Cheap Health Insurance In Canada: How to Pay Less for Protection
How much does health insurance cost in Canada?
Because it’s so customizable, the cost of a private health insurance policy varies widely. In Canada, the cost of health benefits ranges from $10/month to $700+/month, depending on whether your plan includes dental insurance, prescription drug coverage, and vision insurance.
The price goes up if your medical insurance includes coverage options for things like emergency dental, paramedical services (massages, chiropractic, etc.), and mental health services. Finding cheap health insurance coverage means saying goodbye to most of these things.
The cheapest health insurance plan in Canada with drug, dental, and vision benefits is PolicyMe’s Guaranteed Issue Economic Plan. Coverage starts at just $64 per month for an 18-year-old adult.
What’s the most affordable health insurance policy in Canada?
To make your shopping experience easier, we reviewed the 18 largest health insurance companies in Canada (and over 40 of their policies) and rated each health insurance product’s cost and flexibility. Then we combined the data with customer service reviews and industry reputation markers.
The results reveal the perfect sweet spot between the cheapest and the best health insurance in Canada.
Cheapest health insurance in Canada
Although it’s technically possible to get private health insurance starting at less than $10 per month (GMS’s Basic Plan), it doesn’t include drug, dental, or vision care. It’s more of an emergency medical care plan, with several optional add ons.
The cheapest health insurance policy in Canada to offer drug, dental, and vision coverage is PolicyMe’s Guaranteed Issue Economic Plan.
* Rates reflect the monthly premiums of an 18-year-old non-smoker living in Ontario.
** Eligible services may include visits to an acupuncturist, chiropodist, chiropractor, dietitian, massage therapist, naturopath, and/or osteopath.
*** Eligible services may include visits to a clinical counsellor, registered psychologist, registered psychotherapist, registered social worker and/or a professional with a Master of Social Work.
Best value health insurance in Canada
When we say “best value”, we mean the plan with the lowest premiums, the biggest variety of insurance, and the most flexible coverage.
For example, around 97% of the coverage included in PolicyMe’s Classic Plan applies to more than one type of medical service, piece of equipment, and profession, so you have more opportunities to get your money’s worth.
* Rates reflect the monthly premiums of an 18-year-old non-smoker living in Ontario.
** Eligible services may include visits to an acupuncturist, chiropodist, chiropractor, dietitian, massage therapist, naturopath, and/or osteopath.
*** Eligible services may include visits to a clinical counsellor, registered psychologist, registered psychotherapist, registered social worker and/or a professional with a Master of Social Work.
Summary: Canada’s best value health insurance plans
All 3 of the best value health insurance plans in Canada pair modest premiums with varied coverage, but only PolicyMe includes a dental plan. Not to mention great customer service—on Google, Trustpilot, and the Better Business Bureau, our ratings average 4.4 stars out of 5.
Canadians with expensive prescriptions may prefer Sun Life’s Personal Health Insurance Standard plan, which includes up to $100,000 of prescription drug coverage per year. Meanwhile, Manulife’s FlexCare DrugPlus Basic covers plenty of medical equipment, but only $2,000 of emergency dental work per year.
For context, it can cost up to $2,000 to perform an emergency root canal on a single tooth.
How to find cheap health insurance in Canada
You can find affordable healthcare coverage for you and your family by following three easy steps:
- Add up your annual health costs
- Review your existing coverage
- Shop around
By the end of this section, you should have a better idea of what sort of health insurance plan you need and where to start looking for it.
Step 1: Add up your annual medical expenses
Finding the right health insurance plan is crucial to saving money. Once you add up the cost of every prescription drug, professional visit, and pair of glasses you paid for out-of-pocket last year, you can see exactly how much coverage you need—and how much coverage you don’t.
For example, if you spent $982 on prescription medication last year, you probably want a plan with drug coverage and a yearly maximum of at least $1,000. But if you’ve been blessed with great teeth and your partner is a dentist, you can probably skip dental care.
Add up how much you spent last year in each of the healthcare categories mentioned at the top of the page. If necessary, do the same for your partner or dependents before moving on to step 2.
Step 2: Review your existing health coverage
There’s no point in paying for what you already have, and chances are your provincial health insurance plan already supplies some or all of your needs. You may also receive coverage through a group benefits plan sponsored by your employer or trade association.
Take a look at your province’s plan or your group health insurance paperwork and compare it to your expenses. If you find that a significant amount of your or your family’s health expenses aren’t being met by public or group healthcare, it’s time to move to step 3.
Step 3: Shop around
Once you have an idea of the type of health insurance plan you need (and whether it includes drugs, dental, vision or a combination of all three), you can start comparing health insurance quotes. Find at least three plans within your budget, then take a look at a sample health insurance policy and carefully note the inclusions and exclusions.
Does it cover the drugs, services, and medical professionals you need? Does it provide enough coverage to erase most of your health expenses, even after you pay the deductible? Does your favourite drugstore and masseuse accept this type of insurance?
Next, it’s time to look at the scores for health insurance providers on Google, Insureye, Trustpilot and the Better Business Bureau. Positive customer reviews indicate easy claims, quick reimbursement, and flexible coverage, all of which boost your satisfaction.
FAQs: Affordable Health Insurance in Canada
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.