Have you talked to your clients lately about their personal health insurance needs? Fewer companies are extending group benefits for employees who leave the workforce and that might put more retirees at risk of falling into the cracks.

If you know clients who are leaving a group plan soon, now’s the time to talk to them about the potential gaps between their needs and what’s provided by their provincial health plan.

Navigating the gaps

Many people assume their provincial health plan covers much of their health expenses once they’re 65. However, the reality is that provincial health plans don’t cover all medical expenses. And coverage varies by province. Offering personal health insurance to clients is an effective way to bridge the gaps.

Health insurance coverage is about more than just prescription drugs and it doesn’t have to end at retirement. When an unexpected health event happens, costs for services such as hospital stays, medical equipment, in-home nursing and dental care can add up, leaving clients financially burdened. Products such as Sun Life Financial’s Health Coverage Choice and Personal Health Insurance could help protect clients from financial hardship.

Did you know?

One in five Canadians has no group or personal insurance and no savings to cover major health expenses.1 Many people just aren’t prepared for a major health event. There’s a significant opportunity for advisors to help clients manage their risk of paying for preventive care or medical bills as a result of an illness or accident. Personal health insurance can help lower out-of-pocket expenses and can also mean clients may be more inclined to get the care they need.

It starts with a conversation

Take time to speak with your clients about their health coverage in retirement. Asking about personal health insurance can also open the door to broader discussions about other types of health insurance needs including critical illness and long term care insurance. Mapping a route to manageable health expenses can clear the path for retirees to focus their money on what they want—achieving financial security and living their retirement dreams.

To learn more about Sun Life Financial’s Personal Health Insurance and Health Coverage Choice visit www.sunlife.ca/advisor or contact a Sun Life Sales Director.

1 2013 Sun Life Canadian Health Index

Originally published on Advisor.ca