It is no small matter to bring your parents or grandparents to Canada on a Super Visa, and the insurance that comes with it can seem like a steep price. But there is a way around having to put down the entire premium at once.
Is the super visa insurance compulsory?
In short, yes. You will need to present proof of private medical insurance for every Super Visa applicant. This has to be from a Canadian company or an insurer elsewhere in the world that is in good standing with IRCC. Since provincial health plans do not extend to your parents or grandparents, this policy is what stands between your family and some very large medical bills.
The rules are clear on what qualifies:
* A minimum of CAD $100,000 for emergencies
* Coverage for hospitalization, repatriation and general healthcare
* Validity for each time they enter Canada and for at least a year from their date of arrival
Can you opt for monthly payments?
Most of the time, you can. Insurers are often willing to let you pay by the month rather than in one lump sum. Typically you will make a deposit covering a month or two of the premium and then put the rest on a monthly schedule. Do keep in mind that terms vary from one plan to the next, so make sure you understand the payment structure before committing.
There are advantages to doing it this way. An annual premium can easily run into the thousands given age and health factors; spreading it out is easier on the wallet when you have flight costs and other expenses of settling them in to contend with. It is also better for cash flow and leaves your savings intact for any contingencies.
A few things to consider before you decide
While monthly instalments are convenient, look at the fine print. Some insurers will tack on processing fees for this type of arrangement, so compare the total annual cost. And be certain the paperwork they hand over will be acceptable to IRCC.
You should also be aware of the risks of a missed payment. If one goes through unprocessed, coverage could be suspended and that would be problematic for the visa. The same applies if the visa is denied or plans are altered; find out the refund policy in advance. Pre-existing conditions are another area where coverage can be thin, so ask for specifics.
How to go about it
Do not just take the first quote you see. Premiums for identical coverage can differ considerably. A low-priced option with a high deductible may end up costing more in the long run. It is best to apply early and get your quotes in hand before you file your application. A competent advisor should be able to lay out the deductibles and exclusions without any jargon.
In the end, monthly payments can be an affordable way to handle Super Visa insurance provided you stay on top of them and select a sound plan. As always, the official IRCC website is the place to verify the latest regulations.
If you are looking to secure your parents’ time in Canada without breaking the bank, The Planet Insurance can provide a free Super Visa quote today. We have plans to suit your budget and satisfy IRCC.
