You've worked all your life for this, and now it's here. You're retiring. What do you need to know?
It's always important to lead a healthy lifestyle, and retirement is a great time to reevaluate your overall approach to health, from nutrition, to exercise, to your health care plan.
As part of retirement, your group health coverage may be ending. Now that you're living on a fixed income, be sure to include financial protection — health insurance — in your budget. You'll have the peace-of-mind of knowing that you are protected against unexpected as well as routine expenses not covered by your provincial health insurance plan.
Provincial healthcare funding is continually reassessed. While governments reduce coverage for some healthcare services and cease to provide others, supplemental health insurance covers the gaps. You can refer to this quick guide on what the government covers.
If your retirement plans include travelling, don't overlook the importance of travel insurance. It can protect you against expenses that may result from situations like lost luggage or missed connections, as well as unexpected health-related costs. With protection and the peace-of-mind it brings, you can simply concentrate on relaxing and enjoying your trip.
If your group life insurance plan is ending, now is a good time to consider your life insurance options. You may want to leave a financial cushion for your spouse, or contribute to a child's or grandchild's education. Whatever your goals, you can choose from a variety of life insurance plans and select the type and level of coverage that best suits you and your family.
Supplemental health and dental insurance and travel insurance can help manage both the routine and the unexpected health-related expenses that may result from accident or injury.
FollowMe™ Health and FollowMe Life plans are designed specially for those whose group coverage is ending or has recently ended. If you apply within 60 days of your group coverage end date, completion of a medical questionnaire is not required. This means a quick and easy application process, accessible protection, and the peace-of-mind that comes with knowing you are covered.
Every province and territory has a different health plan. However, the following are usually not covered by government health insurance plans:
Your province may outline coverage on their website.
Government health insurance plans do have limits on the reimbursement of the emergency medical expenses incurred while in another province. For example, air and ground ambulance costs, emergency dental treatment and prescription drugs might not be covered outside your province of residence. For maximum protection, you should purchase additional medical coverage even while travelling within Canada.
You are eligible to apply if you are a Canadian resident between 18 and 69 years of age, and if you apply within 60 days of your group life coverage end date.
If you apply within 60 days of your group life insurance ending, no medical questionnaire or exam is required when you apply. If you apply after the 60 day period, full medical underwriting will be required.
The FollowMe Health plan is specially designed for those whose group health coverage is ending, or has just recently ended. It offers coverage for prescription drugs, extended health care and optional coverage for dental care. When you apply within 60 days of your group health coverage end date, you qualify without having to complete a medical questionnaire, regardless of your health. FollowMe Health provides four levels of coverage from which to choose, Basic, Enhanced, Enhanced Plus and Premiere, as well as a FollowMe Travel Add-on, so you may select the protection that best suits you and your family.
The FollowMe Life insurance plan is unique. Designed to start when your group life insurance stops, it offers coverage from $25,000 to $200,000. Completion of a medical questionnaire is not required as long as you apply within 60 days of your group life coverage end date.
Do your retirement plans include travel? CoverMe Travel insurance offers financial protection against unexpected travel expenses.
CoverMe Guaranteed Issue Life insurance offers coverage from $5,000 to $20,000. Completion of a medical questionnaire is not required — your acceptance is guaranteed*, regardless of your health. With premiums that will never increase and coverage that will never decrease, this plan is designed for those 40 to 75 years of age.
* Acceptance is guaranteed upon receipt of initial premium payment.