What happens to your group benefits when you retire?
For those of us lucky to have Group Benefit coverage through work, we’ve had a program there to cover our health needs. It’s helped to pay for things like physiotherapy, massage therapy, dental treatment and even travel insurance.
So, what happens when you retire? Do those things just come out of your savings? Or is there a way to have a fixed cost you can budget for, and have the plan cover you if you need it.
The irony is, for many retirees, they need coverage more than when they were working. It’s more likely they’ll be using health services, and travel is probably the number one thing on many wish lists after retirement.
You can just purchase Travel Insurance as trips come up, but you may have to qualify every time. Your rates will increase as you get older. And many plans have maximum ages – do you want to be told you can’t go down to the US just because you can’t get insurance?
Enter the Capital Retiree Health & Travel plan!
Provided by Victor Insurance, the Capital Retiree Plan has two different options:
1) Health, with optional Annual Travel, or
2) Health & Dental, with optional Annual Travel
To qualify, you need to be 50+ and either retiring or “aging out” of your group benefits plan. If you enrol within 90 days of losing your coverage, acceptance is guaranteed without medical underwriting. There is no maximum enrollment age when coming off any employer paid plan!
What makes this plan stand out?
- No Age Banding. Rates are based on province of residence, and don’t increase with age! That makes premiums more stable and affordable
- Lifetime coverage and survivor coverage. That means it can cover you as the retiree and your spouse. In the event of a death, coverage changed to single and benefits continue as long as you keep paying your premiums
- Flexible Annual Travel Insurance Options: you can sign up for trip durations between 30 to 180 days per trip – and you can change which one fits your lifestyle every year!