Can I pay monthly for visitor insurance to Canada?

Some insurance companies will allow monthly payment options for your visitor health insurance plan. Visitor insurance, also known as visitor to Canada insurance, provides essential medical coverage for those who are not covered by Canada’s provincial healthcare. 

Monthly visitor insurance payments can be a game-changer for non-residents, especially students, foreign workers, and returning Canadians. The monthly payment option helps manage budgets better by avoiding significant upfront costs and ensuring coverage during the waiting periods for provincial healthcare or university plans. 

This blog will give you insights into how monthly payment plans work, which companies offer it, the factors that influence premiums, and tips for finding the best insurance coverage to suit your needs while staying in Canada.

How much does health insurance for visitors to Canada cost per month?

Visitors to Canada monthly payment plans can cost between $70  to $500, depending on the age and health condition of the applicant. Here is a table with some of the monthly premium costs for individuals aged between 25 and 85 years, with and without pre-existing health conditions:

Cost of medical insurance for visitors to Canada

*Cost of $100k in coverage for a non-resident in Canada for a 30-day period

Which companies offer monthly payment plans for visitors to Canada insurance?

Travelance, 21st Century, Secure Travel, and Destination are the four Canadian insurance providers that offer monthly payment plans for health insurance for visitors in Canada. Here are the details about each of them:

1. Monthly plans offered by Travelance

Travelance offers multiple payment plans for non-residents in Canada provided they meet these criteria: 

• Their trip duration is a minimum of 90 days
• The coverage value is at least $100,000
• Have a valid credit card on file
• The setup fee is $60

The two months’ refundable premium that is collected at the time of the application, is applied only to the last two scheduled payments. If you miss two consecutive months’ payment for your Travelance visitor to Canada insurance premium, your coverage will end. 

2. Monthly plans offered by 21st Century

21st Century offers a monthly payment plan for visitor insurance in Canada on fulfilling the following criteria:

• Available for Super Visa, Visitor, and work/student visa types.
• Minimum coverage limits of $100,000 
• Coverage period of 365 days or 730 days
• Non-refundable set-up fee: $50

21st Century provides refunds for any unused full months of coverage, but partial months are non-refundable. All refund requests must be approved, and a $25 processing fee applies to each refund.

3. Monthly plans offered by Secure Travel (RIMI)

Secure Travel, previously known as RIMI, also allows users to pay their visitor insurance premiums on a monthly basis. If you have selected the monthly payment option monthly payment amounts will be calculated as 1/12 of the total premium due.

The criteria for Secure Travel’s monthly plan are as follows:

• Minimum coverage limit of $100,000
• Minimum coverage period of 365 days
• Non-refundable setup fee: $120
• Upfront security deposit: 2 months

Once the policy becomes effective, the individuals can pay the remaining 10 months’ premiums monthly.

4. Monthly plans offered by Destination Canada

Destination Canada offers monthly payment plans to non-residents of Canada who:

• Has a minimum coverage of $50,000
• Has a minimum coverage period of 180 days
• Must pay a 10% surcharge
• Must pay an upfront security deposit for 2 months

Once the policy becomes effective, the rest of the premiums can be paid monthly.

How does the monthly payment option impact the overall cost of the insurance?

Choosing monthly payments can increase the overall cost of insurance due to higher total premiums, administrative fees, and potential interest charges. Monthly plans often come with slightly higher rates as insurers charge for the convenience provided and account for the added risk and cost of managing ongoing payments. 

Additionally, missed or late payments might lead to coverage lapses or penalties, which can further add to the total expense if coverage needs to be reinstated.

Comparing the total cost of monthly payments with the cost of paying the premium in a lump sum can help you determine the most economical option.

Benefits of paying monthly for visitors to Canada insurance

Monthly payment plans for visitors to Canada insurance offer flexibility and help manage those who are on a tight budget. Some of the key benefits of monthly payment plans for health insurance for visitors to Canada are:

• No large upfront costs: One of the most significant advantages of opting for a monthly payment plan is avoiding a large upfront payment. This can be especially beneficial for visitors who have already incurred considerable travel expenses or are trying to conserve their savings for other purposes
• Flexibility: Monthly payments provide greater flexibility, especially for visitors who are uncertain about the exact length of their stay in Canada. With a monthly plan, visitors can pay only for the period that they spend in Canada
• Affordability and budget management: Spreading the insurance cost over several months can make the expenses more manageable, especially for those on a tight budget. Paying a smaller amount each month allows visitors to allocate their funds more effectively across other travel expenses, such as accommodation, food, and transportation

What are the potential risks of choosing monthly payments for visitors’ health insurance?

While monthly payment plans are a great option for tourists in Canada, it does have some potential drawbacks such as higher overall costs, coverage gaps, and limited availability. 

• Higher overall costs: Monthly plans often come with slightly higher overall costs than paying the entire premium upfront. Insurance providers may charge additional fees or offer less favorable rates for the convenience of spreading payments
• Limited availability: Not all insurance providers offer monthly payment options. This can limit your choices and might require additional research to find a provider that meets your needs with this payment structure
• Cancellation policies and fees: If you need to cancel your policy, you may encounter cancellation fees or policies that make it challenging to obtain a refund for unused coverage

What happens when I cancel my monthly plan?

When you cancel your monthly visitor insurance plan, you may be subjected to cancellation fees, partial refunds, and a complete loss of coverage. Find out more:

• Cancellation fees: Some insurance providers may charge a cancellation fee if you end your plan early. This fee can vary depending on the provider and the time remaining on your policy
• Refunds: Depending on the provider’s policy, you might be eligible for a partial refund of unused premiums. However, this refund is usually prorated and may exclude any administrative or cancellation fees
• Loss of coverage: Once you cancel your plan, your coverage will end immediately or on the last day of the paid month. This means you will no longer be protected from any medical emergencies or covered incidents after the cancellation date

Frequently Asked Questions