As the Canadian workforce continues to navigate changes posed by the Covid 19 pandemic, some workers are managing differences beyond returning to an in-office setting or a commute; leaving the masks behind and sitting at boardroom tables, face to face with their colleagues again. Some are considering a much different, more personal change: retirement.
In fact, by 2026, according to a study done by the Conference Board of Canada, 20% of the Canadian workforce will be eligible for retirement, a number which represents nearly double the eligible amount in comparison to the previous 5 years making it sound more like a mass exodus than a trend.
Certainly, a large number of those people are heath care workers, employees of an industry which has been in a tumultuous position for some time with regard to staffing, and the pandemic did nothing to alleviate that. And, who is more likely to be acutely aware of just how important health benefits are than those on whom most of us rely daily to be there to take care of us and our loved ones when we need it most.
It’s those people who are most ready to look ahead to retirement. Many of them walked away from retirement to return to work when the pandemic first hit and they were called upon to be there for those in their community; others bear the burden of burnout from working around the clock when emergency rooms were over-flowing and their colleagues were desperate for a break, or worse, sick themselves. These are the people who truly know firsthand how important it is to be able to lean on health benefits, for things like prescription drug coverage and paramedical services, especially when you least expect to need them.
Approaching retirement is sure to be a very exciting time, but also one which brings about a multitude of changes and uncertainties – fixed incomes, loss of benefits and more free time. For health care workers facing the job of deciding what to do about making sure they have health benefits post retirement, there is a lot to consider. Health Care Providers Group Insurance Plan is a program aimed specifically at providing group benefit plans, guaranteed, to health care workers retiring from full time work and losing their coverage. One current HCP plan member, Gail, from Lakeridge Health in Oshawa, said this: “After working for 47 years in health care, with the majority in a hospital, I found it upsetting that giving back to others for all those years, after retirement, I had NO benefits. But, just before my retirement date, an email was sent via our hospital Human Resources from HCP. I finally felt relieved to know that this organization cared about us. For all the years that I served the public, I feel grateful to HCP that they care enough about us to offer both this insurance and assurance that I can now enjoy my retirement with that extra protection”
The marketplace offers a number of other coverage options as well, in the form of individual health plans, available to anyone who finds themselves without coverage. The difference with the HCP plan is that it is uniquely structured with all the advantages of a group plan but offered on a completely voluntary, individual basis. It targets those working in hospitals across Canada – part-time, casual and contract employees and retirees – and takes extraordinary pride in their one-on-one, friendly and helpful Customer Service team. Gail went on to say, “I reached out to HCP with questions that they clearly answered in a very friendly manner. I picked the package that worked best for me. The staff are great! They even put a rush on my card to take on my first retirement trip to B.C. I know that I can now breathe a sigh of relief moving forward to enjoy my retirement with a smile on my face!”
As Canadians experience continued easing of restrictions and settle in, slowly, to something that more closely resembles their pre-pandemic normal, many of those who stepped-up and stepped-in when the need was there will be looking to finally step-out, and into retirement! Choosing a benefit plan is one of the key decisions that will need to be made as there are many great options available, Health Care Providers being one of them aimed at supporting all Canadian health care workers as they transition into their next chapter.