Health Insurance

What Is Health Insurance?

Health insurance helps cover the cost of medical care, treatments, and support services. In Canada, public health insurance is provided by provincial and territorial governments and offers access to necessary healthcare without direct charges at the point of care. But not everything is covered, which is why many people also turn to private or supplemental insurance.

Private health insurance, critical illness coverage, and disability plans can offer protection for services like prescription drugs, dental care, vision care, therapy, and income replacement. These policies fill in the gaps left by the public system and provide financial support when health challenges arise.

Why Is Health Insurance Important?

Health insurance protects your financial well-being when you or a family member needs medical treatment. Even with public healthcare, out-of-pocket costs can add up, especially for medications, specialists, and long-term care. Private or supplemental plans reduce financial pressure and improve access to a broader range of care.

It also plays a key role in financial planning. Some plans offer income protection, tax advantages, or benefits tailored for business owners. By combining public coverage with strategic private plans, you can build a more complete health safety net for every stage of life.

The benefits of health insurance for you

• Cover health-related costs: Reduce or eliminate expenses for prescription drugs, dental care, therapy, and more.

• Protect income: Replace lost wages if you can’t work due to illness or injury.

• Access faster care: Use private coverage for quicker access to specialists or elective procedures.

• Plan for long-term needs: Prepare for potential home care, assisted living, or rehabilitation.

• Support your family: Extend coverage to spouses and children, or use HSAs to cover their expenses.

Explore the Different Types of Health Insurance

The articles below break down the features, benefits, costs, and key considerations of each health insurance option available in Canada:

Public Health Insurance

• What Is Public Health Insurance in Canada and What Does It Cover?: Learn what services are included under provincial plans and how public coverage works.
• Who Is Eligible for Public Health Insurance in Each Province?: Understand residency and documentation requirements for coverage eligibility.
• How Does Public Health Insurance Work With Private Plans?: See how public and private coverage can work together to maximize protection.
• What Medical Services Are Not Covered by Public Insurance?: Discover common exclusions like dental, vision, and certain prescription drugs.
• Can You Lose Public Health Insurance Coverage?: Learn when and why coverage can lapse and how to restore it.
• How Do You Apply for a Health Card in Canada?: Get step-by-step guidance on registering and receiving your provincial health card.

Private Health Insurance

• What Is Private Health Insurance and Do You Need It?: Explore how private plans add coverage beyond the public system.
• What’s the Difference Between Individual and Group Health Insurance?: Compare self-purchased and employer-sponsored plans for cost and flexibility.
• What Services Are Typically Covered by Private Insurance?: Review typical benefits like dental, vision, massage therapy, and more.
• How Do Deductibles and Co-Payments Work in Private Plans?: Understand how cost-sharing affects your out-of-pocket expenses.
• Can You Have Private and Public Health Insurance at the Same Time?: Learn how dual coverage works and when it’s most beneficial.
• When Should You Buy Private Health Insurance?: Find out which life stages or employment changes may prompt a private plan.

Critical Illness Insurance

• What Is Critical Illness Insurance and Do You Need It?: Learn how a lump-sum payout helps during serious health events.
• Can You Get Critical Illness Insurance Through Your Employer?: Understand how workplace benefits may include critical illness protection.
• When Should You Buy Critical Illness Insurance?: Explore timing considerations based on age, income, and health status.
• Which Illnesses Are Covered by Critical Illness Insurance?: See the most commonly covered conditions like cancer, stroke, and heart attack.
• Can You Get Coverage with a Pre-Existing Condition?: Find out how past health issues affect your approval or premiums.
• What Happens If You Never Make a Claim?: Learn what happens to your premiums if you stay healthy.
• How Is a Critical Illness Payout Taxed in Canada?: Understand how lump-sum benefits are treated for tax purposes.

Long-Term Care Insurance

• What Is Long-Term Care Insurance and Who Needs It?: Discover how this coverage supports aging or chronic health conditions.
• What Types of Care Are Covered by Long-Term Care Insurance?: Review coverage for nursing homes, assisted living, and in-home care.
• When Should You Consider Buying Long-Term Care Insurance?: See when planning early may help reduce future costs and premiums.
• How Much Does Long-Term Care Insurance Cost in Canada?: Learn what affects your premiums and how to compare quotes.
• Can You Get Coverage for Home Care or Assisted Living?: Understand how flexible care options are built into some policies.
• What Happens If You Don’t Use Long-Term Care Benefits?: Explore whether unused benefits are refundable or transferred.

Disability Insurance

• What Is Disability Insurance and How Does It Work?: Learn how income protection kicks in when you're unable to work.
• What’s the Difference Between Short-Term and Long-Term Disability?: Compare coverage periods, waiting times, and benefits.
• How Do You Qualify for Disability Insurance Benefits?: See what criteria must be met to receive a payout.
• When Should You Get Disability Insurance?: Discover key moments when coverage becomes essential.
• What Conditions Are Covered by Disability Insurance?: Review eligible physical and mental health conditions.
• How Are Disability Benefits Taxed in Canada?: Understand when benefits are taxable and when they’re not.
• Can You Have Employer and Private Disability Insurance Together?: Learn how to combine or coordinate multiple plans.

Accident Insurance

• What Is Accident Insurance and What Does It Cover?: Get an overview of how accident-only coverage works.
• How Is Accident Insurance Different from Disability or Health Insurance?: Understand the scope and use case for accidental coverage.
• Who Should Consider Buying Accident Insurance?: Explore who may benefit from this affordable protection.
• What Injuries Are Covered by Accident Insurance?: Learn which types of incidents and recovery costs are eligible.
• Can You Claim Accident Insurance for Sports or Travel Incidents?: Review how recreational and travel-related accidents are handled.
• How Does the Payout Work in an Accident Insurance Policy?: Understand the lump-sum structure and claim process.

Health Spending Accounts (HSAs)

• What Is a Health Spending Account (HSA) in Canada?: Learn how HSAs provide a tax-efficient way to pay for medical expenses.
• Who Can Set Up an HSA and How Does It Work?: Understand eligibility and how reimbursements are managed.
• What Expenses Are Eligible Under a Health Spending Account?: See common eligible costs like therapy, prescriptions, and more.
• Can You Use an HSA for Family Medical Costs?: Explore how spouses and dependents can benefit.
• What’s the Difference Between an HSA and Traditional Insurance?: Compare flexibility, cost structure, and coverage scope.
• Are HSA Reimbursements Taxable in Canada?: Find out how CRA treats HSA reimbursements for tax purposes.