Choosing your retirement insurance plan is one of the most important decisions you’ll make as you prepare for retirement. When you retire from the education sector in Canada, you’ll have different options for your insurance, including:
We put together a checklist to help you evaluate insurance coverage options for retirement and decide which option is best for you.
|Are insurance services and claims totally delivered in Canada?||yes|
|Is the insurance plan non-profit, meaning the premiums are 100% invested in service for members?||Yes|
|Is there guaranteed acceptance for health coverage?||Yes*|
|Does the plan offer single, couple and family coverage?||Yes|
|Can you move freely between coverage options (single, couple, family)?||Yes|
|Are dependent children covered until age 30?||Yes|
|Can dependent children be re-added to the plan if they return to post-secondary education?||Yes|
|Does the plan offer coverage for a surviving spouse for their lifetime?||Yes|
|Can I live anywhere in Canada and retain my coverage?||Yes|
|Do you offer an annual income tax expense letter?||Yes|
*Guaranteed acceptance within 60 days of termination from a group plan for extended health care and hospital coverage. Permanent guaranteed acceptance for dental. If you are late in applying for dental coverage, you are limited to $500 per insured person for eligible dental services for the first 12 months. Learn more about our late application process.
|Are all prescription drugs covered, including generic and brand names?||Yes|
|Is prescription drug coverage limited to a formulary*, rather than covering all prescriptions?||No|
|Do you require prior authorization or paperwork to be submitted for any prescription drugs?||No|
|Are there maximums for specific categories of medication (e.g. lifestyle medications)||No|
|Is there cataract coverage?||Yes|
|Do you require a doctor’s authorization for paramedical benefits?||No|
|Are there per-visit maximums?||No|
|For aids and appliances, is there a lifetime maximum?||No|
|Do you require prior authorization or paperwork to be submitted for medical aids & appliances?||No|
|Is a medical questionnaire required for travel insurance coverage?||No|
|Can you extend your travel coverage and is it provided by the plan itself?||Yes|
|Is there flexibility for your travel extension, including variable lengths, ending it early, or last-minute extensions?||Yes|
*Formulary – predetermined list of prescription medications that an insurer will cover, rather than covering all medications with a Drug Identification Number, as RTOERO does.
Insurance is just one of the benefits of being an RTOERO member (although it is our most popular benefit!). We have many other perks and services for our members, including our magazine, and our advocacy work. If these things matter to you, make sure to look into what else is included with other plans you’re evaluating.
And of course, you’ll want to look at the total cost of the coverage and benefits you want.
After you’ve done your assessment of the coverage, be sure to ask your friends about their experience with different plans. Peer referrals are a good idea!