There are a lot of choices when you buy Visitors to Canada insurance coverage, but buying coverage by a Canada firm is usually the best option. Added advantages include a better self-assurance in Canadian corporations because of rigorous regulation, re-insurance stability available from Assuris, plus a faster and simpler claims procedure. Additionally, for anyone who is making an application for the Parent and Grandparent Super Visa, coverage with a Canadian provider is mandatory.
Canadian insurers are controlled by Canadian regulators employing some of the highest standards in the world. The Office of the Superintendent of Financial Institutions (OSFI) and Assuris are the principal regulators in Canada. OSFI is an third party government agency that has responsibility for monitoring Canadian insurance agencies. OSFI carefully monitors the capital of insurers to make sure they have ample resources to pay its obligations. The capital requirements for Canadian insurance agencies are among the highest in the world.
Combined with OFSI, there is Assuris, a non-profit organization financed by the life insurance marketplace and endorsed by the government. Assuris’ mandate is to minimize the effect on Canadian policyholders of the financial failure of a member life insurance company. Its role is to safeguard policyholders by decreasing loss of benefits and ensuring quick transfer of the insurance plans to a solvent company.
Assuris and OSFI not simply give Canadian policy holders assurance, they will also provide an extra degree of security. Assuris will take care of anywhere up to $60,000 of health care expenses in the event of an insolvency of any Canadian insurance firm. If total benefits go beyond this amount, Assuris insures 85% of the promised benefits, but not less than $60,000. In addition, if there is a challenge with regards to your policy, it is much easier to lodge a claim of improper practice against a Canadian insurance company in Canada (as opposed to in a nation elsewhere in the world).
Regarding filing an insurance claim, there is a well-established connection between Canadian insurance firms and Canadian medical service providers (hospitals, clinics, physicians etc). An integrated direct billing system is available between hospitals and Canadian insurance providers. Canadian insurance firms can process claims a lot quicker than foreign insurance carriers since Canadian companies share an established system with native health care providers. This system enables Canadian insurers to instantly authenticate specifics with a claim. Moreover, using a non-Canadian insurance provider may lead to you having to pay for care ahead of treatment, which usually creates a level of complexity and frustration to a claim.
If you are trying to obtain the Parent and Grandparent Super Visa, insurance protection with a Canadian supplier is mandatory. Among the many conditions for a Super Visa is medical insurance coverage. Applicants must prove they possess health care coverage for at least one full year for at least $100,000 coverage, and the insurance policy needs to be with a Canadian based insurance provider. In addition to satisfying the required requirement for the visa, individuals who purchase insurance using a Canadian company also will streamline their application by providing the Visa Officer with insurance evidence in a well known format and language (English or French).
Visitors to Canada have lots of options when selecting their emergency medical travel insurance, but obtaining insurance coverage using a non-Canadian company is most likely not the most suitable choice. Travel insurance should provide you with full confidence and ease-of-mind, especially in a healthcare emergency. A Canadian insurance company will give you the very best trust and ease-of-mind when it is required the most.