Best Self Employed Health Insurance in 2024
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Discover the methodologySelf-employed health insurance is tailored for individuals navigating independent work. If you're a self-employed person looking for a health insurance plan, you've come to the right place.
In this guide, find everything you need to know about self employed health insurance, from how it works, and the premiums, to the pros and cons, and more. Then use our free comparator to explore the best self employed health insurance plans, compare coverage, and get free personalized quotes to get the best deal.
Best Self Employed Health Insurance Canada Plans
- Sun Life’s Personal Health Insurance (PHI) plans
- Blue Cross self-employed health insurance
- Manulife Flexcare plans for self-employed people
- Canada Life’s health insurance for freelancers
What is self employed health insurance?
Self-employed health insurance is a type of health insurance plan that is specifically designed for individuals who work for themselves and do not have employer-sponsored health insurance.
This type of insurance can help to protect self-employed individuals from the financial burden of unexpected medical expenses.
Here are some benefits of self-employed health insurance:
- No financial burden of unexpected medical expenses, such as hospital stays, surgery, and prescription drugs.
- In Canada, you can claim a tax deduction for certain health insurance premiums, reducing your taxable income.
Before choosing any health insurance plan, make sure to explore multiple options so you can get the best deal. Comparing costs from different health insurance providers can help you with that. You can use our free comparator to get health insurance quotes on the go.
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What are the types of self-employed health insurance?
There are a variety of different types of self-employed health and dental insurance plans available. Some of the most common types include:
- Individual plans: For self-employed individuals without dependents. They typically offer a wide range of coverage options, including hospital stays, prescription drugs, and dental care.
- Family plans: For self-employed individuals with dependents, such as children or spouses. They typically offer more comprehensive coverage than individual plans, and they may include coverage for dependents' dental care and vision care.
- Group plans: Offered through professional associations or other organizations to which you belong. They may offer lower premiums and wider coverage than individual plans.
How to get self employed health insurance?
There are a few different ways to get self-employed health insurance.
- You can purchase a plan directly from an insurance company.
- Or you can use an online marketplace or broker.
You can also find information about self-employed health insurance plans from your state's insurance department or consumer protection agency.
Finding the best health insurance for self-employed in Canada can be challenging since everyone’s needs and expectations are different. Some of the prominent providers include Sun Life, Blue Cross, Manulife, and Canada Life. Let's see what they offer, and what makes them a good choice.
Sun Life’s Personal Health Insurance (PHI) plans
Sun Life health insurance plans are ideal for young individuals/couples/families, self-employed/small business owners, people in contract positions (freelancers), or those close to retirement.
Here is a quick overview of its Basic, Standard, and Enhanced plans.
Basic plan summary
| Benefit | Reimbursement | Maximum per person |
|---|---|---|
| Drug | 60% | $750 in a calendar year |
| Extended health | 60% | Described in the Extended health provision |
| Preventive dental | 60% | $500 in a calendar year |
Standard plan summary
| Benefit | Reimbursement | As described in the Extended health provision |
|---|---|---|
| Drug | As described in the Extended health provision | 100,000 in a calendar year |
| Extended health | 100% | Described in the Extended health provision |
| Vision | 100% | $250 every 2 calendar years |
| Emergency travel medical coverage | 100% | 60 days per trip$1,000,000 per lifetime |
Enhanced plan summary
| Benefit | Reimbursement | As described in the Extended health provision |
|---|---|---|
| Enhanced drug | 80% on first $5,000 100% on next $245,000 | As described in the Extended health provision |
| Extended health | 100% | Described in the Extended health provision |
| Vision | 100% | $300 every two calendar years |
| Emergency travel medical coverage | 100% | 60 days per trip$1,000,000 lifetime |
Blue Cross self-employed health insurance Canada
When purchasing Blue Cross Health Insurance in Canada, you have the option to select from distinct packages tailored to various groups, including health insurance for:
- Self-employed individuals
- Employees of small businesses
- Individuals without access to group benefits
- Students, retirees, and recent immigrants
Here’s a quick overview of its coverage for a basic health insurance plan:
| Treatment | Entry | Essential | Enhanced |
|---|---|---|---|
| Coverage | 60% | 70% | 80% |
| Ambulance | $420 | $420 | |
| Vision | $100 every 2 years | $150 every 2 years | $300 every 2 years |
| Semi-Private Hospital Room | 100% for 90 days | ||
| Travel Medical | 100% for 30 days | ||
| Psychologist/Social Worker | $250 per year | $400 per year | $500 per year |
Manulife Flexcare plans for self-employed people
Manulife Flexcare is a suite of health and dental insurance plans offered by Manulife Financial, a leading Canadian insurance company. Flexcare plans provide a variety of coverage options to meet the needs of individuals, families, and businesses.
There are three main types of Flexcare plans:
- Health plans: Cover a wide range of health expenses, including hospital stays, surgery, prescription drugs, and paramedical services.
- Dental plans: Cover a variety of dental expenses, such as routine cleanings, fillings, and crowns.
