Manulife and Canada Protection Plan sell health policies to millions of Canadians who understand the importance of health insurance coverage. If you are wondering if an additional health insurance policy is necessary despite the free public health care plan, then the answer is yes. And this is because the provincial health plan doesn’t cover extended medical care, such as costs of a private ward and prolonged medical care services, to mention a few. So, as you decide to buy a health insurance plan, should you go for Manulife or Canada Protection Plan? Let’s review the health care plan of both insurers.
Canada Protection Plan (CPP)
Health and dental insurance coverage and hospital cash benefits with other sub-plans are available through Canada Protection Plan. The insurance firm was established in the 1990s and eventually became a ‘Foresters Financial’ asset. CPP distributes insurance coverage to many Canadians through its over 25,000 advisors.
CPP’s health and dental insurance policy, alongside other policies, supplement the Canadian provincial public health care. Its packages are:
- Hospital Cash Benefit
- Health and Dental Insurance; this policy has other smaller plans such as FlexCare, Follow Me, and more.
Manulife
Manulife insurance is another prominent company that offers a wide range of coverage. There are numerous plans under the health insurance coverage, and it has sub-policies. Manu life offers a three-in-one (or stand-alone) package that allows Canadians to supplement their public healthcare coverage. Its three plans include:
- Health and Dental Plan
- Disability Insurance
- Plan for Critical illnesses
Manulife vs. Canada Protection Plan (CPP)
| Manulife Insurance Company | Canada Protection Plan |
| Insurance for Critical Illnesses When you are diagnosed with a critical illness, critical illness insurance will provide you with the financial assistance you need. You can focus on recovery without worrying about money as it will support you financially. The major plan is the Lifecheque. | Hospital Cash Benefit If you are admitted to the hospital, you will receive monetary benefits. After 24 hours of being an inpatient, the plan pays you daily to cover certain expenses. If the same disease persists, it will pay out for 90 days, and for a combination of different illnesses or injuries, it will pay out for 180 days. Exceptions are usually included in the policy agreement to inform you of any health conditions that are not covered. |
| Disability Insurance If you are incapacitated and unable to work due to an accident, Manulife disability insurance kicks in. It has the Proguard series and ExpenseComb plans. Proguard Series It covers the expenses of professionals and executives if they become disabled. ExpenseComb The ExpenseComb reimburses a disabled person who can’t work anymore. It pays for expenses on utility, rent, and wages, among a few other things. | Dental & Medical Insurance FlexCare, Follow Me, and association health and dental insurance are under the health and dental insurance. FlexCare Flexcare is a straightforward coverage that can benefit a single person or a family. It can be basic or enhanced. It pays for prescription drugs and dental costs. You can also combine the drug prescription and dental expenses in one policy. FollowMe FollowMe is a four-tiered policy that includes prescription drugs, vision, dental, and hospital services. Association Health & Dental Insurance This plan has eight stages and includes the FollowMe plans and more. |
| Health and Dental Insurance You will be covered for medical and dental expenditures for yourself and your family. Under this plan is Flexcare, which can work for an individual, family, or business corporation. |
How Canada Protection Plan Works
The primary plans for purchase under the CPP include hospital cash benefits and health and dental insurance. The hospital cash benefit pays for your stay in the hospital. It covers medical expenses from the time you’re admitted to the hospital until you’ve fully recovered. You can use the hospital cash benefit to pay for extra comfort in the hospital as well as the costs of caring for pets or children while you’re in the hospital. It’s vital to understand that the plan only covers unforeseen medical issues. Pre-existing medical conditions are not covered.
The health and dental plan are primarily concerned with covering the costs of prescription drugs and dental care. You have the option of specifying which medical conditions to include and who should be added to the plan. It has some smaller plans that allow you to care for dental and drug prescription costs. These plans can be purchased for an individual or a group of people.
How Manulife Insurance Works
Manu life has sufficient information to explain how the plans function and the payout process, despite the fact that it offers good plans. The plan includes coverage for disability, critical sickness, and health & dental insurance. So, if you’re unable to work due to illness, disability, or death, you’ll receive a payment to replace your income, pay off debts, and more.
It has Flexcare® under the health and dental plan. It can pay up to $5,000,000 in emergency medical travel coverage, and it combines prescription drugs, vision, and dental care costs. Under Flexcare, you buy the:
- Basic
- Enhanced
- Combo Basic (combo combines dental, vision, and drug).
- Combo Enhanced
Under the disability plan, we have the Proguard series and ExpenseComb. The former pays your income if you become disabled (for professionals and executives), while the latter reimburses your expenses such as rent, utility, salary, and more. Then under the critical illness plan is the Lifecheque plan that helps you focus on recovery.
Which Is the Better Option?
As shown in the table, both insurance firms have good products. However, there are specific differences in how the companies give their services.
The Advantages of Manulife and Canada Protection Plan Health Insurance
- Both insurance firms provide extensive information on various insurance policies.
- Both insurance firms provide a variety of options.
- Both insurers give a breakdown of their plans, but Manulife gives a better analysis of their services.
- Manu life offers add-ons to help users get rewards for living healthy.
Cons
- Without a rigorous medical questionnaire, not all health plans can be acquired.
Both companies offer good health insurance coverage and provide detailed information. However, the rewards for living healthy and more info give Manulife an edge over CPP.
Detailed reviews for your further reference: Manulife review; Canada Protection Plan review.
We have also reviewed many other good health insurance companies in Canada, you can refer to iA Financial review, Foresters Financial review, Desjardins review, and comparison articles like Manulife vs. Sun Life via the Insurance Company Reviews button above.
To obtain quotes from these companies and for more personalized health insurance advice, please visit Insurance Direct Canada – an established and trusted insurance broker in Canada.
