Human resources consulting and technology company Morneau Shepell announced yesterday that it has launched an online health and life insurance benefits marketplace called MyFuture, which caters specifically to retirees—the first of its kind in Canada.
Morneau Shepell also announced that 3M Canada will be the first company to offer the MyFuture service to its employees.
The MyFuture marketplace lists various competitive medical, travel, dental, and life insurance plans that have been designed with retirees in mind. The plans are provided by some of the country’s leading insurers, such as Great-West Life, Green Shield Canada, Medavie Blue Cross and Pacific Blue Cross.
Businesses that want to ensure that their retired employees have access to continued health and life coverage are the main market of Morneau Shepell’s new service. The company’s clients who want to provide their existing retirees with more options over typical retiree benefit plans can also use the marketplace.
The service will allow retirees to compare plans between multiple providers. The platform also offers guaranteed acceptance to medical, dental and travel plans upon enrollment. It will allow employers to direct funds into the marketplace, enabling their retiring employees to purchase health and life insurance products.
“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 3M Canada Total Rewards manager Jeff Finley. “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 survey of over 1,000 working Canadians, recently conducted by Morneau Shepell, found that three-quarters of employees indicated declining health as their top non-financial concern in retirement. Two-thirds of respondents also said that health-related costs are one of the top financial concerns in retirement. Of the 100 organizations surveyed, only 44% said that they offered a retiree health benefits plan. Of the 44%, 48% said that they are likely to change 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,” remarked 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.”
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