Choosing an insurance policy, especially individual health insurance in Alberta, isn’t easy. Whether you’re trying to insure your health, your life, your income, or all three, the costs add up quickly. This is why it’s important that you know more about individual health insurance policies.
Let’s begin with three pieces of advice when it comes to individual health insurance in Alberta.
1. Only buy individual health insurance that will protect your specific risks.
2. Only purchase enough personal insurance to maintain good health.
3. Don’t worry about getting insurance for services you won’t use.
For example, if you get a prescription plan because you have a monthly prescription, calculate how much you’ll pay for this benefit compared to how much you spend a year. If you don’t get any prescriptions, don’t buy the most extensive prescription coverage, but get enough for what you might need.
Individual Health Insurance in Alberta – Where can I Buy Health Insurance?
If you can’t join a group plan through your work, you can buy an individual health insurance policy in Alberta directly from an insurance company.
Another option to buy individual health insurance in Alberta, which is easier, is to use an insurance broker to help you navigate the hundreds of options available. Brokers work with several insurance companies (at no charge to you) and will find the right policy to fit your lifestyle, health needs and budget.
However, before you begin your search you should know as much as you can about individual health insurance in Alberta – even if you use an insurance professional to help you.
Individual Health Insurance in Alberta – Buying Individual vs. Buying a Group Policy
If you buy into a group policy through work, your employer may pay for all or a portion of the benefits. If you buy individual health insurance, you have to pay the premium, but you can use a portion of what you pay as a tax write-off.
Individual Health Insurance in Alberta – Policy Premium
The premium you pay for benefits will be charged monthly, or you can pay for a full year upfront – the same process as your car and home insurance. The amount of your yearly policy will depend on the benefits you get, your portion of the services, and the plans offered by the health insurance company you chose.
Individual Health Insurance in Alberta – What Health Services can I get?
There are a number of options with personal health insurance. The majority of insurance carriers in Alberta offer basic plans and extended plans. It’s also possible to get a mixture of services in your policy. For example, you can have a basic plan, with a few extended health services added. What you’ll pay depends on the insurance company you buy your policy from.
When it comes to individual health insurance in Alberta, some companies offer a range of plans to cover basic and extensive services.
Below is a list of possible health services you can get in Alberta.
• Prescription drugs
• Medical supplies
• Semi-private or private hospital room
• Registered massage therapy
• Dental insurance
• Critical illness coverage
• Cancer insurance
• Travel insurance
Individual Health Insurance in Alberta – Health Insurance for Entrepreneurs and Self-Employed
A Health Spending Account (HSA) in Alberta is probably the best option if you own your own business or you’re self employed. This health insurance product allows you to deduct 100 per cent of your family health and dental expenses without paying premiums. It’s set up by Canada Revenue Service. To find out about HSAs or other small business health insurance plans, speak with an insurance broker.
If you’re looking for individual health insurance in Alberta we can help. We’re professional insurance brokers and can help you find health coverage that fits your needs and budget. For more information about the types of plans available in Alberta or to discuss your needs you can go to our website.