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Benefits and Working Past 65

Many people today are working past age 65. I was speaking to a gentleman yesterday who was 67 and had just sold his business. What were his options?? It really required some discussion about his personal needs. He didn't want drug coverage, wanted dental, eyeglasses, extended health benefits and travel insuramce. Can we help him? You bet!

In Ontario, once you reach age 65 most of your drug benefits are paid by the Provincial government. If you are in a benefit program and still working, you can opt out of your group plans drug portion and save that cost as it now becomes duplicate coverage.

Dental plans can continue in your group plan in most cases past the age of 65.

Most Long Term Disability (LTD) plans expire at age 65. We know of at least one carrier that will issue an individual LTD plan after the age of 65 and in fact cover you to age 75 for LTD benefits. The injury portion is guaranteed to issue and the illness portion will require some medical underwriting.

Most life insurance benefits in group plans drop in half. It may be time to consider some more individual coverage.

If you are working less hours after 65, you may in fact no longer qualify for any benefits as you may fall under the minimum number of hours per week required in the plan.

If you are working past 65, some changes are automatic and some are not. Take the time to discuss your options with your benefits administrator or an independent benefits representative.

JK