Personal Finance

What health insurance would you guys recommend?

  • Last Updated:
  • Apr 8th, 2018 7:30 pm
[OP]
Member
Jan 24, 2018
268 posts
54 upvotes

What health insurance would you guys recommend?

If a friend doesn't get offered health insurance through work, what health insurance company do you guys personally use and would recommend to cover medicine, dental, etc ?

Also what is he looking at paying per month or whatever?
10 replies
Deal Expert
Feb 29, 2008
20964 posts
2323 upvotes
Montreal
Do you mean basic health care as for a non resident? That should be provided by the employer.

If you mean complementary (drugs, dental, physio, etc...), The best option is to source through your professional association or union. Even then, dental is usually not cost effective.

For a purely self employed worker, just suck up the cost of care. Plans can be upwards of 5k a year.
[OP]
Member
Jan 24, 2018
268 posts
54 upvotes
mr_raider wrote:
Apr 4th, 2018 4:26 pm
Do you mean basic health care as for a non resident? That should be provided by the employer.

If you mean complementary (drugs, dental, physio, etc...), The best option is to source through your professional association or union. Even then, dental is usually not cost effective.

For a purely self employed worker, just suck up the cost of care. Plans can be upwards of 5k a year.
for example like blue cross insurance. if someone isn't offered health care insurance through work what companies are some good ones to go with?
Deal Expert
Feb 29, 2008
20964 posts
2323 upvotes
Montreal
jimmysack wrote:
Apr 6th, 2018 4:04 am
for example like blue cross insurance. if someone isn't offered health care insurance through work what companies are some good ones to go with?
You need to define what health care coverage is needed? Drugs, allied health, dental?
[OP]
Member
Jan 24, 2018
268 posts
54 upvotes
mr_raider wrote:
Apr 6th, 2018 8:48 am
You need to define what health care coverage is needed? Drugs, allied health, dental?
medicine most important, dental, and i'm not sure what "allied health " is?
Deal Expert
Feb 29, 2008
20964 posts
2323 upvotes
Montreal
jimmysack wrote:
Apr 7th, 2018 3:10 am
medicine most important, dental, and i'm not sure what "allied health " is?
Medicine is drugs? Or medical care?

Allied health is physio, OT, audiology, psych, etc...
Member
Jan 17, 2013
495 posts
124 upvotes
jimmysack wrote:
Apr 4th, 2018 4:05 am
If a friend doesn't get offered health insurance through work, what health insurance company do you guys personally use and would recommend to cover medicine, dental, etc ?

Also what is he looking at paying per month or whatever?
What health insurance would you guys recommend? None. Open a savings account, deposit $150 a month into the account (estimated premium for a top tier health insurance plan) and when the need arise, use the money from that account for dental, prescription drugs, etc.

https://forums.redflagdeals.com/buying- ... y-2169152/
stack21 wrote:
Feb 7th, 2018 1:28 pm
@Skilas above is good advice for you. Open an account, put the money in that account for yourself instead of the insurance company.

You can never claim more than what you pay for premiums. Insurance companies does not operate at a loss. The limits and exclusions simply prevent you from claiming more than what you pay even if you wanted/needed to.

Health insurance is different from general insurance. The probability of a claim in general insurance is 0% (your insured home may never get burned down, etc) while the probability of a claim in health insurance is 100% (you will always visit the dentist and doctor). The premiums, limits and exclusions for health insurance are designed to ensure the premiums you pay is always more than your claims.

So you are not really "insuring" for health, you are paying the insurance company in advance for paying your health bills on your behalf and extra money for that service. As such, health insurance should not be called insurance because it is not insurance. Just like credit unions at one point was asked to stop using words like "bank" or "banking", insurance companies should stop using the word "insurance" for payment services (health insurance) because it is not insurance and it is misleading to the public.
Jr. Member
Jan 12, 2009
180 posts
38 upvotes
stack21 wrote:
Apr 8th, 2018 1:07 pm
What health insurance would you guys recommend? None. Open a savings account, deposit $150 a month into the account (estimated premium for a top tier health insurance plan) and when the need arise, use the money from that account for dental, prescription drugs, etc.

https://forums.redflagdeals.com/buying- ... y-2169152/
It depends on what plans you have access to, and how much in medical expenses you typically rack up. In some cases it makes sense. For example if you were a student, the annual fee for coverage would be around $2-300...a pair of glasses and some physio would easily wipe that out. Work associations (e.g. Legal, medical fields) might be sub $1000 for medical and dental coverage. If you are spending a lot in medical expenses (physio, eyewear, dental, dependants, orthotics) it might be worthwhile. Just do the straight math vs the self-insurance above (which likely is the better option if your medical needs are modest).
Member
Jan 17, 2013
495 posts
124 upvotes
csp wrote:
Apr 8th, 2018 1:33 pm
It depends on what plans you have access to, and how much in medical expenses you typically rack up. In some cases it makes sense. For example if you were a student, the annual fee for coverage would be around $2-300...a pair of glasses and some physio would easily wipe that out. Work associations (e.g. Legal, medical fields) might be sub $1000 for medical and dental coverage. If you are spending a lot in medical expenses (physio, eyewear, dental, dependants, orthotics) it might be worthwhile. Just do the straight math vs the self-insurance above (which likely is the better option if your medical needs are modest).
Insurance companies do not operate at a loss. The limits and exclusions of an insurance policy simply prevent you from claiming more than what you pay for the premium.

If you think you can claim more than what you pay for the premium, post the particular health insurance plan with enough details (premium, maximum coverage in a year, how soon can a claim be made - year 1, year 2 or year 3, exclusions, existing conditions, etc) to determine if it will be a "net profit" or "net loss" for the policy holder.
Deal Addict
Mar 1, 2016
1092 posts
394 upvotes
toronto
stack21 wrote:
Apr 8th, 2018 5:44 pm
Insurance companies do not operate at a loss. The limits and exclusions of an insurance policy simply prevent you from claiming more than what you pay for the premium.

If you think you can claim more than what you pay for the premium, post the particular health insurance plan with enough details (premium, maximum coverage in a year, how soon can a claim be made - year 1, year 2 or year 3, exclusions, existing conditions, etc) to determine if it will be a "net profit" or "net loss" for the policy holder.

it is one of the most ridiculous thing of the indivudual health insurance market in Canada, it mainly covers non insurance element like dental, glasses...

what we need is insurance coverage against random and catastrophic claims, like all other form of insurance.

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