While many plan sponsors are backing away from retiree benefits, there is a growing focus by employers on helping employees approaching retirement to prepare for the financial burden that they may face on the health front.
Since the late ‘90s there has been a growing shift away from employers providing group health and dental coverage for retirees. Increasing healthcare costs, provincial de-listing of services, an aging population and changes to accounting rules are the main culprits that are eroding coverage for post-employment.