Is RBC health insurance the best in 2024? Review
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Did you know that Canadian households spend an average of $6,000 per year on healthcare expenses? This is why getting a good private health insurance plan becomes critical.
Among the many providers out there is the reputable RBC health insurance. But is it the right choice for you? Does it fit your unique needs and budget? Let's find out.
In this review, we take you through RBC health insurance, its pros and cons, premiums, and more. You can use our comparator to compare multiple plans and get free health insurance quotes in seconds so you can find out if RBC health insurance is best for you or if there's another plan that suits you better.
RBC health insurance: 5 key takeaways
- RBC Health Insurance offers diverse coverage options, including medical, vision, and prescriptions.
- Customize your plan to fit your healthcare needs and budget.
- Many plans include travel insurance for frequent travelers.
- Plans starting as low as $10.50 per month are available.
- RBC is a trusted and financially secure insurance provider in Canada.
Our RBC health insurance review: Customizable plans from a reputed brand
RBC Health Insurance is a part of the insurance division of the Royal Bank of Canada (RBC), the largest bank in the country. It offers a comprehensive range of coverage options, including medical, vision, and prescriptions, providing individuals and families with the flexibility to customize their plans according to their healthcare needs and budget.
Offering protection beyond provincial healthcare like the Ontario Health Insurance Plan or MSP in BC, RBC offers a range of options to suit different customers, young and old.
With added benefits like travel insurance and rewards through the RBC Rewards program, it also caters to frequent travelers and those seeking extra perks. RBC's strong reputation for financial stability adds to its appeal as a trusted insurance provider.
However, it may not be the best fit for those looking for premium refunds upon policy cancellation, lifetime coverage options, or coverage for children as mentioned in many RBC health insurance reviews from customers. In summary, RBC Health Insurance is an excellent choice for those seeking reliable and customizable healthcare coverage with added benefits, backed by a financially secure provider.
But no matter what your needs are, it's important to compare multiple plans before zeroing in on RBC. You can use our comparator below to compare plans from Canada's best providers and get free personalized quotes in seconds so you can decide if RBC is truly the best fit for you.
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To understand further how RBC health insurance fits into your needs, here's a list of pros and cons:
Pros
- Financial stability
- Income replacement
- Critical illness support
- Online calculators to assess insurance needed
Cons
- No premium refund on expiry or cancellation
- Excludes children from coverage
- No lifetime protection or restricted payment plans
How do I get RBC health insurance?
- Select Your Ideal Plan: RBC Insurance offers a range of affordable plans starting at just $10.50 per month, designed to accommodate various budgets. Knowledgeable RBC Insurance Advisors are on hand to assist you in choosing the plan that best suits your needs.
- Claim Assistance: If you experience an injury or illness, the experienced RBC Insurance Claims Specialists will guide you through the claims process, alleviating the stress associated with health issues.
- Receive Benefits: RBC Insurance ensures you receive your entitled benefit payments and offers access to tailored recovery resources based on your coverage, providing the financial support and guidance you need during challenging times.
- RBC health insurance login: Create an RBC health insurance login as it enables hassle-free access to policies at all times.
What is RBC travel health insurance?
RBC Extended Health Insurance offers comprehensive Travel Medical Insurance plans to protect Canadians when traveling outside their home province or territory when provincial healthcare like MSP in BC or AHCIP is no longer protecting them. These RBC travel health insurance plans provide unlimited coverage for eligible emergency medical expenses, direct payment of medical bills, and access to 24/7 worldwide emergency medical assistance. Below are the available travel health insurance RBC plans:
| Plan Name | Eligibility | Key Features of RBC travel health insurance plans |
|---|---|---|
| Classic Medical Plan | Single Trip: Ages 0-64 Multi-Trip: Ages 0-64 | Unlimited emergency medical coverage Direct payment of emergency medical bills 24-hour worldwide emergency medical assistance |
| TravelCare® Medical Plan | Single Trip: Ages 65+ Multi-Trip: Ages 65+ | Unlimited emergency medical coverage Direct payment of emergency medical bills 24-hour worldwide emergency medical assistance *A few health questions are required |
| 4-Day Getaway Multi-Trip | Ages 0-74 | Unlimited emergency medical coverage Direct payment of emergency medical bills 24-hour worldwide emergency medical assistance |
You can request a quote online on the RBC website. However, it's recommended to get in touch with an RBC advisor to understand the full terms and conditions as they are subject to change based on your unique health conditions and requirements. If you're about to set on global travels, you can also check out international health insurance plans specifically catering to this purpose.
