How much is health insurance in Canada in 2024?
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In Canada, private health insurance fills gaps left by the publicly funded healthcare system. While basic medical services are covered by provincial healthcare, private health insurance can help cover prescription medications, dental care, vision care, and other health-related services that may not be fully covered by the public system and turn out to be quite expensive.
But how much is health insurance in Canada? What are the factors that decide the premiums? What are the different health insurance options available? Read on to find out more.
You can also use our free comparator to get personalized quotes from Canada's best health insurance companies, compare coverage, and find a plan that suits you best.
Health Insurance Cost in Canada: 5 Key Takeaways
- Individual plans come with higher premiums but more flexibility.
- Employer-sponsored plans with lower premiums but potentially less flexibility.
- Your age, health condition, occupation, and location can affect the cost.
- Basic plans cost $55-$140 in Alberta, $60-$130 in BC, and $75-$125 in Ontario.
- International students in Canada can expect to pay $600-$1,000 annually.
What are the types of health insurance in Canada?
As you might already know, health insurance covers the cost of medical care, especially for expenses not covered by provincial healthcare. In exchange for a monthly premium, the insurance company will pay for some or all of your medical expenses, such as doctor's visits, hospital stays, and prescription drugs.
The type of health insurance you choose is one of the many factors that can affect its cost. Hence, it’s important to know about different health insurance types to get a better idea of the cost.
There are many different types of health insurance available, but they can be broadly divided into two categories:
Individual health insurance
- This type of insurance is purchased by individuals or families and is not tied to an employer.
- Individual health insurance plans typically have higher premiums than employer-sponsored plans, but they offer more flexibility in terms of plan design and coverage.
Employer-sponsored health insurance
- This type of insurance is offered by employers to their employees and their families.
- Employer-sponsored plans typically have lower premiums than individual health insurance plans, but they may have less flexibility in terms of plan design and coverage.
The more comprehensive the coverage, the higher the premium will be. Thoroughly read your policy to understand the coverage you get, no matter the provider.
If you want to explore the various private health insurance options in Canada, you can do it right here on this page. Use our comparator below to compare the best health insurance plans and get free personalized quotes in no time.
Compare The Best Health Insurance Plans and Rates on the market!
Which factors influence the cost of health insurance?
Other than the type of health insurance plan you choose, here are some major factors that can influence the cost of health insurance in Canada:
- Age: As you get older, your risk of developing health problems increases, which can lead to higher premiums.
- Health: If you have any pre-existing conditions, such as diabetes or heart disease, you may be charged a higher premium.
- Occupation: If you work in a high-risk occupation, such as construction or mining, you may be charged a higher premium since insurance companies are more likely to have to pay out claims for individuals in high-risk occupations.
- Location: The cost of health insurance can also vary from province to province. For example, the cost of medical care is typically higher in urban areas than in rural areas.
Deductibles and copayments
Deductibles and copayments are also important factors to consider when choosing a health insurance plan.
- A deductible is the amount of money that you have to pay out of pocket before your insurance company will start to pay for your medical expenses.
- A co-payment is a fixed amount of money that you have to pay each time you see a doctor or have a prescription filled.
Good to know
The higher the deductible and copayments, the lower the premium will be.
Here are some additional factors that can affect the cost of health insurance in Canada:
- Your family size: If you have a family, your premiums will be higher than if you are an individual.
- Your lifestyle: If you engage in risky behaviors, such as smoking or drinking alcohol, you may be charged a higher premium.
- Your employer's contribution: If you have health insurance through your employer, your employer may contribute to the cost of your premiums.
How much is health insurance in Canada per month?
Based on the above factors, here are some price estimates for health insurance in Canada:
| Province | Price Range for Basic Plan |
|---|---|
| Ontario health insurance | $75 - $125 per month |
| British Columbia health insurance | $60 - $130 per month |
| Alberta health insurance | $55 - $140 per month |
How much is health insurance in Canada for one person?
The cost can also vary from provider to provider. For instance, a non-smoker individual can expect to pay $70-$140 per month for GreenShield Canada health insurance.
To get a better idea, you should get personalized quotes based on your age, location, and health status. Use our comparator and get health insurance quotes from 20+ Canadian companies in minutes. Choose the one that best fits your needs and budget.
