Health, Dental & Drug Insurance/Benefit Plan for an early retiree - Page 3
Page 3 of 3 FirstFirst 123
Results 21 to 29 of 29

Thread: Health, Dental & Drug Insurance/Benefit Plan for an early retiree

  1. #21
    Senior Member
    Join Date
    Jan 2010
    Posts
    5,933
    Quote Originally Posted by marina628 View Post

    Until you have a illness you probably assume you can risk not having private insurance.
    That's true.

    There are key differences obviously between the underwriting method [pricing] of group vs individual insurance, but at the end of the day, it's all about risk [much of which is unforeseeable, no matter one's age], and the higher the risk [older], the higher the premiums.

    OP has 2 years to decide, but just keep in mind that to maintain your health coverage after termination/retirement, and without any interruption in coverage, you may be able to purchase health insurance without medical evidence if your current insurance is portable, and if you apply within 60 days from date of termination.


  2. #22
    Senior Member
    Join Date
    Nov 2009
    Posts
    1,751
    What is well and good is my agreement that these things can get expensive. There is no argument there, but it doesn't change the fact of reality that you are going to pay that cost yourself. Either as it happens or over time with the personal insurance plan...and that time will not be very long and usually it ends up being in advance (since they don't cover pre-existing conditions).

  3. #23
    Senior Member RedRose's Avatar
    Join Date
    Aug 2011
    Location
    Ontario
    Posts
    240
    Thank You for your well wishes and kind advice re CCAC and such. I will follow up with them too.

    I guess I will NOT be buying any Health Insurance then at this point.

    I was just thinking to pay say $184 a month as opposed to paying $400 to $500 a month for meds and other allied health care.

    Difficult decisions again.

  4. Remove Advertisements
    CanadianMoneyForum.com
    Advertisements
     

  5. #24
    Junior Member
    Join Date
    Sep 2013
    Posts
    18
    Thanks to everyone who replied so far.

    I was just wondering if anyone has direct experience with Follow Me Health Insurance from Manulife.

    Any comments (within the bounds of what is allowed on the forum) on "Follow Me" would be appreciated.

    Follow Me is billed as "The individual insurance plan that starts when your employee health benefits stop".


    Thanks,
    JimBob

  6. #25
    Senior Member RedRose's Avatar
    Join Date
    Aug 2011
    Location
    Ontario
    Posts
    240

    Cool

    JimBob, In hindsight now, I wish I had taken that Follow Me plan. I believe you have 60 days to sign up after you retire.
    Just my humble opinion take it.

    We were with Manulife and when my husband died I lost coverage. I could have taken it within 60 days but my head was turned elsewhere with other financial concerns.

    I never took the Health insurance plan with my job years ago as we were covered with his. I did n't see the point of both having insurance.

    Now I am semi retired and work now and then, I am not considered a full time employee so I cannot apply. I work for a Municipal government.

    Jim Bob, I hope you receive more responses.

    Rose.

  7. #26
    Junior Member
    Join Date
    Sep 2013
    Posts
    18

    Thanks RedRose

    Quote Originally Posted by RedRose View Post
    JimBob, In hindsight now, I wish I had taken that Follow Me plan. I believe you have 60 days to sign up after you retire.
    Just my humble opinion take it.

    We were with Manulife and when my husband died I lost coverage. I could have taken it within 60 days but my head was turned elsewhere with other financial concerns.

    I never took the Health insurance plan with my job years ago as we were covered with his. I did n't see the point of both having insurance.

    Now I am semi retired and work now and then, I am not considered a full time employee so I cannot apply. I work for a Municipal government.

    Jim Bob, I hope you receive more responses.

    Rose.

    Thanks for your response RedRose!

    Good Luck!

  8. #27
    Junior Member
    Join Date
    Sep 2013
    Posts
    18
    It's been a few years since I've been on this forum. I've been retired for over a year now and I wanted to post an update on my quest for retiree health insurance, in case the information is useful to anyone else.

    First of all, let me say a big thank you to all that responded to my original post. I received many very informative and helpful responses. RedRose, I hope you are doing well.

