Do you have workplace benefits?
Millions of Canadians are enrolled in a benefits plan that provides health and dental coverage, as well as other benefits that can help you protect your loved ones and plan for the future financially.
Through an employer-sponsored plan, you may have:
- Health and dental insurance
- Life insurance
- Critical illness insurance
- Disability insurance
- Accidental Death and Dismemberment (AD&D) coverage
- A workplace retirement and savings plan
What happens when you leave your job?
There may come a point when it’s time to move on from your current employer. You may:
- Quit your job to accept a new role somewhere else
- Find yourself being laid off or fired
- Leave your job to pursue self-employment or to start your own business
- Switch careers
- Retire
Ultimately when your coverage ends will vary depending by plan and provider, but in most cases, you’re only covered when you’re working for the employer. If you resign, your benefits normally end when your notice period is over. If you’re fired, your benefits may end immediately, but they may continue for a certain period if you’ve been laid off.
As soon as you know you’re leaving your employer, have a discussion with your Human Resources (HR) department to find out when your coverage ends. You can also reach out to your provider directly to see what your options are in terms of converting your coverage or purchasing something new to keep your benefits.
How to stay covered
Keeping your health, dental and vision coverage
When your benefits end, you may find that you're only covered by the health plan in your province or territory. Generally speaking, these plans will cover things such as visits to the hospital or doctor, but may not cover other healthcare or paramedical services.
Personal insurance can help fill the gap between this coverage and what you pay for yourself, and can be tailored to cover a range of healthcare needs, such as:
- Routine dental services
- Eye exams, glasses, contact lenses and laser surgery
- Prescriptions drugs
- Physiotherapy, chiropractor visits and massage therapy
- Social workers and psychologists
- Naturopaths, dieticians, acupuncturists, no referral needed like all our paramedical services
Keeping your insurance
With products like Freedom to Choose™ life, critical and accident insurance you can add coverage to eligible Canada Life workplace plans and keep it after you leave your job, or your workplace plan terminates. Your rates can even be less than you'd pay for personal coverage, helping you save while keeping you covered.
Keeping your pension and retirement savings plans
If you’re one of the 6.5 million Canadians who are members of a workplace pension plan, you know what a valuable part it plays in your overall retirement planning. If your workplace retirement and savings plan was with Canada Life, you can easily transfer your account to NextStep™. You can choose from a wide range of products, such as a Tax-free saving account (TFSA), Registered retirement savings plan (RRSP) and Registered retirement income funds (RRIF), and getting started online is easy.
Another option may be to transfer it to a Locked-in Retirement Account (LIRA). When you choose this option, money is transferred from your workplace pension into an account that’s “locked” until you retire. This means you won’t be able to withdraw any money from it to help pay for things like post-secondary education or buying a home, but it also means that you have money that’s likely to be there when you’re ready to turn it into retirement income.
The benefits of staying covered
Protect yourself against out-of-pocket expenses
Anything that’s not covered by your provincial or territorial health plan – or healthcare costs that you pay for yourself – are known as “out-of-pocket” expenses.
These costs can rack up quickly, and include but are not limited to:
- Most eye exams
- Dental care
- Physiotherapy, massage, and chiropractic treatments (also known as “paramedical” treatments)
- Prescription drugs
- Medical equipment, including crutches and wheelchairs
- In-home nursing
- Ambulance fees
Having a personal insurance plan in place can help you avoid receiving a hefty bill as a result of an accident or illness, and can also help cover out-of-pocket expenses for preventative and routine healthcare.
Protect your family
If your health and dental plan extends to your spouse and dependents, they too may find themselves with no coverage once you lose it. You can find a personal insurance plan that extend to dependents to make sure your family doesn’t lose coverage.
If you’re losing life insurance, your family may no longer be protected financially in the event something happened to you. If you have a family or loved ones who are dependent on you financially, you could look at adding Freedom to Choose™ life, critical illness and accident insurance to your plan before you leave it to ensure you stay covered or ask an advisor about what life insurance may be right for your needs.