What is the cost of coverage?

As of April 1, 2012, the cost that you share with your employer for coverage is as follows:

Health coverage   • Single $103.37 • Family $273.36 Travel coverage   • Single $1.36 • Family $2.74 Dental coverage   • Single $43.84 • Family $95.01 Long-term disability coverage • Non-taxable $4.44 per $100 of benefit • Taxable $5.21 per $100 of benefit Dependent life insurance $1.50 Life insurance (for yourself) 26.7¢ Accident insurance 2.4¢

How are rates determined?

The insurer determines the rates for travel coverage as well as for life, long-term disability 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 the costs of the benefit plans: your claims.

That’s right. The more the benefit plans are used, the more the benefit plans will cost the following year. In fact, your benefit plans essentially work like a bank account:

1.	Your premiums are deposited into the benefit plans’ fund or account.
2.	Whenever a claim is paid, the amount is withdrawn from the account.
3.	As a result, there has to be enough money in the account to cover all the claims as well as expenses to administer the benefit plans.

How can I help keep costs down?

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