Compare The Best Health Insurance Plans and Rates on the market!
How much is health insurance in Canada for international students?
Just like health insurance for Canadian residents, the cost of health insurance in Canada for international students varies depending on several factors. These factors include the type of coverage, the provider, and the student's program of study.
On average, as an international student, you can expect to pay between $600 and $900 per year for health insurance.
The type of health insurance will play a major role in deciding the cost since all plans with varying levels of coverage. There are two main types of health insurance for international students in Canada:
- University Health Insurance Plans (UHIP): UHIPs are offered by most universities in Canada and provide basic coverage for medical expenses, including hospital stays, doctor's visits, and prescription drugs.
- Private Health Insurance Plans: Private health insurance plans offer more comprehensive coverage than UHIPs, and they may cover additional services, such as dental care and vision care.
Speaking of UHIPs, here are the rates for Concordia University’s health insurance for international students for September 1, 2023 to August 31, 2024.
| Period | Duration | Cost |
|---|---|---|
| September 1 to August 31 — fall, winter and summer | 12 months | $1,068.00 |
| September 1 to April 30 — fall and winter January 1 to August 31 — winter and summer | 8 months | $712.00 |
| September 1 to December 31 — fall January 1 to April 30 — winter May 1 to August 31 — summer | 4 months | $356.00 |
| Additional month | 1 month | $89.00 |
Good to know
- In some Canadian provinces, international students are required to have mandatory health insurance.
- The cost of mandatory health insurance plans is typically lower than the cost of private health insurance plans.
How much is health insurance in Canada for visitors?
The same factors (some new) come into play for the cost of health insurance in Canada for visitors. It varies depending on the type of coverage, the provider, and the visitor's length of stay.
- Type of coverage: Comprehensive travel medical insurance plans typically cost more than emergency travel medical insurance plans.
- Provider: The cost of health insurance can vary from provider to provider.
- Visitor's age: Older visitors typically pay more for health insurance than younger visitors.
- Visitor's length of stay: Visitors who are staying in Canada for a longer period typically pay more for health insurance than visitors who are staying for a shorter period.
For example
Here’s what a 37-year-old, female traveler, will end up paying for Blue Cross health insurance:
- For $50,000 coverage: $749.55/yr
- For $100,000 coverage: $995.73/yr
- For $150,000 coverage: $1,140.55/yr
There are two main types of health insurance for visitors to Canada:
- Emergency Travel Medical Insurance: Covers the cost of emergency medical expenses, such as hospital stays, doctor's visits and ambulance rides.
- Comprehensive Travel Medical Insurance: Covers the cost of emergency medical expenses, as well as other expenses, such as dental care, vision care, and prescription drugs.
How does health insurance work?
When you have health insurance, you will typically have a deductible, a copay, and a coinsurance amount.
The coinsurance amount is a percentage of the medical expenses you must pay after you have met your deductible. For example:
- You have a $2,000 deductible, a $20 copay, and a 20% coinsurance amount.
- You go to the doctor and the total cost of your visit is $100.
- You will have to pay your $20 copay and then 20% of the remaining $80, which is $16.
- So, your total out-of-pocket cost for the visit would be $36.
Before buying any health insurance plan, don't forget to shop around and consider other options. It's the best way to get the best deal. You can request quotes from the providers you like by visiting their websites, or you do it right here, using our comparator.
Compare The Best Health Insurance Plans and Rates on the market!
What is public health insurance vs. private health insurance in Canada?
There are some differences between public and private health insurance in Canada. For instance, public health insurance is available to all Canadians and is funded by taxes, so there are no premiums or deductibles.
However, public health insurance only covers medically necessary services, and there may be waiting periods for non-urgent care.
Here’s a quick overview of some other differences:
| Feature | Public Health Insurance | Private Health Insurance |
|---|---|---|
| Coverage | Basic coverage for medically necessary services | Comprehensive coverage for a wider range of services |
| Cost | Funded by taxes, so no premiums or deductibles | Premiums based on age, health and plan type |
| Eligibility | All Canadian citizens and permanent residents | Varies depending on the plan |
| Provider Network | Limited to public hospitals and healthcare providers | Access to a wider network of private hospitals and healthcare providers |
| Waiting Periods | May have waiting periods for non-urgent care | Typically no waiting periods for covered services |
