What is happening?
On May 1st, of each year, the University’s extended health, dental, life insurance (Life) and long-term disability (LTD) benefits are typically subject to a contract renewal. Where applicable, new rates are applied, and employee deductions processed.
Participation in the University’s benefits program is mandatory for all eligible employees. Please refer to the employee Benefits section of the Human Resources website for more information.
How are new rates calculated?
The rates for extended health and dental benefits are set for budget purposes, as well as cost sharing that applies to part-time employees based on our expected claims and GreenShield's charges for administration. With GreenShield, the charges for administration are less than they were with Canada Life and are guaranteed for a set period of time.
The Life and LTD benefits are insured, and premium rates are set each year with Sun Life Financial. Based on our past claims experience and the financial status of the plan, Sun Life Financial requires an increase in our premium rates for the Life insurance benefit effective May 1, 2023. Due to the implementation of LTD with Sun Life Financial on May 1, 2022, our current premium rates are guaranteed for a defined period, and as such, there are no changes effective May 1, 2023.
What will the new Benefits rates be?
The table below reflects the rates effective May 1st, 2023.
| Benefit | Monthly Rates | Change from Last Year | Cost Sharing |
|---|---|---|---|
|
Extended health |
$71.88 single $229.38 family (includes tax) |
Increase of 0.9% |
100% university paid (shared if part-time) |
|
Dental |
$55.00 single $165.51 family (includes tax) |
Increase of 12.9% |
100% university paid (shared if part-time) |
|
Life Insurance |
$0.139 per $1,000 of coverage *** (excludes tax) |
Increase of 10% |
1 x earnings is paid by the university, 2 and 3 x earnings is 66.7% paid by the university |
|
Long-term disability (LTD) |
1.015% of earnings** (excludes tax) |
No change |
100% employee paid |
*the Year’s Maximum Pensionable Earnings (YMPE) for 2023 is $66,600
**the maximum insured salary effective May 1, 2023, is $192,454 (an increase of 1% from last year’s maximum of $190,549)
***Optional Life insurance (employee coverage above 3 x earnings and spousal coverage) rates remain unchanged for the upcoming year
Other Information
Employee pension contribution rates were increased over a three-year period commencing May 1, 2020. There are no changes required effective May 1, 2023; however, these rates do change through time.
Questions?
Please visit the Human Resources website to understand more about your benefits and pension arrangements. For questions regarding these rates, please contact Human Resources at hrhelp@uwaterloo.ca.
Supervisors, please post for those without access to email.