What is the cost of coverage?

The cost as of April 1, 2012, is as follows. These rates, except for optional coverage and basic dependent life insurance, also apply to your employer.

Single coverage Family coverage Health coverage   • 12-month employee $27.17 $63.32 • 10-month employee $32.60 $75.98 Travel coverage   • 12-month employee $0.68 $1.35 • 10-month employee $0.82 $1.62 Dental coverage   • 12-month employee $9.99 $21.07 • 10-month employee $11.99 $25.28 Long-term disability coverage 1.095% of earnings Basic dependent life insurance   • 12-month employee $1.24 • 10-month employee $1.49 Optional life insurance for Dependent children     • 12-month employee $1.25 • 10-month employee $1.50     Single coverage Family coverage Basic life insurance   • 12-month employee $0.1175 N/A • 10-month employee $0.1410 N/A Basic accident insurance   • 12-month employee $0.0098 N/A • 10-month employee $0.0118 N/A Optional employee and spousal life insurance Age   • 12-month employee Under 35 $0.060 35-39 $0.070 40-44 $0.120 45-49 $0.203 50-54 $0.345 55-59 $0.587 60-64 $0.942       • 10-month employee Under 35 $0.072 35-39 $0.084 40-44 $0.144 45-49 $0.244 50-54 $0.414 55-59 $0.704 60-64 $1.130 Optional accident insurance   • 12-month employee $0.0195 $0.0360 • 10-month employee $0.0234 $0.0431       Example of calculation     If you choose $100,000 of optional accident insurance, your monthly cost will be calculated as follows: Coverage Monthly cost Single • 12-month employee • 10-month employee   100 x $0.0195 = $1.95 100 x $0.0234 = $2.34 Family • 12-month employee • 10-month employee   100 x $0.0360 = $3.60 100 x $0.0431 = $4.31

How are rates determined?

The insurer determines the rates for travel coverage as well as life and accident insurance.

The rates for health and dental coverage, on the other hand, are based on a number of factors, including:

But there’s another factor that has a significant impact on plan costs: your claims.

That’s right. The more the plan is used, the more the plan will cost the following year. In fact, your plan essentially works like a bank account:

1.	Your premiums are deposited into the plan’s fund or account..
2.	Whenever a claim is paid, the amount is withdrawn from the account.
3.	As a result, the PSGIP Trustees have to make sure there is enough money in the account to cover all the claims as well as expenses to administer the plan.

How can I help keep costs down?

Each plan member has a responsibility and ability to help control expenses. After all, it’s your plan and your money.

Keeping costs down is easier than you might think. Here are some useful consumer tips that contribute to the well-being of the plan … and of your wallet.

• When your doctor prescribes medication, ask him or her about less expensive therapeutic options. • Before you buy a brand-name drug, ask your pharmacist about less expensive generic drugs. • Compare prices. Not all pharmacies charge the same amount for prescription drugs. • Take your medication wisely. Ask your doctor or pharmacist the following questions:   - Are there any side effects? If so, what do I do?   - Will this drug have any effects on other drugs (prescription or over-the-counter drugs) that I am also taking?   - Are there certain types of foods or drinks that I must avoid while taking this drug?   - Are there alternatives to this drug or other solutions for my condition? • Talk to your pharmacist, who can offer you free professional advice.

• Determine the right quantity of prescription drugs.   - Consider a sample or trial prescription when you are trying a drug for the first time. That way, you will save money if you have an allergic reaction to the drug.   - Ask for a larger supply if you are taking medication on an ongoing basis. As a result, you will save on the pharmacist’s dispensing fees. • Stay active. Whatever form of exercise you enjoy, it will help you reduce the risk of heart disease and other serious health problems. Read Health Canada’s Physical Activity Guide. In addition to exercise, you can get involved in hobbies, do volunteer work, take classes, and more! • Eat right. For a healthy diet, check out Health Canada’s Food Guide to Healthy Living.