Canada's first online retiree marketplace for health and life insurance benefits, provides organizations with a new, cost-effective option to help their employees insure their health and life insurance coverage into retirement
TORONTO, Sept. 15, 2016 /CNW/ - Morneau Shepell, a North American leader in benefits and pension consulting, administration and technology, today launched MyFuture (myfutureinsured.ca), Canada's first online health and life insurance benefits marketplace for retirees, and is proud to announce that 3M Canada will be the first company to offer this service to their retiring employees.
MyFuture features a wide range of competitive medical, travel, dental, and life insurance 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.
MyFuture 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 with more choice versus traditional retiree benefit plans.
"At 3M, innovation is core to our values, and we see MyFuture as an innovative product that we're excited to offer our employees moving into retirement," said Jeff Finley, Total Rewards Manager at 3M Canada. "Through the combination of multiple insurance carriers and unique options only found within the MyFuture online marketplace, we believe MyFuture offers our employees choice and flexibility in choosing the right health and life insurance benefits for their retirement."
A recent Morneau Shepell Survey of more than 1,000 working Canadians found that three-quarters of employees indicated declining health as their top non-financial concern in retirement, and two-thirds cited health-related costs as one of their top financial concerns in retirement. Among the 100 organizations surveyed, however, only 44 per cent reported offering a retiree health benefits plan. Of these organizations, 48 per cent indicated they are likely to make a change to their plan in the next five years.
"Our research clearly highlights both the concern many retiring Canadians have around future health-related costs, and the planned changes to existing employer-sponsored retirement benefit plans that can help address these concerns," said David Bassin, Managing Partner, Canadian Benefits Administration at Morneau Shepell. "With MyFuture, organizations can provide their retiring employees with unique access to health and life insurance options in a fully-outsourced retiree benefits solution, while also reducing the financial and administrative burden of traditional, post-retirement benefit plans."
MyFuture 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. MyFuture also seamlessly allows employers to direct funds into the marketplace, which can be used by their employees to purchase health and life insurance products for retirement.
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.