What happens when you no longer have group insurance?

What happens when you no longer have group insurance?

Rest assured, individual insurance options are available to replace group coverage that ends at retirement.

For context, let’s look at Barry and Brenda, two professionals who are on the verge of retirement.

Now that Barry has reached the normal retirement age, he wants to move into their secondary home located in France.

Since Barry will be losing the group insurance he has through his employer, he will now be expected to pay his own medical expenses and healthcare treatments… not to mention travel insurance!

Brenda is six years younger and not ready for retirement. However, she sees the move to the French countryside as a golden opportunity to start her own business—a dream that she’s been entertaining for some time now.

In doing so, however, she too will be losing her group insurance.

What options do they have to enjoy peace of mind and coverage adapted to their needs?

You have at most 90 days after retirement to take out individual insurance that includes health and dental care coverage

The 90 days is important because, after that time, insurers will consider your health condition and may ask you to fill out a medical questionnaire and take a medical exam.

By acting quickly, Barry and Brenda can maintain coverage that is adapted to their current health and lifestyle, without having to answer any medical questions.

Healthcare Coverage

Individual insurance with healthcare coverage is the next logical step after group insurance because it can cover:

  • Hospitalization
  • Homecare fees
  • Treatment provided by healthcare professionals—chiropractors, podiatrists, osteopaths, physical therapists, hearing specialists, etc.
  • Prescription drugs not covered by your province’s public plan
  • Vision care
  • Dental care
  • Emergency medical expenses while travelling

Some plans even cover private sector healthcare services like lab analyses and x-rays.

The Coverage

Insurers tend to offer several insurance plans for various needs and budgets.

Travel Insurance

Jetsetters Barry and Brenda should consider a plan that includes travel insurance.

In addition to covering emergency medical expenses abroad, this insurance includes trip cancellation and interruption as well as travel assistance services.

The Premium

The premium can be paid once a year or in monthly instalments.

The premium will depend on factors like the age of those insured, the number of people insured (in this case two, Barry and Brenda) and the coverage selected.

However, before making their decision, Barry and Brenda will speak to their financial security advisor who will help them make a well-informed decision.