- Vision care plans: Cover a variety of vision care expenses, such as eye exams, glasses, and contact lenses.
You can also get a combination of these plans. Here’s what you get:
| Flexcare Plans | Prescription Drugs | Dental | Vision Care | Extended Health Care |
|---|---|---|---|---|
| DrugPlus Basic | $5,000 | $250/2 years | $250,000 Lifetime Maximum | |
| DrugPlus Enhanced | $10,000 | $250/2 years | $250,000 Lifetime Maximum | |
| DentalPlus Basic | Year 1: $575/year Year 2: $750/year | $250/2 years | $250,000 Lifetime Maximum | |
| DentalPlus Enhanced | Year 1: $840/year Year 2: $920/year | $250/2 years | $250,000 Lifetime Maximum | |
| ComboPlus Starter | $525 | $400 | $150/2 years | $250,000 Lifetime Maximum |
| ComboPlus Basic | $5,000 | $750 | $250/2 years | $250,000 Lifetime Maximum |
| ComboPlus Enhanced | $10,000 | $920 | $250/2 years | $250,000 Lifetime Maximum |
If you like Manulife's coverage, you should get personalized quotes from the company to get an accurate premium you will be paying. You can get a personalized quote using our comparator below in a few seconds.
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Canada Life’s self-employed health insurance
Canada Life's Select, Select Plus and Select Elite plans are a suite of health insurance plans designed to meet the needs of self-employed individuals and their families. These plans offer a variety of coverage options, including hospital stays, prescription drugs, dental care, and paramedical services.
Select Plan
The Select plan is the most basic of the three plans and offers the following coverage:
- 70% coverage for prescription drugs up to $500 per person per year
- 70% coverage for routine dental services up to $350 per person per year
- 100% coverage for one eye exam every two years
- $300 per practitioner per year for paramedical services, with a maximum of $30 per visit
Select Plus plan
The Select Plus plan offers more comprehensive coverage than the Select plan and includes:
- 80% coverage for prescription drugs up to $10,000 per person per year
- 80% coverage for routine dental services up to $750 per person per year
- 100% coverage for one eye exam every two years
- $400 per practitioner per year for paramedical services, with a maximum of $40 per visit
Select Elite plan
The Select Elite plan is the most comprehensive of the three plans and offers the following coverage:
- 90% coverage for prescription drugs up to $10,000 per person per year, then 100% coverage up to the maximum of $250,000
- 80% coverage for routine dental services up to $1,000 per person per year, plus 50% coverage for major dental services up to $750 per person per year
- 100% coverage for one eye exam every two years
- $500 per practitioner per year for paramedical services, with a maximum of $50 per visit
What is the cost of self employed health insurance in Canada?
The cost of health insurance for self-employed in Canada can vary depending on several factors, including:
- Your age: Premiums tend to be higher for older individuals.
- Your location: Premiums can vary by province or territory.
- Your health: Individuals with pre-existing conditions may pay higher premiums.
- The type of plan: Premiums for individual plans are typically higher than premiums for group plans.
- The coverage options: The more comprehensive the coverage, the higher the premiums.
For example
Here is a general range of monthly premiums for self-employed health insurance in Ontario, Canada:
- Individual plans: $200 to $500 per month
- Family plans: $400 to $1,000 per month
In addition to monthly premiums, you may also have to pay deductibles and coinsurance.
Additional considerations for self employed people
- Life insurance: Consider complementing your health insurance with life insurance to provide financial security for your dependents in case of unforeseen events.
- Long-term care insurance: Explore long-term care insurance if you anticipate future long-term care needs, ensuring financial support and peace of mind.
- Retirement savings: Dedicate a portion of your income to retirement savings to secure your financial future and maintain a comfortable standard of living in retirement.
What is a self-employed health insurance deduction?
Self-employed individuals in Canada can deduct a portion of their health insurance premiums from their taxable income. This can help to reduce their tax bill and make health insurance more affordable.
To be eligible for the self-employed health insurance deduction, you must meet the following criteria:
- You must be a resident of Canada and self-employed.
- You must not have access to employer-sponsored health insurance.
- You must have paid the premiums for the health insurance plan yourself.
- The health insurance plan must cover you and your dependents.
Good to know
The maximum deduction amount for self-employed health insurance is $2,421 for individuals and $4,842 for families. You can claim the deduction on line 33099 of your tax return.
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Carry-over
If your eligible health insurance premiums exceed the maximum deduction amount, you can carry the excess over to future tax years. This means that you can claim the excess deduction on your tax return in a future year when your eligible health insurance premiums are lower.
Claiming the deduction
To claim the self-employed health insurance deduction, you will need to keep receipts for your premiums. You will also need to complete form T2200, Declaration of Conditions of Employment, to verify that you are self-employed.
Don't choose any plan in a hurry. You might get a better deal elsewhere. Hence, it's important to explore all possible options and compare costs. You can get instant health insurance quotes using our comparator. Find your right plan now using our comparator in the previous section.
