Navigating the world of health insurance can be daunting, especially with so many options available. Choosing the right health insurance plan is crucial for ensuring your and your family’s health needs are met without financial strain. In this comprehensive guide, we will explore the top 10 health insurance companies in Canada for 2024, based on their coverage options, customer service, affordability, and overall value.
What is Private Health Insurance?
Private health insurance in Canada supplements the publicly funded healthcare system by covering services that the government does not. This includes prescription medications, dental care, vision care, paramedical services, medical equipment, and emergency medical travel insurance. Choosing the right private health insurance can significantly enhance your access to comprehensive healthcare services.
Important Factors to Consider
Before diving into the list, it’s essential to consider a few key factors when choosing a health insurance company:
- Coverage Options: Look for comprehensive plans that cover a wide range of medical services.
- Cost: Compare premiums, deductibles, and out-of-pocket expenses.
- Network of Providers: Ensure the insurer has a broad network of hospitals and healthcare providers.
- Customer Service: Reliable and accessible customer service can make a big difference in managing your health plan.
- Add-Ons and Flexibility: Some insurers offer customizable plans and additional coverage options.
Top 10 Health Insurance Companies in Canada for 2024
1. Blue Cross
Best for: Prescription Medication & Dental Coverage
Blue Cross is renowned for its extensive coverage options and robust network across Canada. Each province has its own Blue Cross organization, making it a flexible option for many Canadians.
Plan Details
- Prescription Medication:
- Basic: Not included
- Mid-tier: 70%, $100 max co-pay, $1350 max out-of-pocket
- Enhanced: 80%, $50 max co-pay, $900 max out-of-pocket
- Dental:
- Basic: 60% preventative care, no major/orthodontic coverage
- Mid-tier: 70% preventative care, no major/orthodontic coverage
- Enhanced: 80% preventative care, 60% major/orthodontic coverage
- Vision:
- Basic: $100 every 2 years
- Mid-tier: $150 every 2 years
- Enhanced: $300 every 2 years
- Travel:
- Basic & Mid-tier: Not included
- Enhanced: 100% of expenses, 30 days
Pros
- Assured access coverage
- Generational coverage
- Unlimited drugs and dental for Enhanced plans
Cons
- No travel plans for basic or mid-tier plans
- Higher pricing for unlimited drug plans
2. Canada Life
Best for: Vision Coverage
Canada Life, a subsidiary of Great-West Lifeco Inc., is known for its robust vision care coverage and overall comprehensive health insurance options.
Plan Details
- Prescription Medication:
- Basic: 70%, up to $500/year
- Mid-tier: 80%, up to $10,000/year
- Enhanced: 90% for the first $10,000/year, 100% for the next $240,000
- Dental:
- Basic: 70% up to $350/year, no major/orthodontic
- Mid-tier: 80% up to $750/year, no major/orthodontic
- Enhanced: 80% up to $1000/year, 50% major up to $750/year
- Vision:
- Basic: 100%, up to $150 every 2 years
- Mid-tier: 100%, up to $200 every 2 years
- Enhanced: 100%, up to $250 every 2 years
Pros
- 100% vision coverage
- Good prescription drug and paramedical coverage
Cons
- Higher pricing
- Expensive replacement plans
3. Desjardins
Best for: Bundling with Other Products
Desjardins is a versatile insurer known for offering comprehensive financial services, including health insurance that can be bundled with life, disability, and critical illness insurance.
Plan Details
- Prescription Medication:
- Basic: 70%, max $5,000/year
- Enhanced: 90%, max $10,000/year
- Dental:
- Basic: 50% care, 80% preventative, no orthodontic
- Enhanced: 100% care, 100% preventative, 60% orthodontic
- Vision:
- Basic: $150 for glasses/contacts/surgery every 2 years
- Enhanced: $250 for glasses/contacts/surgery every 2 years
Pros
- Discounts for bundling products
- Best Doctor program for second opinions
Cons
- Limited term options
- Plans only cover up to age 64
4. GMS (Group Medical Services)
Best for: Multiple Plan Options
GMS offers a range of customizable plans, making it a good option for those with specific needs or pre-existing conditions.
Plan Details
- Prescription Medication: Not included in base plans but can be added on
- Paramedical Expenses:
- Basic: 70%, up to $250/year
- Mid-tier: 80%, up to $350/year
- Enhanced: 90%, up to $300/service
- Vision: Add-ons available
Pros
- Covers medications for pre-existing conditions
- Flat deductible (co-pay) system
Cons
- Limited base plan options
5. Green Shield Canada
Best for: Paramedical Coverage (Chiropractic, Physiotherapy, Massage)
Green Shield is a non-profit provider known for its excellent paramedical coverage and multiple plan options.
Plan Details
- Prescription Medication:
- Basic: Not included
- Mid-tier: 90%, up to $5,000/year
- Enhanced: 90%, up to $20,000/year
- Paramedical Expenses:
- Basic: $20/visit, up to $300/year
- Mid-tier: $25/visit, up to $500/year
- Enhanced: $50/visit, up to $2,000/year
Pros
- Multiple plan options
- Higher limits for paramedical services
Cons
- Pricing not as competitive
- Dental insurance not included in basic plans
6. Manulife
Best for: Customization
Manulife is known for offering a wide variety of customizable health insurance products, making it easy to tailor a plan to your needs.