What does RBC health insurance cost?
The cost of RBC health insurance can vary significantly depending on several factors, including:
- Coverage Level: The comprehensiveness of the health insurance plan you choose, such as basic coverage or a more exhaustive plan with additional benefits.
- Age: Your age can significantly impact the cost, with younger individuals typically paying lower premiums than older individuals.
- Family Coverage: Including family members or dependents in your policy will increase the cost compared to an individual plan.
- Deductibles and Copayments: The choice of deductibles (the amount you pay before the insurance coverage kicks in) and copayments (your share of the costs) affects the premium cost.
- Location: The region or province where you live can influence the cost due to variations in healthcare costs and regulations.
To ensure you secure the most suitable plan at the optimal price, it's essential to first define your requirements for your health insurance policy. Here is what an RBC health insurance policy would typically cost.
| Age | Annual Income | Type of Coverage | Monthly Income Replacement | Location | Premium (monthly) |
|---|---|---|---|---|---|
| 23 | $25,000.00 | Injury | $500.00 | Ontario | $16.69 |
| 45 | $40,000.00 | Injury and Sickness | $1,000.00 | British Colombia | $14.70 |
| 55 | $60,000.00 | Injury and Sickness | $1,500.00 | Ontario | $59.62 |
We recommend that you compare pricing from other providers before deciding upon RBC health travel insurance. All you need to do is use our comparator below to compare coverage, and policies, and get free personalized health insurance quotes in a few seconds.
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What does RBC health insurance cover?
RBC health insurance falls under its personal insurance category and it's broadly called "Injury and Illness coverage". It primarily offers the following types of insurance under this umbrella.
| Coverage Type | Description |
|---|---|
| Disability Insurance | Helps protect your income and lifestyle in case you're unable to work due to injury or illness. |
| Critical Illness Insurance | Provides a one-time payment and access to recovery resources if you develop a serious illness, such as cancer or a stroke. |
| Hospital Insurance | Offers a daily benefit amount to assist with out-of-pocket expenses incurred while you are in the hospital. |
Disability Insurance
RBC offers various types of disability insurance, including RBC Simplified® Disability Insurance, The Professional Series®, The Foundation Series™, The Bridge Series®, Quantum®, The Fundamental Series™, and Retirement Protector, providing different layers of protection. While the coverage varies from one individual to another, here's what it typically includes:
- Affordable Premiums: Starting at just $10.50 per month, you can secure injury-only coverage, making it cost-effective.
- Flexible Monthly Benefit: Choose from $500, $1,000, or $1,500 as your monthly benefit, with a maximum of 75% of your gross monthly income, ensuring tax-free financial support.
- Easy Application: Skip the medical exam and simply answer a few basic questions during the application process. Even if you don't qualify for sickness coverage, you can still receive injury-only protection (for the Simplified plan).
- Comprehensive Benefits: Receive a monthly benefit for up to two years if a covered illness or injury completely prevents you from working. This coverage ensures financial support during challenging times.
- Additional Benefits: Enjoy the security of a guaranteed renewable policy until age 65, waiver of premium during disability, portability if you change jobs, and a 30-day review period, allowing you to cancel your policy for a full refund if you change your mind within this timeframe.
The coverages offered and the limits may vary. Here is a sample policy to view the full list of coverage and exclusions for the Simplified Plan.
Critical Illness Insurance
You can gain substantial financial protection against a range of over 30 serious illnesses and conditions with RBC's comprehensive Critical Illness Recovery Plan™ and Critical Illness Insurance Plan. While the coverage varies based on what your needs are. Here is what the basic Critical Illness Recovery Plan™ typically covers:
- Lump-Sum Benefit: Upon diagnosis, you receive a lump-sum benefit payment, with amounts ranging from $25,000 to $2 million.
- Comprehensive Coverage: It provides protection against a broad range of over 30 serious illnesses and conditions.
