News

News

NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition

NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition

10/28/2024 3:34:37 PM
The National Insurance Board (NIB) is issuing this statement to clarify the provisions and procedures affecting pension beneficiaries who transition into care facilities. Our goal is to ensure that all beneficiaries are informed and supported regarding their pension entitlements during this significant life change.

Pension Continuation in Care Facilities
For pensioners transitioning to care facilities, NIB pension payments will continue without interruption, providing a stable income source.

Direct Payment Option for Care Facilities
Recognizing that transitioning to a care facility can incur new financial demands, as in some instances individuals incur a cost to reside there. In such cases, where costs are not covered directly by the pensioner or another party, the pensioner can request for their pension funds to be sent directly to the institution to cover their costs. This provision helps alleviate financial strain, ensuring that funds are efficiently allocated for the individual’s care needs.

Notification Requirement
We kindly remind all pensioners to inform NIB of their transition to a care facility. Prompt notification allows for necessary adjustments and ensures timely redirection of pension payments if requested.

Resources and Support
NIB encourages pensioners and their families to reach out for guidance regarding available options. Our customer service team is committed to providing assistance and answering questions related to pension management in the context of care facilities. For further information, please contact NIB’s customer service team at 502-1500.

We understand that the decision to move into a care facility can be challenging, and NIB is dedicated to offering continued support during this time. Our commitment remains to ensure that every pensioner has access to the resources they need for their well-being.

Media Contact: NIB Public Relations Department |Email: nibpublicrelations@nib-bahamas.com
Comments (0) Add Comment Add Comment
Name

Comment
Captcha
Enter the code from the picture
Pension Payment Schedule 2021
Pension Payment Schedule 2021
1/7/2021 10:53:56 AM
Pension Payment Schedule 2021
Press Statement - Recipients of Long Term (Pension) Benefits Urged to Verify for Benefit Continuation
Press Statement - Recipients of Long Term (Pension) Benefits Urged to Verify for Benefit Continuation
12/21/2020 9:15:00 AM
The National Insurance Board wishes to advise the public that all persons eligible for long-term or pension benefits who have not verified within the last 6 months... READ MORE...
Pension Verification
Pension Verification
12/15/2020 10:05:32 AM
The National Insurance Board wishes to remind PENSIONERS (Retirement, Survivors, Invalidity,Old Age Non-contributory pension) that
The National Insurance Board Among Certificate of Merit Recipients for the 2020 International Social Security Association (ISSA) Good Practice Awards
The National Insurance Board Among Certificate of Merit Recipients for the 2020 International Social Security Association (ISSA) Good Practice Awards
12/3/2020 9:59:00 AM
The National Insurance Board (NIB) is pleased to advise that The Bahamas is among the countries awarded the Certificate of Merit in the International Social Security Association (ISSA) Good Practice Award for the Americas for NIB’s response to Shocks and extreme events: COVID-19 crisis.
RESIGNATION OF THE DIRECTOR OF NIB
RESIGNATION OF THE DIRECTOR OF NIB
12/1/2020 4:19:00 AM
Mr. Troy Smith, Chairman of the National Insurance Board wishes to advise that Dr. Nicola Virgill-Rolle, has tendered her resignation as Director/CEO of NIB.
Pension Payment for October 2020
Pension Payment for October 2020
10/20/2020 8:41:44 AM
The National Insurance Board wishes to advise the public that pension payments for the month of October, 2020 will be made...READ MORE.