Rupinder Rai

How to buy a health insurance policy with low premiums

How to buy a health insurance policy with low premiums

Health care can be expensive. While all Canadian citizens qualify for health care services regardless of medical history, income, and standard of living, the public-funded healthcare system does not cover dental costs, ambulance services, eyeglasses, prescription drugs, home care, or long-term care. Citizens tend to pay for these services either out of their pocket or through private health insurance or employer-sponsored plans.

Furthermore, the average Canadian household can spend anywhere between $2000 and $4000 on insurance premiums. Most Canadians have private health insurance provided through their employers. However, if you do not have health benefits through your employer, if you are losing your group coverage or your current benefits are not sufficient, you could be fielding unexpected costs.

The good news is that investing in a private health insurance plan can help you avoid paying for these expenses out of your pocket.

Insurance plans vary in quality and price just like any product in a free market. That is why is it important that you find a policy that works well for you.

If you are buying health insurance as an individual or as a family, you’ll be pleased to learn that private health insurance is more competitive in terms of both cost and services.

First, work out what kind of health expenses you typically have and calculate how much it would cost to pay cash versus paying an insurance provider for that extra health care.

Here are a few ways to buy a health insurance policy with low premiums:

  1. Health insurance premiums are based on age or health situation. As a result, they can get expensive over time. The best time to buy health insurance is when you are young and healthy. If you wait till you are sick or injured, you may not be able to get the coverage you need.
  2. If you are self-employed, working on a contract or freelance, you can opt for a supplemental health insurance plan. You are also eligible to purchase these plans if you have no group health benefits at work or you will lose your group employee health coverage at retirement. With a supplemental health insurance plan, you can extend your protection against health-related expenses.
  3. Premiums can vary based on the level of coverage provided. Put aside enough time for research. There are many online calculators provided by health insurance companies that will provide you with a free quote. Work out various plans for different medical expenses and find the one that suits you most.
  4. When investing in a health insurance plan, keep a note of the restrictions and percentages of coverage. Generally, the more the restrictions, the lesser the premiums. Work out the possible medical expenses you need to be covered to find the plan best suited for you.

In conclusion, the best way to find the most suitable health insurance coverage for you and your family is through extensive research and the advice of a professional insurance broker who is up to date with market trends. Contact Rupinder Rai for assistance in finding the right health insurance plan

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