Choosing a good insurance plan is not easy- and it is even more important because your well being depends on finding the right policy with adequate coverage.
Let’s go over several important things that you need to consider in order to find a policy that suits you.
Total amount of coverage
This is one of the most important variables that you have to look at while choosing a policy. People often get burned if they choose insufficient amount of coverage. Just recently a Nova Scotia resident incurred $500,000 in medical costs due to an accident (read here). Your insurance plan should suit your lifestyle, work, and any special circumstances you might have.
Unless you go for a quick visit, we would not suggest choosing less than $50,000 of total coverage!
Deductible is a great way to reduce your insurance premium by agreeing to share the costs with the insurance company.
For example: If you have a deductible of $500 and your doctor sent you the bill for $2,000, you will pay $500 and the remaining $1,500 will be covered by the insurance company.
By choosing a higher deductible you can significantly decrease your premiums. Different deductibles have the following effect summarised below:
$100- 5% discount
$250- 10% discount
$500- 15% discount
$1,000- 20% discount
$5,000- 30% discount
It is important to remember that you have to be careful with the amount of the deductible that you choose. The rule of the thumb is to not exceed $1,000 deductible. Having too high of a deductible defeats the purpose of having an insurance policy and may negatively affect your visa application process. Immigration officers often look suspicious at high deductibles and might even reject the application.
It is very important to remember that if you have an existing health problem it would be a good idea to get coverage for it.
Policies that include pre existing conditions cost more, but they are definitely worth it. Most insurance companies require the condition to be stable for at least 6 months in order for it to be covered.
Before you purchase your insurance policy- make sure you read the policy wording! Depending on your situation, you might want higher coverage for prescription drugs, emergency dental services, and hospitalization.
Check with your insurance broker on what exactly is covered under your insurance policy. Some companies offer additional benefits such as routine exams, eye exams and maternity benefits. For more information contact us at 1 877 211 4301.
If you plan on purchasing your insurance plan after your arrival to Canada, there might be a waiting period that will prevent you from claiming under your policy for several days.
In most cases the waiting period is 48 hours if you have been in Canada for less than 30 days and it is 7 days if you spent 30 or more days. You need to know how long your waiting period is and when are you eligible to make a claim.
TIC Travel Insurance Coordinators has a waiting period of 48 hours no matter how many days you have been in Canada.
Most insurance policies have age restrictions and certain conditions that they do not cover. Carefully read through the policy and ask questions to avoid not being covered in a dangerous situation!
At Arbetov Insurance we can help you find exactly the kind of insurance you need. We work with all insurance companies in Canada and have a great deal of expertise in insurance business. We can also assist you with buying extended health, dental, and travel insurance.To use our rate calculator to find the best quotes please visit our website: Arbetov Insurance. You can also email or call our office if you have any questions at
Hope to hear from you soon!
Arbetov Insurance and Wealth Management, Inc.
640 West Broadway
Vancouver, BC V5Z 1G4
Toll Free: 1.877.211.4301
To understand your insurance policy, please check the policy wording for exclusions, conditions, and limitations. It is highly advisable you contact our representative so that we can suggest the best policy for you.