Is Securing Health Insurance In Canada Worth It For Expats?

health insurance expat canada traveler insure policy coverage protection

Canada is well-known for its quality universal healthcare system. Unfortunately, expats cannot enjoy this system. After all, this system is only limited to Canada's permanent residents and citizens. This it's why it's a must for expats to prioritize applying for a medical card. 

In the meantime, expats need to get expatriate health insurance in Canada while waiting for a medical card. However, you might be thinking that getting expatriate health insurance is too costly. With that being said, you might be wondering if it's even worth it to get one in the first place. 

Now, suppose you're an expat who wants to permanently live in Canada and want to enjoy all the perks that its citizens and permanent residents receive. In that case, you can always reach out to professional Canadian immigration lawyers that can help you out with your case. 

On the other hand, if you're still unsure whether you should avail of expatriate health insurance or not, we're here to help you out. Here are some reasons why expats should secure health insurance in Canada. 

#1: Your Travel Insurance Is Not Enough 

Unfortunately, your travel insurance won't be enough if you're an expat. After all, travel insurance can only shoulder emergency medical fees. Therefore, you can't use it for other purposes. In addition, you can only use travel medical insurance for brief trips that aren't any longer than six months. 

Moreover, most travel insurances are only used for purposes to cover your short travels abroad. Therefore, it is assumed that you will be returning to your home country within a few months or so. With that being said, choosing travel insurance over health insurance in Canada is not an ideal option. Although it is much more affordable, it won't cover everything you need compared to a health insurance plan. 

Now, if you decide to get yourself expatriate health insurance, you can expect it to cover the following: 

• Regular checkups 
• Health consultation charges 
• Hospital or daycare expenses 
• Surgery expenses 
• Follow-up checkup fees 
• Other additional costs 

#2: Medical Expenses Abroad Can Get Very Costly 

Without a doubt, medical expenses abroad can get very costly without insurance. For instance, you can end up getting hospitalized all of a sudden while living abroad. You may not have extra money for your hospital fees when that suddenly happens. Such incidents can significantly strain your budget as an expat. However, your overall budget won't be as negatively impacted with a great health insurance plan policy to cover your medical expenses. 

#3: Receive Various Perks With An Expatriate Health Insurance 

If you decide to avail of a health insurance plan as an expat, you'll receive a ton of benefits. Other than the standard coverages of particular expenses, you can receive more benefits in return. After all, most expatriate health insurance plans offer great flexibility. Therefore, you can easily pick and create plans that suit your needs accordingly. 

You can also pick plans that cover just you or your family members. This is a neat option, especially if you have family members moving to another country with you. In addition, getting health insurance also means you get quick access to any private health facilities in the country. 

Depending on the plans you avail of, you can even benefit from perks you can enjoy as a long-time customer under an insurance company's care. 

How Much Does Expat Health Insurance Cost? 

On average, expats can expect to pay over 3,000 CAD when it comes to getting expat health insurance. Here are the primary factors that can affect the total cost of your plans below: 

• Your Medical History:  Most plans usually don't offer coverage for pre-existing health conditions, so you may have to pay extra fees for it. 

• Your Selected Health Insurance Plan:  This includes the total people under your plan's coverage and its extent (is it limited within Canada only, or does it offer worldwide coverage?). 

• How Old You Are:  Older people require more access to healthcare, so your plan's overall cost can also get influenced by this factor. 

• Other Add-Ons:  Not all plans cover particular areas you need. Therefore, you might end up availing of a few more add-ons to cover everything you need in a coverage policy. 

Final Thoughts On Expat Health Insurance

Overall, it is definitely worth it to secure health insurance in Canada if you're an expat. Besides, the last thing you would want to happen to yourself is getting hospitalized and dealing with expensive medical fees. However, with a carefully selected expatriate insurance plan, your finances won't have to suffer. You will even receive the same perks you'd generally get under Canada's healthcare system. 

Besides, there are a variety of health insurance plans for expats out there based on your needs. With that being said, there's no such thing as a one-size-fits-all expatriate health insurance plan. After all, the best health insurance plan should satisfy both your demands and budget, and that's by picking a plan that covers just precisely what you need.

New Frugal Finance Blog Posts & Articles