Insurance in Canada

If you are a student in a foreign country, it is important that you have health insurance coverage for the duration of your course. Even if your visa does not require you to possess a health insurance plan, your institution will insist on it. Before accepting your admission, universities and colleges request proof of your overseas health insurance.

More often than not government-funded healthcare is not valid or available for international students. Also, generally, healthcare costs are high and may increase on an annual basis. So, if you do not have health insurance, and you suffer a medical emergency, you would be paying those hospital bills for a long time.

Even if you have health insurance, you will have to pay a certain amount out of your pocket during a medical emergency. The amount paid comprises taxes and deductibles. However, this amount is nothing compared to what you would have to pay if you did not have health insurance. For example, if you do not have health insurance, an MRI scan could cost you anywhere between $900 CAD and $2,400 CAD (According to Canadian Magnetic Imaging).

Standardized features of health insurance plans:

Dedicated benefits: Students’ insurance plans often cover pre-existing injuries, mental health, sports, injuries, maternity expenses, hospitalization, and prescriptions.
Absence of family coverage: these plans are specialized insurance plans for students, hence they do not include coverage for any family members. In case family members are traveling with a student, the health insurance plan would cost higher, covering both – the student and the family member. Another option for family members is to take a travel medical plan.
Renewing of insurance coverage: international student insurance plans provide students with insurance that covers their study duration. This helps students as they only have to purchase a single insurance plan for the entire duration of their stay.
Lower insurance premiums: since students are young and healthy, the premiums for their insurance plans are more affordable in nature. The payment of these premiums can be broken down and paid throughout the duration of the students’ stay.

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Cost of health insurance for international students in Canada:

International students studying in Canada have to avail health insurance as it has been made mandatory by Canadian universities and colleges. Health insurance in Canada for international students varies from location to location, and it also depends upon the insurance firm.

As per the Canada Insurance Plan, the average yearly premium for obtaining health insurance ranges from $600 CAD to $900 CAD. Some of the insurance firms that students could approach for health insurance are:

Manulife Financial
TuGo
Allianz Global
Sun Life
Ingle International
Cowan Insurance Group
Greenshield

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The insurance plans from these firms include some common benefits (however, the limit of each benefit varies from plan to plan) such as:

Hospital expenses and accommodation
Physician charges
Private nurse
Prescription drugs
Paramedical services
Diagnostic services
Trauma counselling
Medical appliances
Treatment of dental accident
Psychiatric treatment.

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Available insurance plans for international students:

International students can choose a particular insurance plan that suits them, such as:

Student health insurance: this is meant for students who are pursuing their education in another country. This insurance type offers benefits such as emergency medical evacuation, mental health, and sports injuries.
International travel medical insurance: this form of insurance is meant for those people who are travelling abroad. This plan is usually valid for two years and can be used as a supplement to a medical insurance plan that is already in place. This plan provides emergency medical evacuation as one of its key benefits. The features of such insurance plans are given below:
- Worldwide coverage
- Greater coverage at affordable amounts
- Travel related advantages for misplaced luggage and documentation
- Travel assistance in the form of money transfers and concierge services
- Coverage for family and dependents.
International major medical insurance: this is a long-1term plan meant for those people who are living outside their country for at least a year. This is an annually renewable plan that provides coverage for individuals and their families. This plan includes features such as:
- High policy amounts
- Flexible coverage options
- Long-term coverage
- Pre-existing conditions or injuries coverage
- Childbirth coverage