    After evaluating many Extended Health Care (EHC) and Dental Insurance plans for retirees, I eventually chose to continue EHC coverage under my wife's expensive, but very excellent company group plan for early retirees (under 65). The cost of the premiums is paid by the retiree. The major reason for this decision was that no "new" plan will cover "pre-existing medical conditions". If there is one, I did not find it. Because my wife and I have been covered by the same group plan for over twenty five years, this is (hopefully) much less likely to be a problem. The cost is high now (about $9,000/annum for family coverage) but once my wife turns 65, the cost of the premiums drop to $1,500/annum because the plan will no longer cover prescription drugs. Since Ontario Drug Benefit (ODB) coverage kicks in at age 65, this should not be a major problem. I am aware that there are limits to ODB coverage so I will be looking into this further as we approach 65.

    We decided to forego the dental coverage and take our chances with no dental insurance.

    I suspect that group retiree health insurance would be the best bet for people in my situation, if they are willing to pay the price and if it is available to them. Fortunately, my wife stayed with the same employer for many years and qualified for her company's group early retiree health insurance plan. I did not qualify for my company's plan because I fell short in the number of years of service. I also noted that my wife's company's retiree health insurance provides better coverage than my own, but the cost is higher. I didn't qualify for my own anyway.

    In an effort to find cheaper insurance, I looked at as many plans as I could and it seemed to me that none came close to what I wanted. Here are my main objections to the plans (outside of group plans) I researched.

    >Pre-existing medical conditions not covered
    >Yearly cap on drug claims is less than the annual premium cost
    >80% or less drug reimbursement
    >Lifetime caps on expenses

    Health insurance is one component of the worry free retirement that we were striving for. Even though it is expensive, my wife and I think it's worth the price.
    Last edited by jimbob.seeker; 2017-03-16 at 02:03 PM.

  9. #28
    Junior Member
    Join Date
    Apr 2017
    Posts
    1

    Red face

    Quote Originally Posted by AltaRed View Post
    I think it is good to have some level of an extended health plan post-retirement, at least until 65, and perhaps longer (I don't know about Ontario's ODB plan and what it covers beyond some level of prescription drugs compensation), so cannot help you there.

    Regarding dental coverage, my view is that unless you and/or your spouse have below average dental health, dental plans are not worth the money. The reason is that carriers have to make money on them in aggregate across all their policy holders, and thus premium income has to exceed payouts. Only you can make that judgment, i.e. if you think caps/crowns are going to start to hit you in a big way, then perhaps go for a dental plan.

    Similarly, eyeglasses and/or examination coverage is a waste of money for the same reason. The insurance companies have to make a profit in aggregate on policies issued.

    The typical carriers I am aware of are Sun Life, Manulife and Blue Cross, with Blue Cross probably being the best. There may be others. I don't have a need for such a plan because I am covered as an annuitant from my former work group plan (of which my former employer pays part of the premiums). I would not take the dental or eyeglass coverage if I was paying 100% of the premiums.
    I must agree.

  10. #29
    Senior Member
    Join Date
    Jun 2016
    Posts
    385
    Everyone's health situation is different. When I retired we did look at the follow me program. I am fortunate. My employer pension provides us with $1500. in health spending a year, plus catastrophic drug coverage (we pay the first 3K per year, they pay 90 percent after that).

    Cannot comment on prescription drugs because there is such a variance between individuals. Here in Alberta, the Alberta Gov't provides seniors/dependents with Blue Cross. It pays for 70 percent of any prescription drugs and I believe the max. that anyone pays is $30 per script. We will be covered in two months time. Not an issue since are prescription costs, at the moment are minimal. I suspect that within the next few years all Provinces will move toward some form universal Pharmacare-something the Canadian Medical Assoc. has been advocating for years.

    We did look at dental and eyecare. Our conclusion was that for this coverage insurance was grossly overpriced. If you are considering dental look very closely at the annual limits and specifically at exclusions and reimbursement limits on procedures like root canals and crowns. We found that the exclusions and annual limits negated the high dollar items that were our primary concern. The second thing we did was switch to a electric toothbrush. The differences, for us, have been substantial. Better checkup, far less plaque, bleeding gums etc. We moved to a 9 month checkup and may elongate that to 12 months.

    We did the same review for eye care and eye wear. Again, the annual limits for the policies that we were considering, did not make the program worthwhile. Especially since after 65 our eye exams are covered by our Provincial health insurance and we buy our eyeglass prescriptions from Costco.


Page 3 of 3 FirstFirst 123

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •