The retiree marketplace will provide organizations with a new cost-effective option to help their employees insure their health and life insurance coverage into retirement
TORONTO, Jan. 28, 2016 /CNW/ - Morneau Shepell, a North American leader in benefits and pension consulting, administration and technology, today announced that it will be launching Canada's first online health and life insurance benefits marketplace for retirees in 2016.
The marketplace will feature a wide range of competitive medical, travel, dental, and life insurance group plans, designed specifically for retirees, provided in association with leading Canadian insurance companies such as Great-West Life, Green Shield Canada, Medavie Blue Cross and Pacific Blue Cross.
"Organizations see value in providing their employees with continued access to health and life insurance coverage after retirement, while controlling the rising costs of retiree benefit programs," said David Bassin, Managing Partner, Canadian Benefits Administration at Morneau Shepell. "Retirees are looking to their former employers for support when it comes to continued benefits coverage. Our retiree marketplace was designed with these needs in mind. Organizations can reduce the financial and administrative burden of traditional post-retirement benefits, while offering their retirees choice and competitive options with trusted insurance providers in an easy-to-use online marketplace."
The marketplace allows retirees to compare insurance products between multiple providers to find the right coverage that meets their lifestyle and needs. It offers guaranteed acceptance to medical, dental and travel plans upon enrollment, and is backed up by a telephone-accessible team of experts.
The retiree marketplace is an option for Morneau Shepell clients who want to ensure their employees have access to continued health and life coverage as they transition into retirement, and for clients who want to provide their existing retirees choice vs. traditional retiree benefit plans.
As of today, seniors outnumber youth for the first time in Canada's history; there are more people aged 65 and over than there are aged 14 and below1. Today only three million Canadian seniors have employer-sponsored benefits2, out of a population of almost six million aged 65 and older1. By the year 2030, it is estimated there will be over 9.5 million seniors in Canada3. Given that traditional retiree health benefits can cost 20 per cent or more than the same benefits for full-time employees2, the aging population presents an obvious challenge for organizations that provide retiree benefits today, and for those that do not have a post-retirement benefits strategy for their growing aging workforce.
"Morneau Shepell is excited to bring our market leading technology together with leading Canadian insurance carriers in an offering that speaks to the growing needs of Canadian organizations and their people," said Pierre Chamberland, Executive Vice-President and Chief Operating Officer, Administrative Solutions. "The retiree marketplace offers a fully-outsourced retiree benefits solution to organizations, while providing confidence that their retirees can have access to the health and life insurance coverage they need."
About Morneau Shepell Inc.
Morneau Shepell is the only human resources consulting and technology company that takes an integrative approach to employee assistance, health, benefits and retirement needs. The Company is the leading provider of employee and family assistance programs, as well as the largest administrator of retirement and benefits plans and the largest provider of integrated absence management solutions in Canada. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity and improve their competitive position. Established in 1966, Morneau Shepell serves approximately 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With almost 4,000 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly-traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
SOURCE Morneau Shepell Inc.
For further information: Nathan Gibson, Morneau Shepell, 416.390.2641, [email protected]