How Health Insurance Benefits for Retirees are Changing: What You Need to Know

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Everyone looks forward to life after retirement. Being able to relax, enjoy your hobbies, and live out your lifelong dreams. While fantasizing about the future, your health insurance benefits are not usually top of mind. Unfortunately, changing work environments are making it increasingly more difficult for you to depart your job knowing you have a secure future. Here are a few things you need to know about changes happening with health insurance benefits and how Medavie Blue Cross Insurance can help.


Recent trends in the workplace are having major effects on pensions and post-retirement benefits. Employers are cutting costs, and in turn, post-retirement health plans are disappearing. The pressure is on a lot of people to start strategically saving for retirement. According to The Globe and Mail, here are some changes you will notice:

  • Recent research shows that only 41% of employers today are covering post-retirement health plans that assist with medical and dental costs.
  • 24% of employers who offer these plans say they are looking for ways to stop. Also, some employers who claim to be offering post-retirement benefits are just simply linking retirees with insurance products that replace company benefits.
  • The decline of both post-retirement benefits and pensions is connected to business and demographic issues. Companies are increasingly opposed to having responsibilities related to pensions and benefits that continue after a worker retires.


Being proactive is the best way to deal with these ongoing changes. Ask your employer early on what your retirement situation is, and if you’ll have access to your current level of coverage when you finish work. Some workplaces will continue offering equal benefits, while others will change drastically post-retirement. Once you’ve outlined the state of your benefits, it’s time to take the next step in preparing for the future. Luckily, Medavie Blue Cross offers a lot of great resources for approaching retirement that we are proud to provide to our clients.

Here some common concerns and solutions when thinking about retirement insurance:


Blue Cross allows you to easily switch your group benefits plan into individual coverage when you are no longer covered under your employer’s plan. The process of the Conversion Personal Health Plan from Blue Cross is simple, as you don’t need to worry about completing a new medical examination or pre-existing conditions that were previously covered in your group plan.

If you currently have a group plan and want to be proactive about your future you can apply for an Assured Access plan to accompany your current coverage. Assured Access guarantees your eligibility for future health benefits. Once you’ve qualified for this, you and your family can convert your plan into an Elements plan,whenever your employment situation changes (even if it’s before retirement).  Assured Access protects you from the chance of losing health, prescription drug, and dental benefits.

To apply for Assured Access, you must:

  • Pass a medical exam
  • Be under 64
  • Have been covered by your current group insurance for at least 1 year


Insurance plans can vary, but in many cases you will have the opportunity to switch your current life insurance you have with your group plan into an individual plan. The transfer process of life insurance with Blue Cross is extremely efficient as you are not required to under go any medical exams. Similar to swapping your health insurance plan, you’ll have to make the change within 30 days of the end of your group policy.


Retirement planning can be overwhelming and complex, especially given the recent trends in employee benefits. Get in touch with me today so we can help you discover your best options, and you can get back to daydreaming about beachside vacations and golfing trips. Don’t put off planning for your retirement until it’s too late–schedule a consultation with us today!

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