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Which Health Insurance Company Is the Best? Here’s How to Decide

on 25 Nov, 2018

Back in 2017, experts estimated that Canadians will spend $242 billion on health care. That means you spent about $6,604 last year on health care alone!

Of course, all that money didn’t come out of your pocket. After all, the public health care system allows for free access to many health care services. But since health care isn’t 100% free, out-of-pocket expenses still average at $900 per person.

Most of these extra costs go towards private health insurance. That’s why you’d want to determine which health insurance company is the best.

First, because it’s key to ensuring you’ll get coverage when you need it. Second, they provide the best healthcare plans, designed to meet your budget.

The thing is, there are 132 health insurance providers in the country. So, how do you pick the right one?

We’ll show you exactly how, so keep reading!

Know What Makes for the Best Health Insurance Policies

You’re “buying” health insurance, not the provider, so you need to know what makes that product the best for you. This is the first step to finding good health insurance companies.

Here are some of the most important features you need to look for:

Flexible Eligibility Requirements

Before comparing health insurance plans, find out about the providers’ eligibility requirements first. That’s because some insurers may not qualify you based on your current health. Some also have strict eligibility factors when it comes to medical history.

The good news is, some plans offer guaranteed acceptance. There are Manulife’s FollowMe plans for example. At the moment, the company is accepting everyone for these health and dental plans.

Coverage for Health Care Services You Have Actual Need For

Keep in mind that public health care doesn’t cover all the necessary services. It doesn’t pay for routine and emergency medical costs.

That’s why two-thirds of Canadians have supplemental health insurance. Thanks to these plans, consumers can minimize their out-of-pocket medical expenses.

But that doesn’t mean all health insurance plans will cover you for everything. Some offer full coverage for specific services, while others only provide partial coverage. Some even exclude certain services completely!

This said you want to make sure you choose a plan that’ll help you get the coverage you need. You should pick a plan that’ll give you the least possible out-of-pocket costs.

This is especially important if you already have a pre-existing health condition. Again, some insurers may not cover your costs for prescription medications. Do your homework to find insurers accepting applicants despite their health conditions.

Payments and Fees You Can Afford

Monthly premiums aren’t the only cost associated with health insurance. There’s also the deductible and copayment/coinsurance you need to consider.

These are the fees you need to pay for on top of your premiums. Most plans have them in some form or another. What’s important is to choose one that’ll make it easy for you to get the health care services you need.

Reasonable Coverage Maximums and Limits

Don’t forget to check each of your prospective health insurance plan’s maximums too. These are the max dollar amounts set for each covered product or service.

For instance, one plan may have a $2,000 annual maximum, while another may have a $5,000 max. Once you’ve reached this amount, you’ll be responsible for costs that go beyond that.

Don’t worry though, as the top health insurance companies offer reasonable plan maximums. But be sure to factor in your current and future healthcare needs. This way, you can avoid underinsuring or over-insuring yourself.

Other Qualities that Make for the Best Health Insurance Companies

Aside from the above, there are a few other factors that can help you determine which insurer to go with. These include networks, customer service and ratings, and dental coverage.

Health Care Professional Network

Your health insurance won’t do you any good if you have very few doctors to choose from. This is an important consideration since you don’t want to travel far and wide for a check-up. Especially in case of an emergency.

Good news though, since the best health insurance providers have expansive networks. In other words, many doctors and healthcare providers accept insurance from them. In fact, they have such big networks your current doctor may already be part of it!

Highly-Rated Customer Service and Customer Satisfaction Rate

If you’re having health problems, the last thing you want is to deal with complex insurance paperwork. Your only priority is to get better.

The most reliable health insurance companies understand this. Which is why they make their services as easy to access as possible.

In simpler terms, that means they provide coverage as soon as needed. They don’t make their policyholders wait too long to receive approval.

All these allow for policyholders to experience exceptional customer service. It’s for this reason that top insurance companies have high customer satisfaction rates. So, be sure to check company reviews and complaints before you sign up for that health plan.

Dental Coverage

Did you know that 96% of Canadian adults have had dental decay? Or that 6% of the nation’s adult population have complete edentulism (toothlessness)?

Not a pretty sight, is it?

The problem is, public health care services don’t cover preventative dental care. It also doesn’t pay for restorative (like dental fillings, crowns, etc.) dentistry.

Now, you want to keep as many of your permanent teeth as possible. But dental services aren’t cheap, so optimal oral health can be difficult to achieve.

As such, it’s best that you also factor in dental coverage when looking for health insurance. Fortunately, the best health insurance companies also offer dental coverage with their plans. Not all plans though, so be sure to review each of your options.

Which Health Insurance Company is the Best? The One That Meets All Your Healthcare Needs

So long as you keep all these factors in mind, you’ll figure out which health insurance company is the best. The most important thing is that it will give you the most coverage for products and services you need. For a total cost that won’t break the bank.

Ready to get your health insurance now? If so, then request a free quote now! We’ll help you track down the best insurer that’ll satisfy your health care needs.

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