According to the Sanofi Canada Healthcare survey, 51% of Canadians expect they will continue to have access to their healthcare benefits after retirement, despite most benefits contracts having aged based restrictions which either limit or terminate healthcare benefits beyond a certain age.
The survey found expectations for healthcare benefits to continue after retirement are particularly high among those aged 55 and older (69%), and those who work for companies with over 5,000 employees (67%). Just 13% of employees said they understand their benefits extremely well, down from 19% in 2005.
Pierre Marion, director of business relations at Medavie Blue Cross said employers should better inform employees about their post-retirement benefits.
"Right now employees are not factoring healthcare costs into their retirement planning. Many will be in for a surprise when they realize that extended benefits may not be available," she says.
The survey also found:
- 64% of employers with health benefit plans in place don’t know their employee absenteeism rate
- employees are willing to pay out of their own pocket for retirement benefits (54%), critical illness insurance (36%) and high-cost medications (32%) in order to keep them after they retire
- 92% of respondents would participate in health rick screenings at work
- 36% of respondents said they are willing to pay higher premiums if employers are unable to pay for increased healthcare costs