Canadians are increasingly turning to supplemental health insurance to address gaps in provincial healthcare coverage, with a strong focus on immediate needs like dental, vision, and prescription drug coverage. However, long-term coverage options, such as critical illness and accidental death insurance, remain underutilized. This is largely driven by a lack of awareness and the perception among consumers that these plans are less relevant to their current lives.
Affordability is the leading choice factor when it comes to purchasing supplemental health insurance, as rising healthcare costs continue to strain household budgets. Retirement planning and major life events also play a significant role, particularly for older generations who are more likely to feel the financial impact of healthcare expenses. Younger consumers, on the other hand, are more likely to rely on non-employer plans and are influenced by recommendations from family and friends.
Digital engagement is becoming a critical factor in consumer decision-making. While many Canadians prefer submitting claims digitally, app adoption for broader health management remains low. This presents an opportunity for insurers to integrate user-friendly tools that simplify claims processes, provide health tracking, and offer personalized insights.
Ultimately, Canadians value affordability, simplicity, and trust when choosing a provider. Emphasizing fast claims processes, Canadian ownership, and tailored solutions can help insurers build stronger relationships with consumers and address their diverse needs.
Gaps in coverage and rising costs drive demand, while generational and cultural differences shape diverse needs. Tailored, digital-first solutions are key to building trust and loyalty.
Radha Paleja, Senior Analyst, Financial Services
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EXECUTIVE SUMMARY
- What you need to know
- Outlook for Canada’s health insurance market
- Opportunities
- Enhance digital engagement to build relationships
- Improve education and awareness campaigns
- Simplify the claims process
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THE MARKET
- The rise of older Canadians
- Graph 1: population estimates, age 65+, 2025
- Rising out of pocket costs due to gaps from provincial coverage
- Graph 2: growth rates of total health expenditure per person, by province or territory and Canada, forecasted for 2024
- Increase in employer sponsored benefits
- Younger consumers rely more on non-employer purchased health insurance
- Graph 3: how different types of health insurance were acquired, by generation, 2025
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THE CONSUMER
- Ownership of supplemental health insurance
- Coverage gaps highlights opportunities
- Graph 4: ownership of supplemental health insurance, 2025
- Gen X has the widest coverage
- Graph 5: ownership of supplemental health insurance, by generation, 2025
- Canadians in struggling financial situations face coverage gaps
- Graph 6: most common types of supplemental health insurance, by financial situation, 2025
- Motivations for purchasing supplemental health insurance
- Rising costs and delayed planning shape insurance decisions
- Graph 7: motivations for purchasing supplemental health insurance, 2025
- Tailored strategies needed for diverse generations
- Graph 8: motivators for purchasing supplemental health insurance, by generation, 2025
- Attitudes towards health insurance
- Balance digital convenience with human-centered support
- Graph 9: attitudes towards health insurance statements, any agree, 2025
- Educate Gen Z on insurance while enhancing digital tools
- Graph 10: attitudes towards health insurance statements, any agree, by generation, 2025
- Support new Canadians with tailored digital solutions
- Graph 11: attitudes towards health insurance statements, any agree, by new Canadian status, 2025
- Important Factors
- Trust and convenience are important motivators
- Graph 12: factors of importance when choosing a health insurance provider, 2025
- Canadian brands matter
- Opportunity to integrate technology and smart devices
- Health monitoring trends across devices
- Mobile apps are under utilized for health tracking
- Graph 13: aspects of health monitored by each device, mobile apps, 2025
- Incentivize engagement via smartwatch integration
- Graph 14: aspects of health monitored by each device, smartwatch or fitness tracker, 2025
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INNOVATION AND MARKETING STRATEGIES
- Marketing and advertising
- Filling in the gaps
- Proactivity = financial benefits
- Filling in for what work benefits can’t do
- One stop shop for healthcare
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APPENDIX
- Consumer research questions
- Consumer research methodology
- Abbreviations and terms
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