Insurance Drug Plans

Canadian Prescription Drug Insurance Plans

Provincial health insurance plans can provide coverage for prescription medications, but they don’t cover everything; this is where individual private health insurance (in the form of prescription drug coverage) comes in. Experior associates can help you find affordable rates on prescription drug plans that will help you if your provincial health plan does not cover everything you need. These don’t usually include over-the-counter drugs unless prescribed.

An Experior associate  has  access to more than 25 companies. Those associates receive updates and training with those companies regularly, so they are always familiar with the most recent plans  to secure the client the best prescription drug coverage possible. Experior also offers employer sponsored  group insurance  for employees and their families. There is no out of pocket cost for our services. With the industry-wide response to COVID-19, we can meet with you virtually if you prefer. Many of our plans will cover expenses due to COVID-19 or other critical illnesses. If this is a concern of yours, please make sure to check with your agent on this point specifically.

Most Canadians have some access to a plan or insurance coverage for prescription drugs through a patchwork of public and/or private insurance and group plans. The federal and provincial governments offer different levels of coverage and they decide who is covered and what the patient and plan pays for. The publicly-funded drug programs generally provide drug plan coverage for those who are most in need, based on age, income, and medical condition. Many Canadians and their family members obtain drug coverage through employment and some Canadians have no effective drug coverage or drug insurance at all, and pay the full price of their prescription drug costs. This can get quite costly.

Though there are no national standards for public drug programs in Canada, each province may offer some form of public subsidy for prescription drugs.  These programs will depend on your level of income and are generally only available for those in a very low income bracket or seniors over the age 65. Ontario also has the Ontario Drug Benefit (ODB) program, which we encourage you to investigate if applicable.

Some employers offer health insurance packages for their employees under group insurance plans. If your place of employment does not offer these packages, you may want to invest in a health insurance plan that covers prescription drugs.

Prescription drug coverage is available with some health insurance plans. Publicly-funded government drug programs provide prescription coverage only for those most in need, based on age, income, and medical condition. In most cases, Canadians pay for their prescription medications out of pocket. Some health insurance plans do cover prescription drugs, but not all medications are covered.

Drug plans will always be accompanied by extended health plans or health coverage. This will include services like physiotherapy, chiropractors, or other medical services. You can also add dental plans to your health plans, but there is no standalone prescription policy.

An Experior Associate can assist you with finding health insurance that meets your needs and budget. We also offer group insurance for small, medium and large businesses so you can provide these group benefits to your employees. One of Experior’s product partners offers a health spending account program;  Employees can then choose where and how to spend their benefits and the services they need, which can include vision care, chiropractic care, drug costs and many other health services. 

Why is Experior Financial the best?

Experior Financial Group works with the best product providers in Canada. Our associates are well trained to provide excellent service that cover your needs not only in Ontario, but across Canada. Our associates have your best interests at heart. You can count on them to secure you the best health insurance plan to fit your budget and needs.

FAQ

Our associates will help you navigate and find you the best product possible to suit your budget and goals as everyone’s needs are unique. Plan benefits and costs vary depending on age, marital and health status, and limits of coverage.

Finding prescription drug insurance plans can be a daunting task. Most of us don’t know what products and companies are best. Reach out to an Experior associate and empower  them to work on finding you the right drug insurance plan with the health coverage to meet all your needs.

There are currently no plans that only provide coverage for prescription drugs. The companies we work with all provide some level of health insurance alongside prescription drug coverage.

Some provinces provide coverage. However, this coverage is usually only issued to seniors and those with a very low income who could not otherwise afford it on their own.

Drug coverage is important because medications can be very costly, especially those medications that you may need to take for the long term.  Most plans will cover generic medications, but some costlier plans will cover brand name medication. Your pharmacist will know if your plan includes generic drugs or not, according to your health insurance plan.

This will depend on many factors. There is a wide range  of coverage that can be offered and therefore there is also a wide variety of costs based on your insurance plan. Costs are also driven  by the number of dependents  you would like to have covered. Family health care plans will cost more than an individual’s plan.

There is no national standard for drug coverage in Canada. Individual provinces may offer free prescriptions for some seniors that qualify, but you will need to research this according to your location. Ontario’s OHIP has some extended prescription plans for seniors 65+ but this is not the case for all provinces.

Canadian drug prices are now the third highest among the Organisation for Economic Co-operation and Development (OECD) countries – that is approximately 25% above the OECD median. This influences Canadians’ access to important prescription drugs and the sustainability of Canada’s health care system. (source – Health Canada). While this prescription medication coverage will vary based on location and need, our agents can help mitigate these high costs related to prescription drugs by setting you up with the appropriate coverage for you and your family.

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