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What You Should Know about Guaranteed Health Insurance

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This page provides information to Canadians about guaranteed health insurance.

At some time or other, you have probably received a letter in the mail offering a guaranteed health insurance policy for anyone, with no questions asked. Although such policies are usually sold as travel plans, some do propose a standard health insurance program. The biggest draw to this type of health insurance is that it stipulates that no medical exam is required. Before you make a decision to buy such a policy, be well aware of its terms, conditions, and costs - and read the fine print.

Guaranteed Health InsuranceWho Needs Guaranteed Health Insurance?
Although basic medical care is available in Canada through your provincial health plan, there are certain areas that are not covered such as vision and dental care, as well as medical expenses and services while travelling.

Guaranteed health insurance fulfills the occasional need for travel medical insurance. If you have family or friends coming to visit Canada from another country, this type of coverage is ideal for the duration of their stay.

When a company offers a guaranteed plan, they are stating that they will cover you without reviewing your medical records. The proposition is very tempting for those who have pre-existing health conditions or are simply getting older and finding it difficult to obtain medical insurance. This type of plan is a good choice for anyone who has had trouble qualifying for a regular insurance policy because of health conditions or other issues.

Cost and Conditions
One of the differences between a guaranteed health insurance plan and a standard one is the cost. In most cases, the price you pay for the promise of health coverage under any medical circumstances will be slightly higher than policies that require a full medical exam and underwriting process. The reason for this is simple: the company takes a greater risk with you as they are without knowledge of your health status or potential medical problems.

Although the offer states that you can be insured with no questions asked, it does not mean that you will necessarily qualify as a candidate. Certain terms and conditions usually apply before the policy is issued. And if you do qualify, expect some limitations on the policy’s coverage, as well as the coverage amount. Some plans do not cover pre-existing conditions! There is a substantial level of underwriting that insurance providers put into a guaranteed health insurance plan. As with any contract, one must read and fully understand the fine print. As a consumer, it is vital that you to know what you are paying for!

The Bottom Line
For some people, a guaranteed health insurance policy is a great idea – it is fast, easy, requires no medical exam, and asks for no medical records. However, if you are in good health and have no pre-existing conditions that might be of concern to an insurance company, why not choose a regular health plan. You will likely pay a lower premium, or at the very least, get better coverage.