes basic and personalized permanent life insurance, with features like guaranteed premiums and tax-advantaged cash values.
- Universal Life Insurance: Combines permanent life insurance with a self-directed investment component.
2. Health and Wellness Services
- Virtual Healthcare: Access to healthcare professionals via chat or video call.
- Employee Assistance Program (EAP): Confidential support services for employees and their families.
- Health and Wellness Accounts: Help cover expenses not included in the standard insurance plan.
3. Commercial Insurance
- Desjardins offers comprehensive coverage for businesses, including commercial property, liability, and auto insurance. Their recent acquisition of the Insurance Company of Prince Edward Island (ICPEI) has strengthened their position in the commercial insurance market, expanding their reach and expertise.
For more detailed information about their offerings, you can visit the Desjardins Insurance website.
Each provider has its strengths and potential drawbacks, so it's important to compare plans based on your specific needs, such as prescription drugs, dental, vision, and travel coverage. Utilizing online tools and consulting with insurance advisors can help in making an informed decision.