There are numerous choices when purchasing Visitors to Canada insurance, but getting coverage using a Canada organization is most likely the best longterm option. Many advantages include a higher self confidence in Canadian providers resulting from tough regulation, re-insurance coverage available from Assuris, plus a faster and easier claims operation. In addition, for anyone who is submitting an application for the Parent and Grandparent Super Visa, insurance coverage with a Canadian provider is required.
Canadian insurance companies are controlled by Canadian regulators using some of the highest standards in the world. The Office of the Superintendent of Financial Institutions (OSFI) and Assuris are the primary regulators in Canada. OSFI is an separate government agency which has responsibility for supervising Canadian insurers. OSFI closely keeps track of the capital of insurance providers to ensure they have enough resources to cover its expenses. The capital requirements for Canadian insurance firms are probably the highest on the planet.
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 owners trust, they will also offer an extra level of security. Assuris will cover up to $60,000 of health care obligations in case of an insolvency of a Canadian insurance carrier. If overall benefits go beyond this amount, Assuris covers 85% of the promised benefits, but not less than $60,000. Also, if there is a dispute relating to your policy, it is much better to initiate a claim of bad practice versus a Canadian insurance firm in Canada (rather than in a nation somewhere else in the world).
Regarding filing an insurance claim, there exists a well established partnership between Canadian insurance providers and Canadian health care providers (hospitals, clinics, doctors etc). An integrated direct billing system exists between hospitals and Canadian insurers. Canadian insurers can process claims faster than foreign insurance firms mainly because Canadian companies share an established system with native health care providers. This system allows Canadian insurers to instantly authenticate details with a claim. In addition, using a non-Canadian insurance company may lead to you having to pay for care before treatment, which usually creates a level of complexity and stress 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.
Canadian insurance companies are controlled by Canadian regulators using some of the highest standards in the world. The Office of the Superintendent of Financial Institutions (OSFI) and Assuris are the primary regulators in Canada. OSFI is an separate government agency which has responsibility for supervising Canadian insurers. OSFI closely keeps track of the capital of insurance providers to ensure they have enough resources to cover its expenses. The capital requirements for Canadian insurance firms are probably the highest on the planet.
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 owners trust, they will also offer an extra level of security. Assuris will cover up to $60,000 of health care obligations in case of an insolvency of a Canadian insurance carrier. If overall benefits go beyond this amount, Assuris covers 85% of the promised benefits, but not less than $60,000. Also, if there is a dispute relating to your policy, it is much better to initiate a claim of bad practice versus a Canadian insurance firm in Canada (rather than in a nation somewhere else in the world).
Regarding filing an insurance claim, there exists a well established partnership between Canadian insurance providers and Canadian health care providers (hospitals, clinics, doctors etc). An integrated direct billing system exists between hospitals and Canadian insurers. Canadian insurers can process claims faster than foreign insurance firms mainly because Canadian companies share an established system with native health care providers. This system allows Canadian insurers to instantly authenticate details with a claim. In addition, using a non-Canadian insurance company may lead to you having to pay for care before treatment, which usually creates a level of complexity and stress 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.
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Also, a great resource on visitors to Canada insurance and visitors to Canada health insurance is located a VisitorsToCanadaInsurancePlans.Com
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