Insurance is one of the most important financial considerations for Canadians. This is especially true for students studying in Canada.
Health insurance is an agreement where an insurance company pays for any medical expenses in case of an injury or illness. This is how health insurance works in most countries, especially in Canada.
Going to study abroad is a very big decision. Before embarking on your journey, it’s important to first consider your health insurance options.
Why Should You Get International Student Health Insurance?
While you are in a foreign country, it’s smart to make sure all of your basic expenses are covered. Health insurance is one of these considerations.
Indeed, most visas don’t need health insurance for their approval. But the institution you are use will often recommend getting coverage. Colleges and universities often need proof of insurance before accepting your admission.
Some additional reasons why you should get an international student health insurance are:
Lack of government-sponsored health care
Usually, health care sponsored by the government is not available for international students. Health care costs in Canada can be quite high and increase every year. If you happen to have a medical issue at this time, you may become indebted.
Lower health care bills
Even if you have health insurance, you will have to pay a percentage of the bill from your pocket. While it is not completely covered, having health insurance reduces the bill a lot.
Doctor discount
If you need to see a doctor, you may pay high consultation fees if you are not insured. Most insurance companies have agreements with doctors which make you eligible for discounts.
Types of Insurance Plans for International Students in Canada
There are several options available to students. Some of these insurance plans include:
- International Student Health Insurance: This plan is for students who are coming to Canada to further their education. This plan includes benefits such as sports injuries, mental health, and emergency evacuation.
- International Travel Medical Insurance: This plan is for people who are traveling to another country. It usually runs for 2 years and works as an addition to an existing medical insurance plan.
- International Major Medical Insurance: This is optimal for people who are living outside their home country for at least a year. This plan is renewable on an annual basis. It provides coverage for individuals and their families. The benefits include childbirth coverage, long-term coverage, high policy amounts, flexible coverage options. It even includes coverage for any preexisting injuries or conditions.
If you’re not sure which type of insurance is best for you, consider speaking with a broker.
How Much Does Health Insurance Cost for Students in Canada?
Health insurance is mandatory for international students in Canada. The prices for the insurance can vary from location to location. They vary depending on the insurance firm you pick.
On average, the yearly premium for obtaining health insurance ranges between $600 to $900. Some of the more popular companies that provide health insurance for students are:
- Manulife
- Sun Life
- BlueCross
- Ivari
- CAA
The Bottom Line
Health insurance is a crucial component of coming to Canada for studying. It adds an extra layer of protection for people who are away from home and want to avoid any major expenses. Especially those that may happen due to injury or disease. You can speak with an insurance specialist here or in your local area to help get you covered.