Plan Details
- Prescription Medication:
- Basic: Not included
- Mid-tier: 90%, up to $5,000/year
- Enhanced: 90%, up to $20,000/year
- Dental:
- Basic: 70% of first $575, up to $400/year
- Mid-tier: 80% of first $400, 50% of next $860, up to $750/year
- Enhanced: 100% of first $500, 60% of next $700, up to $920/year
- Vision: $150-$250 every two years
Pros
- Telehealth access
- Comprehensive paramedical coverage
Cons
- Hospital benefits not included
- Can be expensive
7. Sun Life Financial
Best for: Travel Medical Coverage
Sun Life offers competitive pricing and extensive coverage, especially for those who travel frequently.
Plan Details
- Prescription Medication:
- Basic: 60%, up to $750/year
- Mid-tier: 70%, up to $7,000/year
- Enhanced: 80%, up to $5,000/year
- Travel:
- Basic: $1 million, 60 days/trip
- Mid-tier: $1 million, 60 days/trip
- Enhanced: $1 million, 60 days/trip
Pros
- Competitive price
- Extensive travel coverage
Cons
- Limited counseling services
- No vision insurance for basic plans
8. Medavie Blue Cross
Best for: Overall Coverage
Medavie Blue Cross is known for its comprehensive coverage options and strong presence in Eastern Canada.
Plan Details
- Prescription Medication:
- Basic: 70%, up to $1,500/year
- Enhanced: 90%, up to $10,000/year
- Dental:
- Basic: 70%, up to $500/year
- Enhanced: 90%, up to $1,000/year
- Vision: $200 every two years
Pros
- Comprehensive coverage
- Strong network in Eastern Canada
Cons
- Higher premiums
9. Empire Life
Best for: Family Plans
Empire Life offers excellent family plans with extensive coverage options tailored to the needs of families.
Plan Details
- Prescription Medication:
- Basic: 70%, up to $1,000/year
- Enhanced: 90%, up to $5,000/year
- Dental:
- Basic: 70%, up to $500/year
- Enhanced: 90%, up to $1,000/year
- Vision: $150 every two years
Pros
- Excellent family plans
- Comprehensive coverage
Cons
- Limited availability outside major urban areas
10. Industrial Alliance
Best for: Seniors
Industrial Alliance offers plans specifically designed for seniors, including coverage for prescription drugs and paramedical services.
Plan Details
- Prescription Medication:
- Basic: 70%, up to $1,500/year
- Enhanced: 90%, up to $5,000/year
- Dental:
- Basic: 70%, up to $500/year
- Enhanced: 90%, up to $1,000/year
- Vision: $150 every two years
Pros
- Tailored plans for seniors
- Comprehensive coverage
Cons
- Higher premiums for enhanced plans
Comparison Table
| Company | Prescription Coverage | Dental Coverage | Vision Coverage | Travel Coverage | Pros | Cons |
|---|---|---|---|---|---|---|
| Blue Cross | 70-80% | 60-80% preventive, 60% major (enhanced only) | $100-$300 every 2 years | 100%, 30 days (enhanced only) | Assured access, unlimited drugs/dental | No travel for basic/mid-tier, higher drug plan costs |
| Canada Life | 70-90% | 70-80% preventive, 50% major (enhanced only) | 100%, $150-$250 every 2 years | Optional add-on | 100% vision, good drug coverage | Higher pricing, expensive replacement plans |
| Desjardins | 70-90% | 50-100%, 60% orthodontic (enhanced only) | $150-$250 for glasses/contacts | $5 million, 90 days | Discounts for bundling, Best Doctor program | Limited term options, only covers to age 64 |
| GMS | Not included (add-on available) | Not included (add-on available) | 80-90%, up to $250 every 2 years | Optional add-on | Covers pre-existing condition meds, customizable add-ons | Limited base plan options |
| Green Shield Canada | 90%, up to $20,000/year | 50-80%, up to $1,000/year (enhanced only) | $150-$250 every 2 years | $5 million, 30 days | High paramedical limits, multiple plan options | Higher pricing, dental not included in basic plans |
| Manulife | 90%, up to $20,000/year | 70-100%, up to $920/year (enhanced only) | $150-$250 every 2 years | $5 million, 15-30 days | Telehealth access, comprehensive paramedical, customizable | Hospital benefits not included, expensive |
| Sun Life | 60-80%, up to $5,000/year | 60-80%, up to $1,000/year (enhanced only) | $150-$200 every 2 years | $1 million, 60 days | Competitive pricing, extensive travel coverage | Limited counseling services, no vision for basic plans |
| Medavie Blue Cross | 70-90%, up to $10,000/year | 70-90%, up to $1,000/year | $200 every 2 years | Optional add-on | Comprehensive coverage, strong Eastern Canada presence | Higher premiums |
| Empire Life | 70-90%, up to $5,000/year | 70-90%, up to $1,000/year | $150 every 2 years | Optional add-on | Excellent family plans, comprehensive coverage | Limited availability outside major urban areas |
| Industrial Alliance | 70-90%, up to $5,000/year | 70-90%, up to $1,000/year | $150 every 2 years | Optional add-on | Tailored for seniors, comprehensive coverage | Higher premiums for enhanced plans |
Choosing the right health insurance company in Canada for 2024 involves evaluating your specific healthcare needs and preferences. Whether you need comprehensive coverage, extensive travel insurance, or specialized plans for seniors, the top 10 health insurance companies listed here offer a variety of options to meet your needs. By carefully considering the pros and cons, coverage details, and costs associated with each insurer, you can make an informed decision to ensure the best possible health coverage for you and your family.
