Information Session Post-Retirement Benefits McGill provides you - - PowerPoint PPT Presentation

McGill University Post-Retirement Benefit Information Session

Post-Retirement Benefits

McGill provides you with the following post- retirement benefits: ➢ Supplemental Health ➢ Dental ➢ Life Insurance

Supplemental Health Plan

• Eligibility requirements
• About the Supplemental Health

coverage

• Québec Drug Plan (RAMQ)
• Travel Insurance

Supplemental Health Plan

Eligibility requirements:

• Minimum age 55
• Minimum 10 years continuous service
• You must have participated in the

Supplemental Health Plan for a minimum

• f 10 consecutive years prior to

retirement

• You must be a resident of Canada since

coverage is dependent on your eligibility for Medicare (RAMQ)

Supplemental Health Plan

• Cost sharing:

✓ If you retired prior to June 1st, 2016: Shared 50%/50% by you and McGill ✓ If you retired from June 1st, 2016: 70% paid by you/30% paid by McGill

• You may elect single or family

coverage

• Eligible dependents can continue

coverage upon your death

Supplemental Health Plan

Coverage:

• Identical to that of active employees (such as

hospitalization, physiotherapy, etc..)

• Exceptions: Prescription drugs and Emergency

Travel Assistance

Supplemental Health Plan

Québec Drug Plan (RAMQ):

• Before age 65, there are no changes to your drug

coverage

• At age 65, Quebec residents will be automatically

registered with the RAMQ Drug Plan

• Dependents under 65 must also be covered by the

RAMQ Drug Plan; contact the RAMQ to register dependents

• McGill Health Plan may cover drugs not listed on

RAMQ formulary

• Drug claims covered by Manulife will need to be

manually submitted to them either by mail, or online through Manulife’s plan member website

Supplemental Health Plan

Travel Insurance:

• Out-of-country/province coverage
• Emergency medical expenses/assistance
• Coverage includes pre-existing conditions
• Medical condition must be stable
• 90-days per trip
• 100% reimbursement of eligible expenses

Dental Plan

• Eligibility requirements
• About the dental coverage

Dental Plan

• To be eligible to the dental plan at

retirement, your date of hire must be prior to January 1, 2010

• Cost sharing:

✓ If you retired prior to June 1st, 2016: Shared 50%/50% by member and McGill ✓ If you retired from June 1st, 2016: 100% paid by retiree

• You may elect single or family coverage
• Eligible dependents can continue coverage

upon your death

Dental Plan

• No residency requirements
• Plan reimburses expenses based on

Quebec Fee Guide for General Practitioners

• Same plan for active employees and

pensioners

About your coverage

• Enrolment and change your coverage
• Life events
• Cost structure of the Plan – Insurance 101!
• How can you reduce the cost of the plan?
• The importance of prevention

Enrolment and change

• f coverage
• The continuation of post-retirement

benefits is a one-time choice

• If you opt-out, you will not be able to join

at a later date

• You may be eligible to modify your

coverage at a later date following a life event

Changing coverage

What is a life event?

• Marriage/common-law union
• Divorce/separation/death*
• Your spouse loses coverage
• Your child is no longer an eligible dependent

Cost structure of the plan – Insurance 101

• McGill’s Health & Dental Plans are self-insured
• McGill has an agreement in place with Manulife

which requires them to process claims only

• As a result, rates are linked directly to the amounts

you claim

Cost Claims Admin fee Inflation

How can you reduce the cost of the plan?

• Prescription drugs (75% of the cost
• f Supplemental Health)

✓ Buy generics ✓ Shop around ✓ Fill prescription only when needed

• Do blood/urine tests at the CLSC or

at the hospital

• Take advantage of reduced rates at

the McGill Dental Clinic

• Prevention – Take care of yourself!

The importance of prevention

• Choose healthy food
• Be active, exercise
• Reduce your stress and learn how to

manage it

• Don’t smoke
• Make time for your friends, family, and

activities you like Tip: The best way to reduce costs, and live a long and healthy life is to adopt healthy habits

Life Insurance

• Basic Life
• Optional Life
• How much coverage do you need?

Life Insurance

Coverage available at retirement

• Until age 65: 50% of pre-retirement

salary to $50,000

• 65 +: 50% of pre-retirement salary to

$30,000

• McGill pays 100%

Basic Life

• Can maintain insurance purchased

before retirement

• Maximum = $100,000
• Retiree pays 100%
• Rates based on age
• Can reduce coverage at any time

Optional Life

Life insurance

How much life insurance do you need?

• Do you still have a mortgage?
• Do you have debts?
• To what degree do survivors depend on you financially?

Sources of retirement income:

• McGill Pension Plan
• Other investments (RRSP, RIF, TFSA, etc)
• QPP and OAS
• Rental income

Life insurance TIP: Don’t forget to update your beneficiary designation if your personal situation changes

Resources

• For more information:

https://mcgill.ca/hr/benefits/insurance/change- coverage/you

• Questions about your coverage or a claim:

https://wwwec7.manulife.com/signin/en# benefits 1 800 268-6195 Open between 8 a.m. and 8 p.m. EST Monday to Friday.

Questions