The Pension & Benefits Committee has reviewed the maxima corresponding with retiree life, extended health, and dental benefit provisions and approved the following changes effective January 1st, 2018:
|
Benefit |
Provision |
Previous maxima |
New maxima |
|---|---|---|---|
|
Extended Health |
Paramedical/hearing aids |
$671 |
$701 |
|
Private duty nursing |
$20,331 per year |
$21,242 per year |
|
|
Out-of-pocket cap |
$124 single / $250 family |
$127 single / $256 family |
|
|
Dental |
Basic services |
$2,150 |
$2,193 |
|
Major services |
$3,242 |
$3,306 |
|
|
Orthodontia |
$3,242 |
$3,306 |
|
|
Retiree Life Insurance |
Coverage for eligible employees who retire on or after January 1, 2018 |
$5,300 |
$5,400 |
In addition, in keeping with the 2 year lag in the dental fee guide used to calculate eligible dental expenses, the 2016 guide will be used to determine eligible expenses commencing January 1, 2018.
What does this mean?
The amount available for reimbursement has increased to the new maxima as outlined above. For example, the coverage for paramedical practitioners (e.g. physiotherapy) has an annual reimbursement maximum of $701, instead of $671 per year.
Out-of-pocket cap
Eligible paramedical and prescription drug expenses are shared between the University and employees - 80% reimbursement is provided until the out-of-pocket cap is reached and then 100% reimbursement applies as outlined in the following table:
|
Eligible Extended Health Expenses (per calendar year) |
Reimbursement* |
|
|---|---|---|
|
Employee |
University |
|
|
Up to $635 (single coverage) or $1,280 (family coverage) |
20% |
80% |
|
Over $635 (single coverage) or $1,280 (family coverage) |
0% |
100% |
*Subject to the annual maxima and dispensing fee maxima; note that expenses for out of country, ambulance, dental and private duty nursing do not apply to the out-of-pocket cap nor do any pharmacist fees charged over the prescription drug dispensing fee cap.