I'm an independent travel insurance broker.
This site won't let me post a link to my BestQuoteTravelInsurance.ca website, where there is more complete info, including how to get an instant quote from Canada's top companies.
Hopefully they won't delete my opinion and insight too, there aren't too many people that know as much as I do about the travel insurance industry, or what people's options are. So for example, I can say that it won't cost $4000 (average) for the insurance. For someone 55 or so, it can be as low as $1200 per year. That compares to Provincial health care - it's 50% higher, but covers many things that provincail health care does not.
True, if you are 78, it's going to be expensive. ($3100-$3800) depending on whether you need coverage for pre-existing medical conditions or not - that's using a $500 deductible. I'm not going to argue with the costs - they are what they are. They are also refundable. 100% before arrival in Canada, partially refundable afterward - as long as no claim has been or will be made on the policy. However, I can also say that the industry is going to become much more competitive over the next 6-18 months, as the insurance companies respond to the newly created (Canadian) 'super visa health insurance', market.
What does that mean? It means more 'online' products will come available. Like Travel Guard Canada's discount policy (available on BestQuote site - but only available to certain ages), which knocks the agent commission in half to make it more affordable. It means more companies will be listed on the comparable quote travel insurance websites. New products will be created that might make it easier for consumers. For example, priced on a pay per month as you go basis - but these would have to be even more expensive if you understand the costs behind insurance; or - and this will happen sooner - multi-trip annual insurance policies for visitors to Canada. Currently only Manulife has one (it's on the site), but it's only good for multiple trips of up to 30 days at a time. That will change to more companies offering them, and perhaps having them allow multiple trips of up to 60, 90 or 105, 120 days. Things will change. The announcement caught a lot of the Canadian companies off guard - unable to offer 365 day policies, just as an example. That will change quickly.
Then, there's how immigration will interpret the rules, once the super visa's have been issued. They may allow, on subsequent visits, super visa holders to come with only a three month insurance policy if they are only staying three months - the stamp in the passport will be for three months - not two years. The super visa allows the stamp to be issued for up to two years - but that's not required, and the port of entry official will stamp what he's been told to stamp. In the beginning a one year policy will get a one year stamp, renewable without exit if proof of insurance is shown at the end of the allotted period. This is just my conjecture - but I've been through 35 countries and way more than 35 border crossings - the port of entry official has the power to interpret rules - it won't be any different in Canada.
Lastly, before I waste more time providing thoughtful opinion and information just to watch this message possibly be deleted by the mod,
there are some tricks and tips that I am already aware of in how people will be able to bend the rules - which include using provincial health care and cancelling the 'private' health care - all according to the rules. I'll wait to see if this post sticks to the thread before (possibly) expanding on that.
In the end, we all have to face it - the actual health care costs of an elderly couple are expensive. Our public health care system is so expensive to give to the public - that it might break soon. Yes, they need to run it more efficiently - but our population is getting older. So, expect to see alot more belt tightening around the edges of our health care system - like this. Soon, instead of taking three months to get accepted to OHIP - it'll take six.... Soon, the test for whether an elderly person can receive home care will be based on their personal assets as well as their personal income....changes are coming down the pipe.
Rather than trying to start a petition to pressure government, maybe the best bet is to send a message to the insurance companies that the market needs new products.
