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6 Types of Health Insurance Plans You Need to Know

on 9 Oct, 2018

 

6 Types of Health Insurance Plans You Need to Know

When looking for insurance policies, it helps to know all the options you have, Click here to learn the different types of health insurance plans.

When it comes to your health, it’s important to stay protected.

That’s the entire idea behind the idea of a health care policy. To ensure yourself against the possibility of an accident or sickness.

Luckily for you, then, there are more than enough types of health insurance plans to choose from.

What kind of package you get is really up to you.

Join us, today, as we unpack six of the most popular styles of Canadian health care policies, and which ones work hardest to protect yourself and your family.

Types of Health Insurance Plans

Long-Term Care Insurance

Not every medical condition comes on suddenly.

Sometimes, people get sick over long periods of time. And when that happens, it’s important to have a health insurance plan that helps you to take care of yourself over an indefinite amount of time.

It’s a scary prospect, but one that thousands of people face every day.

Long-term care is designed with this kind of coverage in mind. These types of health insurance plans work to cover the expenses associated with long-term physical or mental illness.

Maintaining your health with treatments in your younger years is a big part of the appeal when it comes to this kind of insurance. It’s also useful in helping to protect your retirement plans, as well, putting you in control of the type of care you receive later on in life.

Disability Insurance

Suddenly becoming ill and not being able to work is a nightmare scenario that is, unfortunately, all too real for many people.

Having your income cut off by an unexpected illness might not be something you can predict, but you can certainly prepare for it. The best way to do this is with a reliable disability plan.

Disability insurance are the types of health insurance plans that safeguard your income if you become disabled, and that that affects your ability to work.

Within disability insurance, there are two subsections that are worth noting:

Short-Term Disability

Short-term coverage is designed to be used in situations where you will be sick or injured for up to six months at a time. Depending on your employer, you may need to file a claim through them, or an Employment Insurance (EI) claim if your employer isn’t covering you.

Qualifying for EI benefits usually requires:

  • depleted sick leave with your place of employment
  • a certain number of amassed working hours

Long-Term Disability

Long-term disability plans help to keep you covered in the event of your short-term benefits running out. Nobody likes to imagine a situation where this happens, which is why this is such a popular option for people working in dangerous fields.

Depending on your plan, these policies may cover anywhere between 60% and 70% of your regular income.

Critical Illness Insurance

Surviving a critical illness is difficult enough on its own. The costs associated with an extended hospital stay, treatment, or lack of income are some of its many unfortunate side effects.

Critical illness insurance is a policy that helps to protect you from the financial impact of life-altering illnesses. Whether it’s to compensate for income lost by working or to help mitigate your treatment expenses, this is money you can use however you want.

Individual Insurance

Of course, no two illnesses are made the same.

Sometimes, you’re as likely to run into something small and unexpected as you are something exotic and life-threatening. Either way, there’s a good chance your provincial plan might not cover you in these cases, and you’ll need a little something extra to help you out.

Individual insurance provides support in cases where your regular plan doesn’t cover you.

Do you have specific dental needs? Perhaps an ongoing medication, or even a wellness treatment you need in order to maintain your standard of living. Choose a plan that matches your unique needs, and you can rest easy, knowing you’ve got every nook and cranny covered.

Travel Medical And Visitor’s Insurance

Gandalf is famous for saying “Not all who wander are lost”.

While quoting fictional wizards might not seem appropriate, we’d actually like to add “Not all Canadian health insurance beneficiaries are necessarily from Canada”.

As with any trip to a foreign country, having health coverage in Canada will help to keep you safe during your trip.

When traveling in the great white North, it’s important to know what types of health insurance plans are available to travelers and visitors. These are insurance packages which provide coverage for aliens in case of an unexpected illness and add an extra level of security to your trip.

A Note On Prescription Drug Coverage

Prescription drugs are a huge part of any medical treatment, and your access to them can make or break your ability to treat yourself and get better.

With that in mind, when is your medication likely to be covered by your insurance?

Well, there’s the obvious proviso that the drug needs to be actually prescribed to you be a doctor, first. That doctor has to declare it medically necessary, and the drug itself has to be listed on an official database of medications.

This makes over the counter drugs unlikely to be covered.

Even with those qualifiers met, not all drugs will be covered by your plan. A drug may be necessary in order to stop smoking, for instance, and to improve your health. Your smoking, however, is considered a lifestyle condition, and your policy may not cover it.

Still, medications like blood pressure treatments, insulin and the like are almost always covered – anything considered of real need to you.

Six Different Types Of Health Insurance Plans

Developed countries offer a variety of health insurance policies for a reason.

Whether you’re a resident or a visitor, Canadian health care is among the best in the world. It’s important that you know which options are available to you, before deciding on one.

Interested in learning more about health insurance in Canada? Why not try a service that accurately compares market health care plans, to bring you a policy at the lowest possible rate? Discover the right health plan for your unique needs, today, with Insurdinary, and start taking better care of yourself.

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