The best health insurance companies in Canada (2024)

FAQs

Which health insurance is best in Canada? ›

The biggest insurance companies in Canada are Manulife, Canada Life (Great-West Lifeco), Desjardins, Sun Life, Fairfax Financial, iA Financial, Intact Financial, Beneva, Empire Life and Co-operators, based on the total assets and according to Insurance Business Magazine¹.

Key Takeaways. Manulife Financial is the largest insurance provider in Canada and offers a broad range of financial services.

British Columbia and Ontario are the top-rated provinces. Not only do they rank highest within Canada, B.C. places 3rd among all the comparator regions and scores an “A” grade on the overall Health report card, while Ontario finishes with a “B” grade and ranks 7th overall.

1) Royal Bank of Canada

The bank offers a wide range of services, including capital markets, investment services, wealth management, insurance, and personal and business banking.

Citing data from Ernst & Young's “Canadian Private Passenger Vehicle Insurance Rate Comparisons” study which was released in October 2022, HelloSafe's 2023 car insurance barometer found that Alberta was the Canadian province with the priciest annual auto insurance premiums, at $3,151.

Kaiser Permanente is the top health insurer in the nation for affordability, customer satisfaction, and trustworthiness, according to Insure.com. Insure.com uses industry data and consumer feedback to rate health insurance companies.

What is the most expensive health insurance? ›

Platinum health insurance is the most expensive type of health care coverage you can purchase. You pay low out-of-pocket expenses for appointments and services, but high monthly premiums. Plans typically feature a small deductible or no deductible and cheap copays or coinsurance.

The top insurance providers in Canada are Manulife, Canada Life (subsidiary of Great-West Lifeco), Sun Life Financial, Desjardins, and IA Financial Group (aka Industrial Alliance). Smaller insurers include those operating as subsidiaries of banks, such as CIBC Insurance and TD Insurance.

Canada's health system works pretty well, and it is often cited as a well-functioning example of universal healthcare. But out of 11 high-income country health systems compared in a recent Commonwealth Fund study, Canadian Medicare ranked 10th overall—one spot ahead of the last-place health system of the United States.

Canada fares better than the United States with regard to coverage, cost, and health outcomes. While overall access is better in Canada, patients are sometimes required to endure longer wait times than in the United States.

The Blue Cross and Blue Shield Service Benefit Plan has you covered worldwide. If you need medical care outside the U.S, Puerto Rico, and the U.S. Virgin Islands you can rest assured that the Blue Cross and Blue Shield Service Benefit Plan offers worldwide coverage.

How much does health insurance in Canada cost? Private health insurance in Canada costs about $756 annually or about $63 per month, according to the latest figures gathered by the Canadian Institute for Health Information (CIHI).

Canada fares better than the United States with regard to coverage, cost, and health outcomes. While overall access is better in Canada, patients are sometimes required to endure longer wait times than in the United States.

If you're one of the many Canadians who don't receive health benefits through work, we're here to say that yes, health insurance is worth paying for. And it's very likely that you'll use it. It will save you money AND help keep you healthy.