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Did You Know That The Health Insurance You Depend On May Retire When You Do?

Did You Know That The Health Insurance You Depend On May Retire When You Do?
Your health insurance shouldn’t retire when you do. That’s why buying your own individual health and dental insurance can help you, for the rest of your life.

When transitioning into retirement protect yourself against costly medical expenses.  Your prescription drugs, glasses and dental bills may not be covered by your government health insurance plan and these costs can quickly add up.

An individual health and dental insurance plan can help, and is packed with benefits that work hard for you:

  • Many coverage options, so you only pay for what you need
  • No waiting period – you’re protected immediately
  • Plans for individuals, couples, and families
  • Enhanced seniors’ coverage
  • Premiums may be tax-deductible
  • Coverage for laser eye surgery, orthodontics, hearing aids, wheelchairs, walkers, RMTs and more

Not sure if you’ll need health insurance when you retire?

Planning for retirement is exciting, but there are many things to consider. One of the most important of these is whether you will have health and dental insurance in place. See if your employer provides retiree health plan benefits. If the answer is no, ask yourself these questions:

  • Do you (or your family members) visit the dentist?
  • Do you (or your family members) wear eyeglasses or contact lenses?
  • Do you regularly see a physiotherapist, registered massage therapist or chiropractor?
  • Will the government cover all your ongoing prescription drug expenses?
  • Do you have funds set aside should a family member ever need hearing aids, a wheelchair or walker or in-home nursing care?

If your employer doesn’t offer retiree health benefits and you answered yes to any of these questions, put a good health and dental plan in place to cover your family going forward.

Medical expenses can quickly derail a well-planned retirement budget

What if

Though you may currently be healthy, nobody can predict life’s twists and turns. Healthcare costs can quickly become a financial burden in the face of an illness, an accident or injury. Even regular out-of-pocket expenses like prescription drugs, eyeglasses and dentist visits can quickly add up. Here are some more questions to ask yourself:

  • What if you or your spouse becomes unexpectedly ill?
  • What if one of you gets injured?
  • What if as you get older you encounter chronic health problems?
  • What if you can’t afford healthcare?
  • What if unexpected costs impact your retirement financial plan?

Health insurance is designed to be a safety net that prevents retirees from having to spend an inordinate amount of money on services to stay healthy.

SBIS offers affordable choices you can depend on for life

The menu of health insurance options at SBIS is expansive. We have dozens of plans to choose from, some with low premiums and several levels of coverage, to more robust plans that cover a large array of services including

  • Prescription drugs for you, your partner, and any dependent children
  • Dental care, including routine procedures like cleanings and fillings or emergency dental work required because of an accident
  • Vision care checkups, glasses, contact lenses and even laser eye surgery
  • Professional therapy services by a specialist like a massage therapist, psychologist, chiropractor, dietician, or acupuncturist
  • Ambulance Transportation
  • Home Nursing care
  • Semi-private or private hospital accommodations

When you leave your group health plan and retire, take advantage of your transition window of 60-90 days to qualify for an individual health plan with guaranteed acceptance dependent only on your first premium payment. Coverage is renewable year after year if your premiums are paid.

Through Green Shield, Manulife and GMS SBIS offer these ‘post-group’ health and/or dental plans

GREEN SHIELD PRISM CONTINUUM PLANS

Through our partnership with Green Shield, SBIS offers our exclusive Prism Continuum health care focused plans to employees who are coming off a group plan. Plans include up to 15 days of travel health insurance protection, semi-private or private hospital coverage and the Change4Life online health tools and reward program.  Retirees enjoy comprehensive coverage – even if they have a pre-existing health condition – that is the best choice to cover ongoing and unexpected health care expenses. No medical questionnaire is required.

MANULIFE FOLLOWME PLANS

Manulife Follow-Me is perfect for those who are coming off a company group insurance plan and need a new one. Acceptance is guaranteed, even with pre-existing conditions, if you apply within 90 days of leaving the group plan. FollowMe plans offer 24/7 access to Healthcare Online with preferred pricing for some healthcare services. You can enjoy up to 10% premium savings by adding the Vitality option and qualifying by actively maintaining good health. A surviving spouse has coverage continuously for one year if you die.

GMS REPLACEMENT PLANS

GMS Replacement Health plans is available within 60 days of leaving your group plan. It includes features like the GMS Prescription Drug Lookup Tool to find out which drugs are covered under your plan. And like Continuum and FollowMe plans, you enjoy the convenience of a pay-direct card to present at participating pharmacies, dentists, massage and physiotherapists, psychologists, and more, so your plan is billed directly for covered costs. No need to pay out of pocket!

It these ‘retiree’ plans are not quite the right fit we also offer a wide range of fully underwritten plans to choose from.

Get the Health Insurance You Need When You Retire

Thinking about eventualities like failing health can be overwhelming, but its not an issue to avoid.  Overlooking the value of health insurance can disrupt any retirement plan.

At SBIS we are ready to help you make an informed choice with

  • free online resources to learn about retiree health insurance
  • free telephone consultation for sound guidance to help you figure out what coverage you may need
  • over 40 different health and dental insurance plan options comparable to your employee health plan
  • access to many plans that do not jeopardize your coverage for pre-existing health conditions
  • free, no-obligation quotes to help you determine how much to set aside in their post-retirement budget
  • buy online options to shop, compare, and apply for a plan when it is convenient
  • free assistance in signing up for the new plan
  • help with updating personal information like an address change, upgrading, or downgrading coverage or updating premium payment information like a bank account change
  • assistance throughout the claims process and advocating to help you get the most out of your insurance coverage.

If you have any questions, please do not hesitate to call us. Our business hours are Monday to Friday 8:45 a.m. – 4:45 p.m. Eastern Time at 1-800-667-0429 or 416-601-0429. Or go online today.

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