Your health and dental coverage from work is likely group insurance. You and your colleagues have access to the plan because you’re part of a group – your workplace.
RTOERO’s health and dental insurance for retirees is group coverage too. We can provide group coverage because we’re a membership organization.
Once retired, our members pay a small annual fee to be part of the group (membership is free until retirement). The option to join our group retirement insurance plans is one of the benefits of membership.
Group health insurance plans are often organized by an employer. They are preferred because they typically offer superior coverage at a lower cost and with far more stability. Group health plans are for larger groups, which reduces the risk by spreading it across many plan participants.
Individual insurance products are purchased directly from an insurance company. Individual health plans are typically less comprehensive and carry more risk. This is because the plan is often offered publicly, and the policyholder is insured individually yet shares the risk with an unknown group.
RTOERO is unique because we offer group health insurance plans to a retiree demographic and we self-insure most of our plans. Rather than simply purchasing an off-the-shelf fully-insured product from an insurance company, RTOERO manages our members’ premiums on a not-for-profit basis.
Here are some other ways RTOERO is unique:
Does being part of a group matter to you? It’s one of the factors you might consider when making decisions about insurance for retirement. Download our retiree health insurance comparison shopping checklist to help you with your decision.
If you’re gearing up for retirement, check out our retirement planning checklist to help you prepare for retirement in Canada. If you (or someone you know) are already retired from the broader education community and have an individual insurance plan, you still have options. Contact us at 1-800-361-9888 to learn about how you can join our group plan.
If you’re ready, you can apply for your insurance today.