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PolicyMe Health and Dental Insurance Review: Is it Worth It?

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PolicyMe is a digital insurance solution that aims to make financial protection simple and affordable for Canadians. Following the success of its term life insurance and critical illness insurance products, the company has launched its latest offering: PolicyMe Health and Dental Insurance. 

It features comprehensive health and dental coverage in as little as 5 minutes, requiring only a simple and efficient coverage process. The plan provides extensive coverage for dental, prescription drug, vision and enhanced healthcare benefits.

In this review, I will cover PolicyMe Health and Dental Insurance, its features and benefits, what the coverage includes, how it works, how to obtain a free quote, potential drawbacks, and whether or not it is worth it. 

What PolicyMeโ€™s Health and Dental Insurance Covers

PolicyMeโ€™s Health and Dental Insurance provides comprehensive coverage for various healthcare needs that provincial health plans do not usually cover. These include:

  • Prescription drugs โ€“ Coverage of up to $2,800/year for an extensive list of formulations (including both generic and brand-name drugs) and pharmacy dispensing fees
  • Mental health โ€“ Up to $1,300/year for mental health services from therapists and psychologists, with a co-pay of up to $100 per session
  • Dental care โ€“ Up to $1,200/year for routine dental services, restorative services, major procedures (such as root canals), orthodontics, and accidental dental coverage of up to $10,000 per yearย 
  • Professional services โ€“ Up to $1,000/year on massage, physiotherapy, chiropractic, dietitian, and other services
  • Vision care โ€“ Up to $500 every 2 years for routine and emergency vision care, including eye examinations, prescription eyewear, contact lenses, and laser eye surgery
  • Extended health care โ€“ Up to $4,000/year for homecare, nursing, and prosthetic appliances, as well as hearing aids, home support services, medical items and equipment, and other professional services
  • Hospital accommodation benefits โ€“ Coverage for private or semi-private hospital rooms
  • 24/7 Telehealth Access โ€“ Virtual consultations with Telehealth professionals

How to Get a Health Insurance or Dental Insurance Quote from PolicyMe

To get a PolicyMe quote, complete a quick questionnaire with basic information, such as age and location. In 60 seconds, PolicyMe will provide a personalized plan and recommendation quote. You can compare 3 plans with various levels of comprehensiveness on the same page.ย 

PolicyMe offers three tiered options: Economic, Classic, and Advanced. Each one is designed to fit specific coverage needs and budgets. 

Pros and Cons of Health and Dental Insurance

Health and dental insurance offers numerous benefits, but it is vital to consider possible drawbacks to help you decide if it is ideal for you. Below are some pros and cons:

Health and Dental Insurance Benefits

Health and Dental Insurance plans from PolicyMe feature comprehensive and guaranteed coverage for Prescription Drugs, Dental, Vision, Mental Health, and Enhanced Healthcare benefits. These include access to various services and professionals. 

PolicyMe Health and Dental Insurance plans entail a simple and efficient coverage process, requiring only a few minutes. You can apply online or talk with an advisor on the phone. 

Having three plans to choose from and being able to compare them on the same page helps you easily decide the best fit for you and your familyโ€™s budget and health needs. 

Aside from getting fast coverage, you can also benefit from a quick activation period that allows you to start your benefits within 1-2 business days of plan activation. 

Visit PolicyMe

Disadvantages of Health and Dental Insurance

Health and dental insurance may not be worth it if you live a healthy lifestyle. Also, if you seldom visit a doctor or dentist, the premiums might cost more than the benefits you receive.

If you have an existing plan provided by your employer or are enrolled in a government insurance program with sufficient coverage, getting another plan may become redundant. 

Another reason it may not be advisable is when the insurance premiums are too high for your budget to accommodate. This is even more significant if you have other financial priorities you need to address.

What is Health and Dental Insurance?

Health and dental insurance is a type of insurance coverage offering financial protection for a wide range of out-of-pocket medical, dental and vision expenses. These plans usually provide a broad array of healthcare and professional services not entirely covered in Canadaโ€™s government health programs.

In Canada, there is no need to buy the two separately since there are many bundled health and dental insurance plans available, such as the comprehensive product provided by PolicyMe. 

Is Health and Dental Insurance Worth It?

Health and dental insurance is worth it for anybody with no employer-provided benefits, such as freelancers or self-employed individuals. With a health and dental insurance plan, you can minimize out-of-pocket costs and get financial protection if an emergency arises. 

It is also beneficial for retirees or seniors planning to retire soon since they will no longer have access to employer-provided benefits. It is especially significant at an age when large healthcare expenses become a possibility due to more frequent doctor visits and medical interventions. 

Even for employed individuals, health and dental insurance may become necessary if employer-offered benefits come with inadequate coverage. With a health and dental insurance plan, you can access various services without paying the full out-of-pocket amount.  

PolicyMe Overview

PolicyMe is a Canadian digital online insurance solution that has revolutionized the industry with its simple and innovative approach. It aims to provide fast, comprehensive health coverage through a simple, affordable, and streamlined online process.ย 

Through its modern approach, customers can get extensive coverage in 20 minutes or less, without meetings or phone calls. Launched in 2018, PolicyMe has sold $6 billion in coverage to under 10,000 Canadians. 

Based in Toronto, Ontario, PolicyMe also offers life, term life, and critical illness insurance products to Canadians. It is a partner of Canadian Premier, a subsidiary of Fortune 500 company Securian Financial. 

FAQs

What are the key components of health and dental insurance in Canada?

These include prescription drugs, dental care, vision care, and extended health benefits, such as hearing aids, ambulance transportation, home support services, etc. They may also come with Telehealth services, offering virtual consultations with healthcare professionals. 

Who benefits most from getting PolicyMe health and dental insurance?

Self-employed or contract individuals and families as well as retired folks and those nearing retirement age can enjoy the best benefits from PolicyMe. This insurance product can also be beneficial for anyone who needs coverage beyond what employers and the government can offer.  

How does the PolicyMe activation process differ from that of its competitors?

With PolicyMe, you can shop and purchase a health and dental insurance plan in 5 minutes or less and have the plan activated within 1-2 business days. Other companies can take up to 3 weeks for the activation period. 

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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