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Guaranteed Issue Health Care Plans
Health and dental insurance for those retiring or losing their employee group benefits.
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What is a guaranteed issue health care plan?
A guaranteed issue health and dental insurance plan is an ideal choice for individuals transitioning from an employee group benefits plan, especially those who have recently lost such benefits (within the last 60-90 days). This type of plan is particularly beneficial for ensuring continuous health coverage during such transitions.
The defining characteristic of a 'guaranteed issue' plan is its straightforward application process. Applicants are not required to complete a medical questionnaire. Instead, the insurance company provides coverage on a guaranteed basis, provided you apply within 60-90 days after your employee group benefits end. This feature makes it a hassle-free option for maintaining health insurance coverage.
Similar to other health insurance plans, the primary function of a guaranteed issue plan is to cover health and dental costs not included in your provincial government health care plan. This helps in reducing your out-of-pocket expenses for these essential services.
While guaranteed issue plans generally offer moderate value in terms of benefits per dollar compared to other plan types, their significant advantage lies in covering pre-existing conditions. This aspect makes them a valuable option for individuals with existing health issues who are seeking comprehensive coverage without the need for extensive medical underwriting.
This type of plan is an ideal fit for:
Health insurance plans cover a combination of routine expenses (i.e. planned predictable expenses), and unplanned expenses. Every plan will vary with regard to coverage amounts for each of these benefits.
- Individuals and families who is currently covered by an employee group benefits plan, or has recently lost their benefits (within last 60-90 days).
- Individuals and families who have recently lost their employee group benefits (within last 60-90 days).
- Individuals and families who have medical history and 'pre-existing conditions' that they want to ensure are covered.
- Individuals and families who want/need a 'bridging' solution to avoid gaps in coverage while they shop for a Medically Underwritten plan.
What does health insurance cover?
Health insurance plans cover a combination of routine expenses (i.e. planned predictable expenses), and unplanned expenses. Every plan will vary with regard to coverage amounts for each of these benefits.
- Prescription drugs
- Dental visits
- Paramedical services
- Vision care
- Ambulance (air / ground)
- Hospital accomodation
- Emergency travel medical
- Medical equipment
Get help with your health insurance planning.
Speak with a professional advisor who can help.
How much does health insurance cost?
There are a number of factors that can affect plan pricing, including:
Age
Generally, insurance cost less for younger age groups, and more for older age groups
Single, couple or family
Plan cost will vary depending on the number of people covered.
Province of residence
Plan cost can vary from one province/territory to the next.
Plan selection
Plans that include more benefits and higher coverage amounts come at a higher cost.
Other types of health care plans
There are two other types of health insurance plans; Guaranteed Issue, and Guaranteed Acceptance. The appropriate plan for you depends on your circumstances. An advisor can assist in determining the appropriate plan for you.
Medically Underwritten
- Medical questionnaire required
- Apply anytime
- Lowest relative cost
- Highest benefits per dollar
- Excludes pre-existing conditions
Guaranteed Acceptance
- No medical questionnaire
- Apply anytime
- Highest relative cost
- Lowest benefits per dollar
- Covers pre-existing conditions
Get in touch
Talk to an advisor who can understand your situation, answer your questions and help you build an insurance plan appropriate for you and your family.
Frequently asked questions
Answers to key questions about Guaranteed Issue Health Care Plans
The key benefit of Guaranteed Issue extended heath care plans will cover any pre-existing medical conditions you may have - so long as you apply within 60-90 days of your employee group benefits terminating.
This is beneficial for those who have health history that may result in exclusions, or even potentially being declined for coverage if applying for a Medically Underwritten plan.
The 'caveat' to a Guaranteed Issue plan, is that the insurer tends to assume that anyone applying for this type of plan has some health history, and for that reason will design the plans (for both profitability and sustainability reasons) to offer lower amounts of coverage at a higher relative cost compared to Medically Underwritten plans.
It depends on the type of plan.
- For Guaranteed Issue and Guaranteed Acceptance plans, your coverage will be effective on the 1st of the next month after an application and payment is received.
- For Medically Underwritten plans, your coverage coverage will be effective on the 1st of the next month after an application has been approved (subject to qualifying medically) and payment is received.
- Medically Underwritten plans can sometimes take longer as the insurance company usually needs to obtain records from your attending physician(s). Average time to approval tends to be about 3-weeks. If the insurance company has difficulty obtaining the medical records from your attending physician(s) this may take additional time.
Still have questions?
Please contact our office and we'll be happy to address any questions you may have.
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