Conversion Plans are available to you if you retire or lose your job and are losing your coverage under an employee benefit plan. You must apply within 60 days of termination of your previous coverage.
Conversion plans allow you to move from a pre-existing group plan into an individual plan without having to fill in a medical questionnaire. Conversion Plans are a good choice for:
- people with existing health conditions, who are in between jobs, and coming out of a group plan
- people leaving a current group plan due to retirement
- people leaving a group plan due to poor health
If you fit any of these descriptions, you are eligible to purchase Health and Dental coverage, Life Insurance, Critical Illness Insurance, and Disability Insurance, depending on your budget. If you have a Life Insurance policy through your employer, you can convert the same policy into individual Life Insurance. This could be of great benefit to you - in some situations, this is the only way to get Life Insurance.
If you are retiring or have lost your job, a Conversion Plan can be of additional benefit to you because, depending on your income, it is an income tax write off.
Retiree Plans For Owners & Principals Under the Maximum Benefit Chambers Plan:
For many people, retiring means leaving their group health and dental coverage behind. While provincial plans cover some health care expenses, many day-to-day and emergency expenses will now be your responsibility.
Johnston Group Retiree Plans allow owners and principals to easily transition their group plan coverage to an individual health and dental plan.