Preparing for retirement
Retiring from medicine? Here are tips and resources to help with your transition.
Practice Advice
The AMA created a guidebook, The Physician’s Guide to Closing a Practice, to support physicians in Alberta in closing, leaving or moving your practice. The purpose of the guide is to address important requirements when going through these processes.
AMA Membership
Make it Official
Be sure to notify the Alberta Medical Association in writing of your date of retirement to pro-rate and adjust your membership and, if applicable, process a refund.
Let us know if you would like to continue retaining an AMA/CMA membership as a retired member or cancel your membership going forward. A retired membership is $94.24/year. Other than changes to the negotiated benefits, a member who retires from practice shall enjoy all the rights and privileges of a full member.
Update Your Contact Details
In your letter to the AMA announcing your retirement, please provide any new contact details. Alternatively, you may update your profile on our website.
Update Your Banking Information
If the account you use for preauthorized payments to the AMA is changing, log into the Member Dashboard to complete and return the Payment Request form.
ADIUM Insurance Services
If you hold AMA group insurance coverage (AD&D, AMA HBTF, CI, DI, POE, TL) note that only the Disability and Professional Overhead Expense plans terminate upon retirement. Please contact ADIUM Insurance Services to advise us of your retirement. All other plans may continue in retirement up to the maximum age allowed:
- AD&D, CI, TL – policy anniversary date following the attainment of age 75
- AMA HBTF – no upper age limit on the Core Plan
- If you continue to practice, the DI and POE plans continue to the policy anniversary date following the attainment of age 75 and 80, respectively.
To be eligible for AMA group coverage, you will need to maintain a Retired AMA membership.
Changes to the negotiated benefits
When you have fully retired, the following will apply:
- Medical Liability Reimbursement will no longer be applicable: Please inform the Canadian Medical Protective Association of your retirement or change in practice status.
- See the MLR Program Administration Policy for more information.
Contact us
|
Jennifer A. McCombe |
Georgina Welch |
Alberta Medical Association |
Who else do you need to contact?
MD Financial Management
MD Financial Management can help you optimize your income in retirement — to enjoy the lifestyle you want. If you’re an incorporated physician, get advice on your corporate account, whether you’re winding down your practice or converting your corporation. Learn more by using the MD retired physician hub or contact an MD advisor*
- Get step-by-step financial planning assistance from MD Financial Management using the Your Guide to Retirement Planning guide.
*MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisors (in Quebec) or an MD Private Investment Counsel Portfolio Manager.
Canadian Medical Protective Association
The College of Physicians & Surgeons of Alberta
- CPSA Standard of Practice: Closing or Leaving a Medical Practice
- CPSA Standard of Practice: Transfer of Care
The College of Family Physicians of Canada
- Visit the CFPC website or contact CFPC membership department: membership@cfpc.ca
The Royal College of Physicians and Surgeons of Canada
Visit the Royal College website or contact the Royal College Services Centre: membership@royalcollege.ca
Retirement news
When the time comes to retire...
July 4, 2019
MD Financial Management: A happy and fulfilling retirement requires more than determining how much money to save. Check out some of Dr. Amy D’Aprix's tips on how to change your mindset and other questions you should ask yourself when it’s time to retire.
Five key findings about how Canadian physicians are preparing for retirement
June 20, 2019
MD Financial Management: Are you ready for retirement? Find out how you compare with the hundreds of Canadian physicians MD Financial Management surveyed.
How do physicians view the prospect of retirement?
June 4, 2018
Most doctors stopped talking about Freedom 55 years ago. Quite a few of us these days are negotiating the twilight of our medical careers. According to the Canadian Medical Association Physician Data Centre, 40% of Canadian physicians are over the age of 55. That’s more than 32,000 doctors.
