A devalued loonie has brought a growing number of visitors to Canada; opening up doors for health insurers and advisors tapped into immigrant communities
“Visitor to Canada (or VtC) insurance is easy to sell,” says Patrick Chiasson, broker services manager, Ingle International and Imagine Financial. “Here are the basics you need to know to successfully build a business with this niche product.”
With this type of insurance there will be many questions from clients, starting with the initial visa application process.
“Anyone who visits Canada from a temporary resident visa-required country must apply for entry through the Canadian visa office. A visa officer will review the application and decide whether to issue a visa” says Chiasson. “Immigration specialists are common in Canada and are able to assist in the application process but they are not always equipped or licensed to handle medical insurance policies.”
For Super Visa applicants, medical insurance is required as part of the application process. These applicants must show proof of emergency medical coverage of at least $100,000 for a period of 365 days.
Emergency medical insurance contracts for visitors to Canada will contain similar terms and conditions to policies for outbound Canadians, but there are some key differences. Among them, visitors to Canada must choose from coverage levels ranging from $10,000 to $300,000.
“Due to the high cost of medical care in Canada, you should recommend a coverage limit of at least $50,000,” says Chiasson. “A visit to a hospital in Canada can cost over $4,000 per day, meaning a medical emergency resulting in several days of hospitalization can easily cost over $30,000.”
Most plans will offer coverage for pre-existing conditions for people up to the age of 79, but coverage can be limited. Ongoing treatment, such as prescription refills and other treatment to maintain a stable condition, is not covered under any emergency medical policy. It is the responsibility of the insured visitors to maintain their treatment regime at their own expense.
With this type of insurance there will be many questions from clients, starting with the initial visa application process.
“Anyone who visits Canada from a temporary resident visa-required country must apply for entry through the Canadian visa office. A visa officer will review the application and decide whether to issue a visa” says Chiasson. “Immigration specialists are common in Canada and are able to assist in the application process but they are not always equipped or licensed to handle medical insurance policies.”
For Super Visa applicants, medical insurance is required as part of the application process. These applicants must show proof of emergency medical coverage of at least $100,000 for a period of 365 days.
Emergency medical insurance contracts for visitors to Canada will contain similar terms and conditions to policies for outbound Canadians, but there are some key differences. Among them, visitors to Canada must choose from coverage levels ranging from $10,000 to $300,000.
“Due to the high cost of medical care in Canada, you should recommend a coverage limit of at least $50,000,” says Chiasson. “A visit to a hospital in Canada can cost over $4,000 per day, meaning a medical emergency resulting in several days of hospitalization can easily cost over $30,000.”
Most plans will offer coverage for pre-existing conditions for people up to the age of 79, but coverage can be limited. Ongoing treatment, such as prescription refills and other treatment to maintain a stable condition, is not covered under any emergency medical policy. It is the responsibility of the insured visitors to maintain their treatment regime at their own expense.
