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2024 Group Insurance Annual Renewal Update

Analysis of Premium Rate Adjustments

Table 1: Comparison of the Current and New Premium Rates.

Total Monthly Premium Rates

 

Current

New

Basic Life (2 x Salary/Pension)

$0.107/$1,000

Same

Dependent Life

$1.52

Same

Voluntary Member/Spousal Life

Step Rated by Age

Same

Basic Accidental Death & Dismemberment

$0.191/$10,000 of benefit

Same

Voluntary Accidental Death & Dismemberment

$0.24/$10,000 of benefit (Single)
$0.33/$10,000 of benefit (Family)

Same

Basic Critical Illness

$3.08

Same

Voluntary Member/Spouse Critical Illness

Step Rated by Age, Gender or
Smoking Status

Same

Voluntary Dependent Child Critical Illness

$2.02

Same

*Health:
Single
Family

$192.38
$344.20

$226.37
$404.95

*Dental:
Single
Family

$47.32
$95.06

$53.08
$106.66

Long Term Disability

$1.153/$100 of salary

Same

**Retiree Post-65 ($15,000)

$25.08

$26.40

* Member’s Health contributions are subsidized at a total rate of $12.00 per month for single and $22.19 per month for family coverage through the NLTA Group Insurance Rate Stabilization Fund.

* Member’s Dental contributions are subsidized at a rate of $1.30 per month for single and $2.60 per month for family.

** For retired teachers who turned age 65 after September 1, 2004, $20.90 is paid by the retiree, $5.50 is paid from the Post-65 Life Fund established when the Post-65 Paid-Up Life program was eliminated on September 1, 2004. Retired teachers who turned 65 prior to September 1, 2004 and were eligible for the Paid-Up Life benefit are not eligible for this subsidy.

Government Contribution Rates – Impact on Member Premiums

Government’s contributions to the premium rates in the A1 – Basic and Dependent Life, the A3 – Basic Accidental Death and Dismemberment, and the B – Health plan options are determined annually in accordance with a Premium Rate Setting Process utilizing an independent insurance consultant. Government’s contributions to the NLTA premium rates are the lesser of 50% of the NLTA premium rate calculated under the rate setting process in the Collective Agreement or 50% of the Government premium rate for its own Basic/Dependent Life, Basic Accidental Death and Dismemberment, and Health plan options calculated under this rate setting process. The following table illustrates the impact of the Premium Rate Setting Process and the Government contribution rate determined for 2024-2025.

Basic Plan Premium Rates Per Pay Period
Effective April 2024 Deductions Based on an $80,000 Annual Salary

 

 

 

Member Contribution

Government Contribution 

Total Premium

 

Current

New

 

Current 

New

 

Current

 New

Basic Life

Single:
Family:

$3.92
$4.27

$4.00
$4.36

Single:
Family:

 $4.64
 $5.05

$4.56
$4.96

Single:
Family:

$8.56
$9.32

  $8.56
  $9.32

AD&D

 

$1.05

Same

$0.48

Same

$1.53

 Same

Health

Single:
Family:

 $74.00
 $117.06

$85.67
$137.12

Single:
Family:

 $20.44
 $51.54

$21.52
$54.26

Single:
Family:

$96.19
$172.10

  $113.19
  $202.48

 

 

 

 

 

 

 

 

 

 

 

 

A benefit statement from the Plan Administrator, Johnson Inc., outlining your personal coverage and premiums will be mailed to you in the near future.

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