Navigating the Ontario REALTOR® Wellness Program (ORWP): A Comprehensive Guide
Today, I’m excited to provide you with an in-depth overview of the Ontario REALTOR® Wellness Program (ORWP). This blog post will help you understand the key aspects of the ORWP and its importance for Ontario REALTORS®. If you have any questions or need assistance, please feel free to reach out at 905-906-7000 or via email at info@unitedlife.ca.
The Ontario REALTOR® Wellness Program (ORWP)
The Ontario REALTOR® Wellness Program (ORWP) is a significant initiative aimed at offering insurance and wellness coverage to all 96,000 Ontario REALTORS®. The ORWP is set to take effect on January 1, 2024, providing comprehensive coverage for various essential healthcare needs.
Why is the ORWP Mandatory?
One of the key questions surrounding the ORWP is its mandatory nature. The reason behind this is to provide affordable and extensive coverage to every member. Mandatory enrollment allows the ORWP to access a group benefits program, making it attractive to insurers and enabling better negotiation of favorable terms, including no medical tests or intrusive questionnaires.
Mandatory enrollment benefits include:
- Coverage for Life Insurance, Critical Illness Insurance, Healthcare, and Travel Insurance without the need for medical tests or questionnaires.
- No exclusions due to pre-existing conditions.
- Access to coverage for members of all age groups, ensuring that even older members have access to affordable essential insurance.
- Affordable Travel Insurance for members up to age 80, which is often unavailable individually.
Coverage Highlights
The ORWP offers a range of coverage options, including:
- Healthcare: Members will receive 70% reimbursement for up to $2,000 worth of coverage for prescription drugs, paramedical practitioners, and medical services and supplies.
- Out-of-Country Emergency Medical Travel Insurance: Included in the Standard Plan, this coverage applies to unforeseen medical services required outside of Canada for trips up to 30 consecutive days, until age 80, with a $2,000,000 lifetime maximum.
- Life Insurance: The ORWP offers Life Insurance with no termination age, providing valuable protection for members of all ages.
- Critical Illness Insurance: This coverage continues until age 70, with reduced coverage levels from ages 65 to 69.
- Accidental Death and Dismemberment Insurance (AD&D): Members have access to AD&D Insurance for added security.
- Member Virtual Care and Mental Health Program: This program provides 24/7 access to virtual consultations with healthcare professionals and offers quick access to mental health services, often within 12 hours.
- Enhanced Travel Coverage: Members can enhance their travel coverage, including trip cancellation, baggage loss, trip interruption, and baggage delay, at an additional cost.
Affordable Safety Net for Seniors
The ORWP is committed to providing affordable coverage to senior members. While coverage levels may decrease after age 65, the premium remains the same, ensuring that older members can access coverage that would otherwise be expensive or unavailable in the private marketplace.
Conclusion
The Ontario REALTOR® Wellness Program (ORWP) is a transformative initiative that will provide valuable coverage and support to all Ontario REALTORS®, regardless of age, health status, or family situation. It’s a safety net for the unexpected and a reliable source of coverage when you need it most.
For more information on the ORWP, please visit www.orea.com/orwp (Member login required). And if you have any questions or need assistance in choosing the best option, please don’t hesitate to reach out at United Life Financial. You can call at 905-906-7000 or email at info@unitedlife.ca. As an insurance broker, We can help you explore various options to save money and find the coverage that best suits your needs. Your financial well-being is our priority.
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