The City of Toronto is Ontario’s municipal capital, formed in 1834. If you take a walk around downtown’s University of Toronto campus or the St. Lawrence Neighborhood, you can appreciate just how old Toronto really is, and how much work has been put into creating such a beautiful city. Thanks to the work of City of Toronto employees throughout history, its residents are well taken care of and the city’s responsibilities are carried out efficiently.
In 2020, over 33,000 people were directly employed with the City of Toronto, not including TTC employees, police, or library and community centre workers. That’s more than the entire population of Woodstock, ON, Moosejaw, SK or Cape Breton-Sydney, NS! Jobs range from transportation services, to paramedics and waste management…all with roles and responsibilities that keep the city safe and in good order.
For many Torontonians, a job with the city can be a dream-come-true offering fair compensation, pensions and sick leave—and importantly health and dental benefits! City of Toronto employees are insured through Green Shield group plans, and they are some of the best health benefits available.
But what happens when a City of Toronto employee retires? Do they get to keep their health insurance protection?
If you are a City of Toronto employee, you presently have access to excellent health and dental benefits, but unfortunately that group plan coverage may no longer be available to you once you retire. If you have recently retired from the city before age 65, you may still be covered under your group plan, but that will end.
When you are taken off your group insurance plan, you will no longer have coverage for healthcare services and items you may still need, like prescription drug coverage, physiotherapy or dental care. Health insurance is designed to be a safety net that prevents you from having to spend an inordinate amount of money on services to stay healthy. If you don’t have a health insurance plan in place once your group plan ends, you could find yourself in a sticky situation.
Another thing to keep in mind is that retiring usually goes hand in hand with aging. It’s reasonable to expect that you may start to encounter more health problems. Many retirees are in excellent health, but as the years go by insurance can be there in case an accident, chronic illness or a serious health issue happens.
Losing health and dental benefits at retirement can also mean losing sleep when you begin worrying about the “what ifs” of facing out of pocket healthcare costs
- What if you or your spouse becomes unexpectedly ill?
- What if one of you gets injured?
- What if you can’t afford healthcare?
- What if unexpected costs impact your retirement financial plan?
Nobody needs the stress of financial worry. Having a health and dental insurance plan in place can provide a financial buffer and is integral to anyone’s wellbeing.
Smart retirees (who don’t want to lose sleep worrying) make sure they purchase their own new health and dental insurance plan after they come off the City of Toronto group plan. There are many things to consider. Some plans will require that you apply for a new plan within 60 to 90 days of leaving the group plan. Some plan options ask medical questions which may restrict coverage you are eligible for.
At SBIS we can offer you a guarantee issue plan as long as you sign up within 90 days of losing your group benefits. No medical questionnaire is required and pre-existing conditions can be covered!
Don’t wait too long, or you may lose your window of opportunity.
If you contact our office we can help you find something similar to what you had as an active employee. We can also guide you toward a plan that will cover all your needs while providing you with the most cost savings available to you.
At SBIS, there are many types of plans that you can sign up for, with different costs to suit your budget. Our job is to help you understand your options and make it easy to get the coverage that is right for you.
Health and dental benefits are so important and work to cover healthcare expenses not covered by your provincial health care plan. You never know what can happen in life! We can’t plan for everything but we can certainly try to mitigate any risks. Insurance plans exist to keep us safe, healthy, and happy. Retirees should enjoy the rest of their days without worrying about financial ruin because of unplanned healthcare expenses.
Call our office today and we can set you up with all the resources you need and can get you set up quickly. Or go online to learn about retiree health insurance, then you can shop, compare, and apply for a plan today. So get set… to enjoy a restful, long and healthy retirement!