Insurance is a way of spreading, or sharing, financial risk.The idea of insurance dates back to the days of the Romans, but it wasnâ€™t formalized until the 18th century. Itâ€™s a simple concept: a large number of people pay into a fund or pool. When one of them suffers an unexpected misfortune, he or she is compensated by the fund.
The payout is called a benefit. Health insurance pays part or all of
your expenses when you see a health care professional, spend time in a
hospital or purchase covered health care services and products.
Health Insurance Providers
Canadians have access to both public and private health insurance
plans. These plans are provided by provincial and territorial governments and insurance companies that sell policies to individuals and to employers, unions and associations that act as group insurance sponsors.