The best health insurance companies in Canada (2024)

FAQs

Which company is best in health insurance in Canada? ›

The country is home to 128 private health insurance providers, which served a total of 27 million Canadians in 2021, according to CLHIA's latest industry fact book.

If you need medical care outside the U.S, Puerto Rico, and the U.S. Virgin Islands you can rest assured that the Blue Cross and Blue Shield Service Benefit Plan offers worldwide coverage. Through the Overseas Assistance Center, you're covered when working or traveling overseas.

The top insurance providers in Canada are Manulife, Canada Life (subsidiary of Great-West Lifeco), Sun Life Financial, Desjardins, and IA Financial Group (aka Industrial Alliance). Smaller insurers include those operating as subsidiaries of banks, such as CIBC Insurance and TD Insurance.

Ipsos reported that the Canadian Automobile Association got the highest NPS in 2023. Other top performers were Sonnet, Co-operators, and Belairdirect. In the banking insurance space, Desjardins bested RBC. Ipsos cited competitive challenges as both ended the year with negative scores.

1) Royal Bank of Canada

RBC's substantial presence in both local and foreign markets is reflected in its market capitalization. The bank offers a wide range of services, including capital markets, investment services, wealth management, insurance, and personal and business banking.

Among the private health and general insurance companies, Reliance General Insurance tops the list with 98.75% of claims settled within the first three months of initiating the claim in 2023-24. HDFC Ergo General Insurance comes next.

Platinum health insurance is the most expensive type of health care coverage you can purchase. You pay low out-of-pocket expenses for appointments and services, but high monthly premiums. Plans typically feature a small deductible or no deductible and cheap copays or coinsurance.

What amount of health insurance is the best? ›

Your medical insurance coverage amount should be at least 50% of your annual income.

Why do you need personal health insurance if you have government healthcare? Provincial and territorial health plans in Canada provide coverage for certain health expenses, but they generally won't pay for all your medical bills.

Canada has universal health coverage funded through a health system called Medicare. It was created from the Canada Health Act and must comply with the five pillars of that act.

Canada fares better than the United States with regard to coverage, cost, and health outcomes. While overall access is better in Canada, patients are sometimes required to endure longer wait times than in the United States.

How much does health insurance in Canada cost? Private health insurance in Canada costs about $756 annually or about $63 per month, according to the latest figures gathered by the Canadian Institute for Health Information (CIHI).

Unfortunately, your insurance in Canada will not cover you in the United States.

If you're one of the many Canadians who don't receive health benefits through work, we're here to say that yes, health insurance is worth paying for. And it's very likely that you'll use it. It will save you money AND help keep you healthy.