Funding toward the purchase of your benefits is provided in the form of flex credits (dollars). You choose
- Which benefit plans to participate in
- Which eligible dependant to cover under each plan
- How to spend the flex credits you receive
Each eligible employee receives
- $200 general flex credits at the beginning of each plan year
- Up to the number of flex credits required to pay for the fully funded coverage. The exact number depends on the choices and the family status
Depending on the option chosen, you may
- Have leftover flex credits (cost of option is less than available flex credits)
- Net out to $0 (fully funded option)
- Owe for coverage (costs of option is greater than available flex credits)
Use the calculator tool (XLXS, 55KB) to cost out different scenarios of benefits coverage. You may see a security warning telling you that the macros have been disabled. To enable the macros, click Options, then select Enable this Content and click OK. The security warning will disappear and the worksheet will populate and be ready for you to use. To explore your options, insert various scenarios into the worksheet.
Your final balance can be determined by summing up all of the net prices. Any leftover flex credits will be paid out monthly as taxable cash. Should you have a balance owing; monthly deductions will be taken from your paycheque.
During Open Enrolment, both the current Flexible Benefits Guide and the current calculator are provided so you can accurately compare your coverage. The following year’s Flexible Benefits Guide and calculator have been updated with the rates that take effect the following year.
Enrolling for the First Time
Send your Flexible Benefits Enrolment/Change Form (DOCX, 67KB) and any other applicable forms to the Benefits Service Centre no later than 30 calendar days from your date of hire or eligibility. If you miss the deadline, you will receive the default benefits package and will have to wait until the next open enrolment or an eligible life event to make your choices.
|Benefit||Default in 2016||Default in 2017|
|General flex credits||You will receive the $200 in general flex credits||You will receive the $200 in general flex credits|
|MSP||No Coverage||No Coverage|
|Extended health||Option 3 coverage for yourself||Comprehensive Option for yourself|
|Dental||Option 4 coverage for yourself||Comprehensive Option for yourself|
|Employee basic life insurance||Option 3 (3x annual salary, $80,000 minimum)||Option 3 (3x annual salary, $80,000 minimum)|
|Health Spending Account (HSA)||Waive||Waive|
|Unallocated flex credits||paid out as taxable cash||paid out as taxable cash|
Costs and flex credits listed are based on a plan year starting on January 1. If your benefits start after January 1, costs and flex credits will be prorated.
You may make changes during open enrolment and as a result of eligible life events.
Open enrolment is your annual opportunity to update your coverage under the flexible benefits program and/or allocate flex credits to a Health Spending Account (HSA) for the upcoming year.
- Each year information about changes to any of the benefits plan and instructions on how to complete open enrolment are sent out to eligible employees by email. Note: If you do not receive an email during the last week in October, please contact MyHR.
The flexible benefit plan design has changed for plan year 2017, therefore during open enrolment 2016, if you do not make choices, you will receive the default coverage under the new program, for extended health and dental, for you and your current dependants, which are:
- MSP – current coverage
- Extended Health – Comprehensive – for you and any existing dependents
- Dental – Comprehensive – for you and any existing dependents
- Basic Group Life Insurance – current coverage
- Any optional insurance – current coverage
- Health Spending Account – WAIVE
Any changes you make during the Open Enrolment come into effect on January 1 of the following year and will remain in place until you update coverage during the next Open Enrolment, or as a result of an eligible life event.
When a life event changes your needs for benefit coverage, you have 60 days to make updates to your benefits choices. Eligible life events include
- Marriage or entering into a common-law relationship
- Divorce, separation or the end of a common-law relationship
- Birth or adoption of a child
- Loss of a child's status as a dependent (marriage, age limit, leaves school)
- Change in your child’s eligibility that allows coverage under the program
- Your spouse gains or loses a benefit
- Death of a spouse or dependent child