Health Insurance - Canada - July 2014
“Leveraging themes of peace of mind and risk avoidance are factors which could boost engagement with the market. The increased use of positive associations such as these could make Canadians think more positively rather than negatively about health insurance.”
– Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following issues:
- Building trust through greater clarity and transparency
- Winning over the Chinese Canadian consumer
- Marketing the peace of mind and risk avoidance themes
- Engaging the disengaged consumer
Canada has a government-funded national health insurance program, often referred to as Medicare. Private health insurance is intended to cover certain services that the government system does not cover or covers only partially. In Canada, most dental and vision care, and a considerable proportion of outpatient drug costs, are funded privately. Consumer data for this report underline the importance of these types of insurance, with 74% of Canadians having prescription drug coverage, 70% dental and 64% eye care insurance.
The market for supplemental health insurance continues to grow at a steady rate. In 2014, the market is estimated to grow, with expected premiums reaching $34.4 billion. Increased life expectancy leading to an aging population and an increase in health risk factors should ensure a stable rate of growth for the market in the coming years.
This report covers the drivers of the supplemental health insurance market in Canada, consumer data related to ownership, choice of provider, purchase decision factors/triggers, emerging trends, brand communications/social media and attitudes towards health insurance.
Government or public plans provide coverage of core health care services, such as hospital care and most physician services. The majority of this report (except for a section on satisfaction with government health care) covers the topic of private health insurance.
This report covers the topic of supplementary or private health insurance, focusing on non-core services that are not covered, or not fully covered, by government health care. These may be group plans sponsored by employers, unions and associations or individual plans that consumers purchase for their own use.
The market size relates to values of premiums collected by health insurance companies for coverage of health care-related services that are not covered by government health care excluding provincial Blue Cross organizations and other not-for-profit health care benefit providers.
Values at constant 2014 prices are devised using Mintel’s deflator which has been tailored to the Canadian market.
This report excludes all non-health-related insurance such as life, auto, home and non-medical-related travel.
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