Insurance for Immigrants in Canada

Insurance for Immigrants in Canada
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Once you arrive and are going through the settlement process, getting insurance in Canada is one of the things you will need to consider and complete first. The decision to acquire insurance will largely depend on your circumstances, such as whether you have moved with your partner, starting a family, renting or buying a home or apartment, starting a business, and buying a new vehicle. 

Insurance will cover you in times of dire need, it covers from health to vehicles, traveling, disability, and life problems. Insurance is a way of making things easier for you. Immigrants will have to check the websites to know good insurance companies and have an account with them.

Like everywhere else, insurance will protect you from financial loss or hardship while you are in Canada. The insurance will help cover costs if something unexpected were to happen to your family, vehicle, home, or any of your prized assets.

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Insurance products cover different forms of insurance and risks, and as a foreign national you will need to understand the different forms. Understanding your insurance policy. An insurance policy is a binding legal agreement between you (the insured) and the insurance firm (insurer).

Health Insurance

Healthcare in Canada is publicly funded, this single-payer system means that eligible users typically do not have to pay for most healthcare and hospital services in Canada.  The Canadian health care system has been a resounding success since its introduction in the country in 1967.

The publicly funded health care system provides health services that are mostly free to Canadian citizens and managed and administered on a provincial and territorial level guided under the Canadian Health Act. Newcomers to Canada who are eligible for public coverage in their province of residence may also wish to purchase private health insurance for services not covered by provincial coverage for healthcare in Canada.

Insurance can cover prescriptions, dental and optical services, and other forms of paramedical care (such as physical therapy or mental health services). The federal government supports the public programs through fiscal transfers conditional on their meeting the five criteria of the Canada Health Act, including universal coverage for medically necessary hospital, diagnostic, and physician services (Medicare).

Benefits

  • It is available to everyone

The health care system which is also called Medicare in Canada is offered to all citizens and is not determined by the finances of individuals.

  • Health education programs

The Canadian government through the provincial and territorial governments runs health educational programs regularly. These education programs seek to make citizens more aware, so they can avoid injuries and offer a more proactive approach to general health issues so that ailments are detected earlier thereby reducing their impact.

  • Care for special needs

The Canadian Medicare takes into consideration the needs of children, disabled citizens, and the elderly. For senior citizens or veterans and disabled children, there is a need for special care and attention, and the health care system was designed with this in mind.

Canadian health insurance is a national health program called Canada Medicare (public health insurance). Canadian citizens and legal, long-term residents receive medical services through Medicare. Medicare is paid for through taxes, and there is no cost when you use medical care.

Travel Insurance

Immigrants might feel this is not as important as having health insurance but have you ever used an airline and lose a suitcase of yours somehow? If yes, then this is where the travel insurance comes in.

As a permanent resident looking to tour the world and visit other countries then you definitely would need travel insurance. This insurance is there to help pay for any emergency health issue that comes up while in that country. This is also ideal for visitors to Canada with temporary visas.  This insurance does not only cover your health but also

  • Medical emergencies, like a broken bone or burns, can be covered for up to $10,000,000;
  • Trip cancellation and trip interruptions can be covered for up to $6,000 per insured trip;
  • Baggage loss or damage can be covered for up to $3,000;
  • Baggage delays can be covered for up to $1,500;
  • Flight accidents can be covered for up to $25,000 and;
  • Acts of terrorism can be covered for up to $35 million.

Life Insurance

As an immigrant to Canada, life insurance is of vital importance. Canada receives a large number of new immigrants from all over the world each year. These immigrants can either be professionals, aspiring business persons, and people who are reuniting with their families.

Financial protection is something important for all immigrants to consider that would soften the financial blow if there is death, illness, or disability in the family. A life policy along with some illness and injury protection is a must-have.

Vehicle Insurance

Wherever you reside in Canada, you will need to have auto insurance, and although every province and territory determines unique required minimum insurance coverages, you can find many similarities in Canada about Canadian car insurance in general. If you own a car or plan to own one then having car insurance is compulsory else you could be fined. All the provinces expect you to have car insurance for the following;

  • Liabilities;
  • Bodily injuries and;
  • Accident benefits.

Comprehensive Insurance will not cover you if your car is damaged in an accident with another vehicle. Any theft of personal items inside your vehicle is generally not covered either. However, in the case of fire, vandalism, or theft, it is often covered.

Disability Insurance

People with disabilities in Canada are well taken care of with many programs catering exclusively to long-term savings plans.

Assisted Living

If you have been formally assessed by a medical professional and require financial assistance due to your inability to work, you may qualify for the Assisted Living Program. There are three major components to the program; in-home care, adult foster care, and Institutional Care.

Grants for students with disabilities

Students with disabilities now have the opportunity to apply for Canada Student Grant for Students with Permanent Disabilities. This grant is not available to universities in the Northwest Territories, Nunavut, and Quebec as these provinces and territories operate their own student financial assistance programs. Each year, a grant of $2000 is awarded to students who meet the eligibility criteria.

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