Canada has always been very generous to the immigrants, it has many policies that benefit the new Canadian citizens, such as destination Canada insurance for new immigrants.
In 2013, the country introduced the super visa insurance programme and ever since then, a lot of Canadians are relishing the opportunity of inviting their parents and grandparents to Canada for visit and as well for a stay. With health insurance for new immigrants Canada, it has become even easier for Canadian citizens to call their parents from their home countries.
If you are planning to invest in a super visa, then understandably the hefty cost of it would be a huge concern to you. To make matters easier for you, take a look at a few tips on how you can save your money while buying Super visa insurance for your senior family members.
Apply early on and Lock-in the rate
It is no secret that different companies have different methods of calculating their cost. Some super visa insurance providers calculate the insurance premium on the basis of the applicants’ age and others calculate at the time of their effective date.
Although not every individual is applicable to insurance, oftentimes the people who are at the last age of their current age-band would benefit the most from super visa insurance.
As a matter of fact, the most common age-band changes occur within every 5-year duration along with an increase in insurance premiums.
Therefore, it is best to apply in advance and enjoy the higher insurance premiums!
However, it should be noted that not every insurance policy provider is presented with an option to lock in your rate, the moment you purchase the insurance.
The longer you would delay, the higher the premium you would require to purchase. Therefore if your parent’s arrival gets called off until their next birthday, prepare yourself for an unpleasant surprise.
That is because companies calculate the insurance premium on the basis of the applicant’s age.
Manage the deductible cost wisely
In the world of insurance, the deductible is by far the most misunderstood concept. Unlike the circulating myths, the deductible is the most promising way to manage the risk and keep more savings in your pocket.
By opting for the deductible you basically take the responsibility to pay a specific amount for your medical emergency fee that is covered by insurance. This does not mean that insurance would not cover your bills, as you are only required to pay the deductible amount for the exchange of a lower premium insurance policy.
If the medical history of the loved ones you are getting insurance for suggests that they would need to make a claim, we recommend you to rather go for the deductible option and save your money.
Yet, it does not mean that you should choose the highest available deductible, as you do not know what the future medical conditions of your elderly might be like.
Do not claim small expenses during a short visit
Although Super visa insurance lasts for one year, most of the time people do not stay the entire duration. Therefore, it is less likely that they would need to claim the purchased insurance.
Fortunately, every health insurance policy for a Super visa offers a refund in case of early departure. Therefore, if your insured parents go back to the home country without making any claims, you can get their file reported and apply for a refund.
You can even get a 100% refund, however for that to happen you need to make sure that the departure of the insured person is before the starting date of the insurance period.
As in most cases, if the insured loved one of yours, leaves the country after the insurance period has started, you would still get a refund.
However, it is less likely to be 100%. Such a refund is called a partial or incomplete refund and it would depend on the number of days left before the insurance would get expired.
Keep in mind that you would be eradicated from the refund policy if you had claimed the insurance in the meantime. This, why it is very prudent to not claim the insurance for petty medical bills and pay it from your pocket.
For further tips and information, you can reach out to us anytime at insurance4u.ca
