Health insurance in Canada : Everything you need to know

Most private health insurance policies also come with a deductible. This is the amount that you must pay out of pocket before your health insurer picks up the tab. You can check out our comprehensive guide to insurance deductibles if you want to learn more about how this insurance component works.  

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). The institute’s research also revealed that the average Canadian pays out about $902 in out-of-pocket expenses each year, equivalent to around $75 monthly.  

CIHI’s data, however, were taken before the coronavirus pandemic shook not just the country’s healthcare system but also that of the world, which means actual values may be significantly higher at present. The figures above are likewise mere estimates. Still, the best way to get an accurate quote is to contact an experienced health insurance professional.   

The country is home to about 130 private health insurance providers, which serve more than 27 million Canadians, according to CLHIA’s most recent data. Here are some other notable numbers from CLHIA’s latest industry factbook, indicating a thriving private health insurance market.