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THE BASICS
How Health Insurance Works
Insurance is a way of spreading, or sharing, financial risk. The idea of insurance
dates back to the days of the Romans, but it wasn't formalized until the 18th
century. It'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.
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