Not everyone is covered with employee health and life insurance, but that doesn’t mean you have to bear the burden of your healthcare costs all by yourself. There are numerous individual health insurance plans in Alberta, designed to accommodate a wide range of needs and price points.
Even those that were traditionally considered uninsurable can get individual health insurance in Alberta thanks to carriers offering no medical policies (insurance that is purchased without a medical exam) or through ratings or exclusions on fully underwritten policies.
Why do I need individual health insurance in Alberta?
Hey, we live in Canada, the land of free healthcare, right? Why pay for a plan when you can go to the doctor any time you need?
Not so fast!
Yes, we are fortunate to live in a land where healthcare is readily accessible, but it doesn’t cover all of your healthcare needs. Dental, for example, is only covered by the province in extreme situations, such as a birth defects that severely affect the quality of life, or a car accident in which the teeth, gums and mouth were severely damaged. Routine dental care, orthodontics and routine dental surgery come out of your pocket, and it’s not cheap. Don’t forget, Alberta pays the highest dental care costs in Canada, and the new dental fee guide isn’t very promising.
An individual health insurance plan takes the pressure off your finances when you have cavities, need routine cleaning or if your child needs braces.
Medication costs are another reason to have your own individual health insurance plan in Alberta. The cost of prescription drugs is not borne by the province. Likewise, your stay in a hospital can be much more comfortable in a private or semi-private room, and your life greatly enhanced with affordable access to vision care and paramedical services.
Can I afford individual health insurance in Alberta?
Individual health insurance plans can be purchased with an annual payment or with a monthly premium. An annual payment saves you money over paying monthly, as it creates less administrative work for the carrier. That being said, however, monthly payments are easy to work into the budget, and are a preferred way for many Albertans to get the affordable coverage they need.
You may have compared online prices for the big, well-known companies, such as Manulife and Blue Cross; but there are many other options you may not know about. A health spending account (HSA), for example, can be a great way for entrepreneurs with active small businesses to get coverage for themselves and their families. Other companies, such as Green Shield are less well known, but provide healthcare plans in the region.
How to find individual health care in Alberta
Talk to an insurance broker if you do not have employee health benefits in Alberta. Broker services are free, you only pay for the policy you choose. Since brokers are not bank agents or agents of any one carrier, they have access to all the health insurance products in Alberta, and will design, with you, the plan that best suits your needs. By helping you assess your risk factors, desired levels of coverage, co-pays or deductibles and more, your broker customizes a plan that works with your budget, and gives you the reassurance you need about your accessible health care.
Reassured For Life is an Alberta life insurance brokerage providing advisor services ( reassured.ca/individual-health-insurance-in-alberta ) that fit your needs, budget and lifestyle. To know more, visit reassured.ca/blog.