You and your employer share the cost of benefits, except for travel, basic life for dependents if you are a Civil Service employee and all optional benefits. These benefits are 100% paid by you.
The following are the costs you pay monthly and are valid for the benefit year (
Costs per Month | |||
Health | Single | $64.34 | |
Family | $149.92 | ||
Travel | Single | $2.04 | |
Family | $4.02 | ||
Dental | Plan A | ||
Single | $17.69 | ||
Family | $44.55 | ||
Plan B | |||
Single | $21.77 | ||
Family | $53.15 | ||
Long-term disability | 1.74% of your earnings | ||
Basic life | Per $1,000 of coverage | $0.060 | |
Basic life for your dependents | Health PEI
(flat amount) |
$0.34 | |
Civil Service
(flat amount) |
$0.68 | ||
Basic AD&D | Per $1,000 of coverage | $0.0098 | |
Optional life | Employee and spouse
(per $1,000 of coverage) |
Under Age 35: $0.056
Age 35-39: $0.066
Age 40-44: $0.114
Age 45-49: $0.193
Age 50-54: $0.326
Age 55-59: $0.555
Age 60-64: $0.890 |
|
Dependent children (flat amount) |
$1.18 | ||
Optional AD&D | Single
(per $1,000 of coverage) |
$0.0195 | |
Family
(per $1,000 of coverage) |
$0.0360 |
Note: Some employee groups have different levels of cost sharing. For more information on the rates you pay, visit Johnson Inc.’s member website at Johnson-insurance.com/Members-Only/.
Example: How to Calculate Your Costs
If you choose $100,000 (100 units of $1,000) of Optional AD&D insurance, your monthly cost will be calculated as follows:
Coverage | Cost |
Single | 100 x $0.0195 = $1.95 per month |
Family | 100 x $0.0359 = $3.59 per month |
How Rates Are Determined
The insurer determines the rates for travel, disability, life and AD&D insurance.
The rates for health and dental coverage, however, are based on a number of factors, including:
- the increasing cost of drugs,
- the introduction of new, expensive drugs,
- new medical technology, and
- changes in legislation that make private plans the first payers over the provincial health plan.
But there’s another factor that has a significant impact on plan costs: your claims.
- Your premiums are deposited into the plan’s fund or account.
- Whenever a claim is paid, the amount is withdrawn from the account.
- As a result, the PSGIP Trustees must ensure there is enough money in the account to cover all the claims, as well as the expenses to administer the plan.