NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition

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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