March 4, 2021
Here’s what you need to know about retirement and your benefits coverage.
When planning for retirement, you may base your plans around what you normally expect to happen each year. However, 2020 was anything but normal. Due to the pandemic, some within the education community have delayed their retirement decision, whereas others are retiring early.
No matter where you are in your retirement journey or how your plans may have changed, the basic principles of planning for retirement stay the same.
Let’s take a look at what you need to do to wrap up your benefits coverage before you retire.
Once you have determined your retirement date, your employer will provide OTIP with that information. This is the date your OSSTF Employee Life and Health Trust (ELHT) benefits plan coverage will end.
|When does your ELHT plan coverage end||Your OSSTF ELHT benefits plan (health, dental, life and AD&D) ends effective 11:59 p.m. on your last day of work.
For example, if your retirement date from your school board is June 30, 2021, your coverage will terminate at 11:59 p.m. on June 30, 2021. If you retire on March 31, 2021, your coverage will terminate at 11:59 p.m. on March 31, 2021. No claims incurred after your last eligible day as a permanent employee will be paid after that date. If your benefits plan also covered any eligible dependents, their coverage will terminate on your retirement date as well.
NOTE: It’s important that you enroll in another extended health and/or dental plan effective on your retirement date. ARM allows 60 days from termination of previous coverage to enroll in their benefits plan without having to provide evidence of insurability.
|Submitting health and dental claims||For OSSTF ELHT benefits plan members, you will have 90 days from the date your coverage ends to access your OTIP secure member site and submit any health and dental claims incurred up to and including your last day of coverage.
Any claims received after 90 days from the date your coverage ends will be declined.
You can submit your claims in one of the following ways:
|Options to convert your group life insurance (if applicable)||You may be eligible to convert your group life insurance policy to an individual policy, up to a $200,000 maximum, with the current carrier (i.e. Manulife) without having to provide evidence of good health or undergo a medical exam, provided you do so within 31 days of your coverage ending.
You can learn more about your options and/or to convert your group life insurance policy to an individual policy by carefully reviewing the Group Benefits Life Conversion Options form available at www.otip.com/forms (found under Life Insurance forms). If you are interested in converting your policy, please follow the steps outlined in the form.
Other things to consider in preparation for your retirement:
For retirement information on the go, listen to OTIP’s “Walk into retirement with a plan” podcast series. Episodes cover topics on retiree health insurance, travel insurance, lifestyle planning and home and auto insurance. Listen to the podcast on our website or your favourite podcast app.
Please note that for information about your pension (if applicable), you should contact your pension plan organization (e.g. OTPP, OMERS).
Visit the ARM website for details about the health and dental insurance plans available to you.
As we monitor the COVID-19 situation, we continue to provide you with plan information and resources. For more information or to access frequently asked questions regarding your benefits plan and COVID-related changes, visit https://www.otip.com/coronavirus.
Questions? We are here to help! You can contact OTIP Benefits Services at 1‑866‑783‑6847.
The information in this document is provided by OSSTF Benefits for general information only. OSSTF Benefits endeavours to have all information current and accurate. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information included. All information is subject to change without notice.
The information contained in this website is for general information purposes only. The information is provided by OSSTF Benefits and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. All information on this website is subject to change without notice.