Morneau Shepell plans to launch an online marketplace where retirees can shop for health and life insurance benefits.
The pension and benefits consulting firm announced last week that it is working on creating a web site that will offer competitive medical, travel, dental, and life insurance group plans, designed specifically for retirees. The site is expected to be ready later this year, and the products will be provided in association with a number of Canadian insurance companies including Great-West Life, Green Shield Canada, Medavie Blue Cross, and Pacific Blue Cross.
Morneau Shepell says the marketplace is meant for its group plan clients who want to ensure their employees have access to continued health and life coverage when they retire, as well as for those who want to provide their existing retirees with more choice compared to traditional retiree benefit plans.
Retirees will be able to use the site to compare insurance products between multiple providers to find the kind of coverage they require. It will offer guaranteed acceptance to medical, dental and travel insurance, and plan members will also be able to obtain advice over the telephone.
"Organizations see value in providing their employees with continued access to health and life insurance coverage after retirement, while controlling the rising costs of retiree benefit programs," comments David Bassin, managing partner of Canadian benefits administration at Morneau Shepell. "Retirees are looking to their former employers for support when it comes to continued benefits coverage. Our retiree marketplace was designed with these needs in mind. Organizations can reduce the financial and administrative burden of traditional post-retirement benefits, while offering their retirees choice and competitive options with trusted insurance providers in an easy-to-use online marketplace."