Benefits: the money which an insurance company pays towards medical expenses

Insurance agent: insurance agents are licensed and regulated to sell insurance by FSCO. Some agents represent one insurance company, while others represent several companies

Insurance company: an insurance company issues and sells comprehensive financial products including individual and group insurance policies to individuals and employers, and promises to pay benefits to holders of those policies

Claim: a formal request to an insurance company for payment of a benefit

Co-insurance: a feature in a supplementary health insurance plan that requires you to pay a portion of your eligible medical expenses in addition to any deductible (e.g., $5 per prescription drug)

Coordinating benefits: If you and your spouse/ partner both have group insurance through your employers or associations, you may be able to combine your benefits to cover up to 100 per cent of your medical expenses.

Deductible: the part of the medical expense you must pay at the beginning of each year before any payment is made by your insurance company

Exclusions: risks that your insurance company will not insure

Group insurance: supplementary health and/or dental insurance that is offered through an employer or professional association

Individual supplementary dental insurance: supplementary dental insurance that you purchase independently of any group insurance

Individual supplementary health insurance: supplementary health insurance that you purchase independently of any group insurance

Maximums: dollar or percentage limits placed on the amount of benefits you can receive in a specified time (e.g., in a year or in your lifetime)

OHIP: Ontario Health Insurance Plan funded by the Government of Ontario

Pre-existing conditions: illnesses or injuries that you had before you applied for insurance coverage

Premium: a fee that you pay for an insurance policy

Rider: additional provisions that you can purchase to give extra coverage for specialized needs

#FSCOAskTheExperts: Ask the Experts Online Q&A.

Supplementary Health and Dental Insurance 101: Getting Started: learn more about the common features of supplementary health and dental insurance plans.

Financial Literacy Portal open new window: your one-stop shop for links to other great financial information.

Types of Supplementary Health and Dental Insurance: make sure your policy is the right one for you.

Questions to Ask About Supplementary Health and Dental Insurance: use our checklist to ask the right questions about your policy.

Supplementary Health and Dental Insurance Glossary: to better understand common supplementary health and dental insurance terms, refer to this glossary.

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