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
NIB featured presenter at PLP New Providence Women’s Branch Monthly Meeting
NIB featured presenter at PLP New Providence Women’s Branch Monthly Meeting
6/25/2024 5:52:59 AM
At their monthly meeting on Sunday, June 23, 2024, members of the PLP New Providence Women's Branch were treated to an insightful and engaging presentation on NIB's benefits and assistances, and the upcoming Insurable Wage and Contribution Rates Increase. The featured presenter was Dr. Tami Francis, Deputy Director of Core Operations & Actuarial Services, who was accompanied by Mrs. Jemma Roache, Assistant Internal Auditor at NIB.
NIB participates in the Ministry of Finance’s Voluntary Compliance Exercise
NIB participates in the Ministry of Finance’s Voluntary Compliance Exercise
6/12/2024 2:06:05 PM
The National Insurance Board, along with key stakeholders, partnered with the Ministry of Finance for a Voluntary Compliance Exercise from Monday, June 3 – Saturday, June 8, 2024
National Insurance (NI) Insurable Wage Ceiling Adjustment
National Insurance (NI) Insurable Wage Ceiling Adjustment
6/11/2024 2:57:47 PM
What is the NI Insurable Wage Ceiling Adjustment ? The adjustment (increase) in the insurable wage ceiling is based on the change in the retail price index and change in salaries paid over the two previous calendar years plus 2%. The first automatic increase occurred in July 2014 and occurs every two years.
NIB hosts Grand Bahama Chamber of Commerce Meeting
NIB hosts Grand Bahama Chamber of Commerce Meeting
6/11/2024 1:38:53 PM
In preparation for the July 1, 2024 contribution rates increase, the National Insurance Board (NIB) collaborated with the Grand Bahama Chamber of Commerce, and hosted their monthly business meeting on May 29, 2024 at the Pelican Bay Hotel.
National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants
National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants
6/4/2024 2:19:21 AM
National Insurance 2024 Adjustments to Insurable Wage, Pensions and Grants
Compliance made Convenient
Compliance made Convenient
6/3/2024 12:38:24 PM
Compliance made Convenient