- Flexible Options: You can select from a range of premium and term options, and you have the flexibility to add optional coverage for added protection.
- Long-Term Care Conversion Benefit: Between ages 55 and 65, you have the option to convert part or all of your coverage into long-term care insurance without needing to provide proof of insurability.
RBC health insurance under this policy also provides Unique Assistance Services that include:
- Teladoc Medical Experts Disclaimer‡ Service: Access healthcare expertise and consultations for diagnosis confirmation.
- Medical Confidence™ Service: Get swift access to specialized care, precise diagnoses, and personalized support from registered nurses.
- "The Healing Journey" Program: Receive emotional support to navigate the challenges of a critical illness.
- Early Assistance Benefit: If diagnosed with early prostate cancer, early breast cancer, early skin cancer, early-stage blood cancer, early-stage intestinal cancer, early thyroid cancer, or coronary angioplasty, receive 10% of your benefit (up to $50,000) without affecting future claims, subject to the survival period.
Here is a sample policy to view the full list of coverage and exclusions.
Hospital Insurance
If you're looking to bridge gaps in your government or employer-sponsored health plan and specifically seek coverage for accidents (excluding sickness), this insurance plan is tailored to your needs.
Key Highlights of the Royal RecoverAssist® – Basic Coverage are:
- Tax-Free Benefit: You have the choice of receiving a tax-free daily benefit of $100, $150, or $200 during hospitalization resulting from an accident.
- Flexibility: You can utilize the benefit for a wide range of expenses, including hospitalization costs, medications, in-home care, transportation, childcare, and more, providing versatility in coverage.
- Lump-Sum Payment: In addition to the daily benefits during hospitalization, you'll receive an extra tax-free lump-sum payment equal to the total value of your daily benefits.
- Spousal Coverage: You have the option to enroll your spouse or common-law partner for added coverage and peace of mind.
- Maximum possible benefit amount: $146,000
Here is a sample policy to view the full list of coverage and exclusions. There is also Royal RecoverAssist® – Enhanced Coverage for those looking for more comprehensive coverage.
RBC Avion Travel Health Insurance
RBC also provides health insurance and travel medical insurance for its credit card holders. This includes protection for emergency medical expenses, cancellations, lost luggage, and other unforeseen events when cardholders are traveling outside their home province or country. This includes RBC Avion Health Insurance, RBC Infinite Avion Travel Health Insurance, and more.
RBC health and dental insurance
RBC provides dental insurance coverage through its group benefits packages, ensuring that employees have access to comprehensive dental care. With RBC's customizable prescription drug plans, companies can tailor reimbursement levels, drug plan maximums, deductibles, dispensing fee caps, and more to meet their employees' needs.
Dental benefits options under RBC group health insurance include basic coverage encompassing essential dental services like exams, scaling, and fillings, or an enhanced plan covering orthodontic and major restorative services such as crowns, veneers, and dentures.
If you want a more comprehensive personal health and dental insurance plan and explore options, you can do that right here using our comparator below and also get free quotes in seconds that are tailormade to suit your unique requirements.
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How do I contact RBC health insurance?
For any health insurance-related queries, you can reach out to the RBC Health Insurance contact number 1-866-402-2573 from Monday to Friday, 8 a.m. to 8 p.m. Eastern Time. For more specific queries, you can also reach out to the following numbers:
| RBC Insurance Type | Phone Number |
|---|---|
| Disability Insurance Critical Illness Insurance | 1-866-402-2573 |
| Hospital Insurance | 1-866-443-0788 From Quebec: 1-888-659-0099 |
| Travel Medical Insurance | 1-833-634-1814 |
How do I cancel RBC health insurance?
You can use your RBC health insurance login to cancel your policy at any time. So it's recommended that you create a login as soon as you purchase a policy. In case you are facing any difficulty, for assistance enrolling or signing in, you can call 1-888-769-2545.
You can also go to the section "Have an Advisor Call Me" and a representative from the RBC health insurance customer service will get in touch with you to help with the process. If you would like to meet an advisor in person at a nearby store, you could use the "Find an Advisor or Store" option on the website and schedule an appointment at a time and branch convenient for you.
