June 30, 2025 | 3-minute read
From buying groceries to purchasing a new car, prices seem to be on a constant upward trajectory. Healthcare is no exception to the trend. Over the 10-year period from 2014 to 2024, the Health and Personal Care segment of the Consumer Price Index rose 26%.1
In an environment like this, it becomes even more important to make informed purchase decisions. By shopping smart, you can help ensure you get maximum value for your healthcare dollar. Here are five strategies to help you.
According to Benefluent Advisory, approximately 85% of Canadian employers offer health and dental benefits to their employees.2 If you have coverage, check the details of your plan to make sure you’re taking full advantage of it. For example, some plans may reimburse medical supplies only if they’re purchased from an authorized provider.
If you and your spouse both have group benefits, you can maximize the value by coordinating your plans. For example, if you’ve used up your allowance for massage therapy, you may be able to claim the excess on your spouse’s plan.
And finally, if you’re retiring or leaving your benefits plan for any other reason, you may have an opportunity to purchase individual coverage from the same insurer, often with no medical exam required.
Whether you have group benefits, individual insurance or no health coverage at all, you may be able to save money simply by looking for lower-cost providers. If your plan covers $500 annually for massage therapy, for example, you’ll get more treatments with a therapist who charges $100 an hour than $120.
Similarly, dispensing fees at pharmacies are not all the same. In southern Ontario they can range from a low of $4.49 to a high of $12.99.3 Another way to save on prescription costs? Choose generic over name-brand drugs.
Shopping around can also pay off when you’re in the market for private health and dental insurance. Private plans typically include coverage for prescription drugs, dental care, vision care, paramedical services, ambulance and so on. But the coverage, and the cost, can vary greatly from one insurer to the next.
Look for coverage that fits your individual needs. If you’re living with a medical condition such as diabetes, for example, you’ll need a plan that covers pre-existing conditions.
Medical expenses that aren’t reimbursed by an insurance plan may be eligible for the Medical Expense Tax Credit. Examples include eyeglasses, contact lenses, dental work, prescription drugs, hearing aids and more. The premiums paid for private health and dental insurance also qualify. For a complete list of eligible expenses, visit the Canada Revenue Agency.
Perhaps one of the most effective ways to reduce your healthcare costs is to do as much as you can to protect and preserve your health and well-being. If you have coverage, make the most of the benefits that support preventative care, like dental checkups, vision checks and mental health therapy.
Whether you have coverage or not, there is plenty you can do on your own to help reduce your risk of developing a chronic disease — eat a nutritious diet, stay active, get plenty of sleep, don’t smoke or vape and moderate your alcohol intake.
Manulife Vitality is insurance with a difference. Not only does it help to protect you financially, it also rewards you for making healthy lifestyle choices.
Who’s eligible, what’s covered and how to apply.
How to get health coverage with no medical exam and no questions asked.
