Premiums

The University of Waterloo renews benefit rates every May 1. Participation is mandatory for all eligible full-time and part-time employees.  Part-time employees are responsible for a portion of premiums that are paid 100% by the University.  For example, a part-time employee that works 3 days per week, year round, would have a FTE (full-time equivalency) of 60%-the employee would be responsible for paying 40% of the premiums.  This cost sharing arrangement continues to apply in retirement for those employees who are eligible for post-retirement (life insurance and extended health) benefits.

Below are the premiums as of May 1, 2017 (inclusive of 8% PST):

Extended health care premiums

100% University paid premium (prorated if part-time)
Single Family
$67.93 $216.80

Dental premiums

100% University paid premium (prorated if part-time)
Single Family
$35.88 $107.95

Long-term disability premiums

100% employee paid premium
Long-term disability
1.174% of earnings

 Example of rates on salary (rates include 8% RST)

Salary Employee monthly premium rate 1.174%  effective May 1, 2017 Employee monthly premium rate  1.092% effective May 1, 2016 Employee monthly premium rate  1.109% effective May 1, 2015
$35,000 $34.24 $31.85 $32.35
$65,000 $63.59 $59.15 $60.07

$100,000

$97.83 $91.00 $92.42

$125,000

$122.29

$113.75

$115.52

$172,723 $168.98 $154.96 $157.37

Life insurance premiums

Coverage for life insurance is available to a maximum of six times an employee’s annual earnings. Basic life insurance of one times earnings is provided for all employees and fully paid for by the University. Employees can elect optional life insurance coverage to a maximum of six times annual earnings when combined with basic life insurance.

Benefit Cost sharing Employee rates University rates

Basic life

(1 x annual earnings)
100% University paid Nil $0.1134/$1,000

Additional basic life

(1 to 2 x annual earnings)
66.7% University paid $0.0378/$1000 $0.0756/$1,000

Optional life

(1 to 3 x annual earnings)
0% University paid Based on age, gender and smoking status (see rate table) Not applicable

Example 1: Employee earns $50,000 per year and elects 3 x annual earnings coverage

The monthly premium corresponding with coverage of 3 x annual earnings for an employee with annual earnings of $50,000 is  $17.01 per month with cost sharing as follows:

Coverage Employee monthly premium University monthly premium Total premium
Basic: $50,000  $0.00 $5.67 $5.67
Additional basic: $100,000 $3.78 $7.56 $11.34
Optional: $0 $0.00 $0.00 $0.00
Total monthly premiums
Combined: $150,000 $3.78 $13.23 $17.01

Example 2: Employee (male, age 50, non-smoker) earns $50,000 per year and elects 6 x annual earnings coverage

The monthly premium corresponding with coverage of 6 x annual earnings for an employee with annual earnings of $50,000 is $ 36.66 per month with cost sharing as follows:

Coverage Employee monthly premium University monthly premium Total premium
Basic: $50,000 $0.00 $5.67 $5.67
Additional basic: $100,000 $3.78 $7.56 $11.34
Optional: $150,000 $19.65 $0.00 $19.65
Total monthly premiums
Combined: $300,000 $23.43 $13.23 $36.66
Age Male smoker Male non-smoker Female smoker Female non-smoker
Age and smoking related premium rates applicable to optional life and spousal life insurance
Less than 24 $0.046 $0.019 $0.019 $0.013
24-34 $0.054 $0.026 $0.030 $0.019
35-39 $0.062 $0.030 $0.038 $0.026
40-44 $0.084 $0.046 $0.054 $0.030
45-49 $0.151 $0.069 $0.083 $0.049
50-54 $0.269 $0.131 $0.138 $0.083
55-59 $0.448 $0.220 $0.220 $0.131
60-64 $0.648 $0.324 $0.359 $0.214
65-69 $0.937 $0.469 $0.565 $0.351