Your “Savvy Retiree” Newsletter for May 2024
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The rental agreement between individuals does not include any refund provisions in case of cancellation, and some accommodation websites may not be recognized by the insurer in the absence of a cancellation clause in their contract. Policyholders were informed of this policy through communication from the insurer in July 2021.
Year after year, your insurance premiums are established based on the claims of your entire group. Generally, insurance companies collect this information and use it to assess the overall risk of the insured group, enabling them to determine the necessary premiums to provide adequate coverage while covering the costs associated with claims and administering the insurance plan.
Reimbursements made by the insurer come solely from the payment of your premiums and directly influence those of the following years.
The more favorable the reimbursement percentages of the guarantees, the more premiums increase. Introducing a new protection will inevitably lead to an increase in premiums. Deductible and coinsurance levels can affect the cost of premiums. Therefore, the needs of the insured are taken into account, as well as the impact on premiums.
The principle is simple: the total amount paid in premiums by the members must equal the total cost of claims for all insured individuals.
- Experience for the year 2023 for the 4,977 certificates of the basic plan group:
Total premiums: $6,744,488.23
Benefits paid: $6,352,563.41
- Experience for the year 2023 for the 19,446 certificates of the enhanced plan group:
Total premiums: $22,622,343.03
Benefits paid: $22,684,383.56
When there is a surplus from the total premiums, it is deposited into a stabilization fund. When there is a deficit, it is offset from the stabilization fund.
The Retiree Advisory Committee (RAC) is assisted by an actuarial advisor to assess and forecast the likely costs of benefits and premiums. The Treasury Board Secretariat (TBS) acts on behalf of the policyholder, the Government of Quebec. Therefore, it is the TBS that decides whether or not to support the recommendations of the RAC.
It is crucial to take preventive measures to ensure the continuity of managing your insurance. Lodging a power of attorney with the insurer can have a significant impact on your financial security and peace of mind in case of incapacity to manage your affairs.
When policyholders find themselves in complicated personal or medical situations, preventing them from making informed decisions, the power of attorney becomes essential. By lodging a power of attorney with the insurer, a policyholder designates a trusted person to act on their behalf in managing their group insurance. This person, called the agent, will have the legal authority to make changes, submit claims, update personal information, and even terminate or modify the contract, if necessary.
The policyholder can call Beneva's customer service or submit a letter with their power of attorney.
Requesting the insurer to confirm receipt of the power of attorney ensures that it has been properly received, recorded, and processed by the insurer, thereby ensuring that the directives specified in the document will be followed according to the policyholder's wishes
In an increasingly digital world, insurance services are evolving to offer policyholders a more transparent and personalized experience. A key improvement in this area is the introduction of online customer portals by insurance companies. This tool provides policyholders with easy access to their information, allowing them to manage their policies and track their claims, giving them an unparalleled level of control and convenience.
Immediate access to your information: Check the details of your policy, verify your benefits, or download important documents, all available at the click of a button.
Streamlined policy management: Update your personal information, add or remove beneficiaries, and more.
Real-time claims tracking: Stay informed at every step of the claims process.
Security and privacy: Protect your personal and financial data against unauthorized access.
Beneva's Customer Space provides a convenient and secure platform to manage all aspects of your insurance.
It is essential to understand the functioning of its group insurance. The new tab on the ACR website covers most of the guarantees, repayment guidelines, benefits to which you are entitled, or actions to take during life situations.
By selecting the keyword most relevant to your request, you will be redirected to the corresponding information.
We strive to simplify the search for answers to your questions.
Click here to discover the Understanding my group insurance tab
Line St-Cyr, Coordinator, ACR