Applying for Medical Financing.

by Aaron Finch
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What is  Medical Financing?

Medical Financing is a type of health insurance that covers the difference between what you would normally have to pay for healthcare and the actual cost of healthcare. When you have Medical Financing, your entire medical bill is paid off by the insurance company on your behalf. This article discusses how to determine if Medical Financing is right for you, and what types of coverage are available. It also provides links to dozens of websites with information about specific issues related to Medical Financing in Canada.

While there are many misconceptions about this type of coverage, it actually can be very beneficial due to its ability to cover market rates for healthcare services in order for you not to get financial strain over time.

Use of  Medical Financing:

According to Statistics Canada, the cost of healthcare in Canada is growing faster than the inflation rate, so Medical Financing is increasingly becoming a necessity for many people.

Medical Financing is not Health Insurance. Because it covers only your medical expense, it does not cover all other types of expenses which you might face in life. It puts a lot of your financial burden on yourself, and therefore can also be somewhat of a financial burden as well. There are generally two kinds of Medical Financing available: “traditional” and “newer” or “alternative”. Each kind has different requirements and different uses, but they all provide similar services or coverage.

Features of medical financing:

There are no pre-set criteria for Medical Financing. Different insurance companies offer different types of coverage for different reasons, and there is no one universal standard of what Medical Financing is or what it should be like.

Some features of a traditional Medical citerra finance reviews plan are:

1) It will only cover a certain amount per month, usually between $100 and $250 per month. There are exceptions to this rule, such as uninsured children up to an age when they could be accepted into the Health Care system by the province/health authority; or individuals who can’t get health services due to legal reasons such as discrimination.

2) It will cover a large portion of the cost of your healthcare, but not everything. For example, the plan might not cover any co-payments, such as a co-pay for an MRI or other expensive tests. Or it could pay your doctor’s bill after you’ve paid a certain amount of money out of pocket.

3) The plan usually only covers one province, so if you want to use that service across Canada, then you will have to find a new plan; however, some plans cover more than one province. This is called cross-border coverage.

Advantages of  Medical Financing:

The benefits and advantages of Medical Financing are:

1) It’s a hassle-free and quick way to get medical attention without dealing with the red tape of filing an insurance claim.

2) It can be very useful when you’re low on cash and need medical treatment right away.

3) It can save you money in your long term if you get frequent health problems. For example, someone who has cancer might incur hundreds of thousands of dollars in medical bills throughout the course of his or her life, all which are paid off by Medical Financing.


Some disadvantages are:

1) It usually only covers your medical expenses up to a certain limit – for example, $100/month; once you go above that amount, you’re on your own.

2) You also may have to pay an administrative fee to the insurance company, which is almost always taken out of your claim money.

3) It does not cover co-payments or deductibles – any extra amounts that you would normally have to pay out of pocket are still on you to pay.

4) Most Medical Financing has better coverage if you have a regular job or some form of long-term income which contributes to the Canada Revenue Agency so they don’t consider you as a low-income individual.

How much does it cost?

Medical Financing is generally applicable to all health problems, but the coverage offered differs according to the specific plan and conditions of each individual. It is not easy to calculate how much it will cost you in the long run. However, some general guidelines can be given:

1) $100-250 per month: If you are suffering mild health problems, or if they aren’t expected to last long, this can be a good amount for you (providing that your insurance company doesn’t have a high administrative fee).

Is it worth the money?

Medical Financing is only worth it if you are low on cash, or if you have to go through extensive medical treatment that you can’t afford, then Medical Financing is something that you should at least look into.

Some websites like this one and Health Insurance Enquiries Canada provide information and links to all types of healthcare coverage in Canada and around the world, as well as tips for finding the best plan for your needs.

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