Benefits consulting firm Morneau Shepell has launched an online marketplace which will allow retiring employees to choose from a variety of medical, travel, dental, and life insurance plans.
Morneau Shepell's new myfutureinsured.ca web site offers benefits packages that are designed specifically for retirees. It allows retirees to compare products between multiple providers to find the right coverage. It offers guaranteed-issue medical, dental, and travel coverage and it also allows employers to pay funds into the marketplace, which their employees can then use to purchase products. The insurance is issued by companies such as Great-West Life, Green Shield Canada, Medavie Blue Cross, and Pacific Blue Cross.
A unique access to health and life insurance
Morneau Shepell points to a recent survey it conducted which found that although 75% of Canadians were concerned about declining health in retirement, only 44% of companies offered their employees a benefits plan when they stopped working.
“Our research clearly highlights both the concern many retiring Canadians have around future health-related costs, and the planned changes to existing employer-sponsored retirement benefit plans that can help address these concerns,” says David Bassin, Managing Partner, Canadian Benefits Administration at Morneau Shepell. “With MyFuture, organizations can provide their retiring employees with unique access to health and life insurance options in a fully-outsourced retiree benefits solution, while also reducing the financial and administrative burden of traditional, post-retirement benefit plans.”