What is Supplemental Health Insurance?
As the name suggests, complementary health insurance is a “top-up” to provincial health insurance. Some people, such as tourists or newcomers, do not have access to local insurance. Other types of diets may therefore be helpful to them.
Supplementary health insurance is more complex than making a medical appointment. You have to understand it sufficiently to choose your covers. Here are answers to the most common questions.
You can get this type of insurance from your employer, an advisor or online. Want to apply for personal health insurance online? It’s possible. Click here to start.
How does personal health insurance work?
Personal health insurance is based on the pooling or spreading of financial risk. Several people – the insured – pay sums into a common fund. This fund is used when an insured person pays a sizeable unforeseen expense for medical expenses. It is also used to produce small current costs.
How to choose the best insurance contract for you and your family
Is your health insurance coverage sufficient?
Why does supplementary health insurance cover certain situations and not others?
Insurance companies must set prices (“premiums”) that are both sufficient and affordable. To do this, they must determine precisely:
what is covered (warranties);
what is not (the exclusions).
The fewer exclusions there are, the more expensive the insurance will be. Without the exclusions, the prices would be too high for most people.
Why do you sometimes pay more in personal health insurance than you receive in a year?
“We come back to the principle of pooling,” explains Moshe Milevsky, associate professor of finance at York University’s business school in Toronto. Some people will receive more in reimbursements than they pay in premiums, and others less in any given year. This situation may seem unfair at the time, but you never know when the wheel will turn. The roles could be reversed the following year. »
What if the insurance company denies your claim?
If your claim is denied and you want to contest it, different options are available. You can file a complaint with a higher authority in the company. If you are not satisfied, you can seek outside help. The environment is highly regulated; there is an appeal procedure even for the rare cases of error by the insurer.
Are you considering a medical procedure for aesthetic purposes? Ask your insurer if it is covered. So you won’t have any nasty surprises.
The largest insurers process millions of claims per year. The rejection rate is meagre.
Is supplementary health insurance for you?
Not sure if supplemental health insurance is right for you? A SunLife Financial advisor can help you educate yourself and make the right choices for your financial situation.
It is now possible to consult most advisors by videoconference. Find an advisor today.
