5 Smart Ways to Maximize Your Health Insurance Benefits

From groceries to gas, prices continue to rise, and healthcare is no exception. Between 2014 and 2024, the Health and Personal Care segment of the Consumer Price Index increased by more than 25%.

In this environment, making thoughtful decisions about your coverage and healthcare spending can help you get the most out of your benefits. By planning ahead and using your plan effectively, you can stretch every healthcare dollar further. Here are five strategies to consider:

1. Make full use of group benefits

Around 85 percent of Canadian employers offer health and dental benefits. If you are covered, take time to review the details of your plan. For example, some plans only reimburse medical supplies when they are purchased from specific providers.

If both you and your spouse have coverage, you may be able to coordinate benefits. This allows you to claim expenses under both plans. For instance, if you have used up your annual maximum for massage therapy, you may still be able to claim the balance on your spouse’s plan.

If you are retiring or leaving your employer, ask about continuing coverage. Many insurers allow you to move into individual coverage without a medical exam, which can make it easier to maintain protection. Aeva.ca makes it easy to view all the available plans in Canada that offer this option, so you can compare and choose the one that best fits your needs.

2. Compare providers for services and supplies

Prices for healthcare services and supplies can vary more than many people realize. Choosing lower-cost providers can make your benefits last longer.

For example, if your plan covers $500 per year for massage therapy, a provider charging $100 per session will give you five visits, compared to just over four visits with a provider charging $120.

Pharmacy dispensing fees also differ from one location to another, sometimes by several dollars per prescription. Choosing generic versions of medications instead of brand-name drugs can help lower costs as well.

Dentists are another area where costs can vary. While many offices do not publicly post their fees, a quick call to the reception desk to ask about prices for routine services, such as checkups or cleanings, can help you compare options and potentially save money.

3. Review private plan options carefully

If you are purchasing individual health or dental insurance, comparing plans is essential. Most policies include prescription drugs, dental care, vision care, paramedical services, and ambulance costs. However, coverage limits and monthly premiums can vary significantly between insurers.

Select a plan that fits your personal situation. For example, if you are managing a chronic condition such as diabetes, ensure the plan you choose provides adequate coverage for pre-existing conditions. Aeva.ca makes it easy to compare plan details side by side, so you can clearly see which plan is the best fit for your needs.

4. Remember the tax credit

Out-of-pocket medical expenses that are not reimbursed may qualify for the Medical Expense Tax Credit. This includes eyeglasses, contact lenses, dental work, prescription drugs, and hearing aids.

Premiums paid for private health and dental insurance are also eligible. To see the full list of allowable expenses, refer to the Canada Revenue Agency.

5. Focus on prevention and wellness

One of the most effective ways to keep healthcare costs down is to take steps that protect your overall well-being. Make the most of preventative care benefits such as dental checkups, vision exams, and mental health support.

Your daily choices also play a key role. Eating a balanced diet, staying physically active, getting enough sleep, avoiding smoking or vaping, and moderating alcohol intake all help reduce the risk of chronic conditions.

The bottom line: Whether you are covered by an employer plan, an individual plan, or both, a little planning can go a long way. By coordinating benefits, comparing providers, and prioritizing your health, you can maximize your coverage and keep your out-of-pocket expenses lower.

Ready to find the right plan for you?

If you are looking for individual health or dental coverage for yourself or your family, Aeva.ca makes it easy. In just a few minutes, you can compare plans from leading Canadian insurers side by side and apply online. Visit Aeva.ca to start exploring your options today.