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 of 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 1 st , 2016: Shared 50%/50% by you and McGill ✓ If you retired from June 1 st , 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 1 st , 2016: Shared 50%/50% by member and McGill ✓ If you retired from June 1 st , 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 of 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 Inflation fee
How can you reduce the cost of the plan? • Prescription drugs (75% of the cost of 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 Tip: The best way to reduce costs, and live a long and healthy life is to adopt healthy habits • 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
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 Basic Life • 65 +: 50% of pre-retirement salary to $30,000 • McGill pays 100% • Can maintain insurance purchased before retirement Optional • Maximum = $100,000 Life • Retiree pays 100% • Rates based on age • Can reduce coverage at any time
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.
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