In addition to a group insurance plan, many employees also have hospitalisation insurance through their employer. While you'll often be given the option to remain enrolled in the plan after you retire, in some cases you may lose your corporate coverage. It's best to check with your HR department to see where you stand.
If you lose your corporate-sponsored plan, you'll have to take out individual hospitalisation insurance. While you always have the option to sign up for individual continuation coverage, it often comes with a massive hike in your premiums, especially if you're 65 or older. You could, of course, go on your merry way without hospitalisation insurance, but this is not something we can recommend in good conscience. This is because your medical expenses tend to rise significantly once you hit 65, and could quickly take a bite out of your retirement savings. Fortunately, there is a way to neutralise the string of these higher premiums: your employer can sign you up for a "waiting policy" while you're still on the company's payroll. This will lock in your age at the time you sign up, so that when you retire and transition to individual continuation coverage, your insurer will charge you the applicable premium for your locked-in age rather than your actual retirement age. The earlier, the better, as the savings could easily amount to a few hundred euros a year.
At AG Insurance, this type of insurance is called AG Care Vision. And there's more to AG Care Vision than just keeping your individual continuation premiums low. As soon as you sign up, you'll be entitled to additional benefits on top of your corporate hospital coverage. What's more, you can still sign up for AG Care Vision even if your company's hospital plan is with another insurer.
Want to find out more about AG Care Vision? Check our webpage, download the flyer in French or Dutch or stop by your broker's office.