The savings are the result of a rate decrease approved by the Employee Benefit Plans Board of Trustees, which went into effect on June 1, 2022.

Basic Group Life coverage provides individuals (and their loved ones) with life insurance benefits in the event a plan member, their spouse, or child passes away. AD&D coverage provides insurance in the event that a plan member accidently loses their life or limb(s) due to death or injury.

Before June 1, 2022, the Basic Group Life premium rate was $0.17 per $1,000 coverage, and the AD&D premium rate was $0.02 per $1,000. This means the monthly insurance premium for a health-care employee earning $75,000 annually was $28.50 per month for $150,000 coverage. 

As of June 1, 2022, the Basic Group Life premium rate was reduced to $0.143 per $1,000 coverage, and the AD&D premium rate was reduced to $0.017 per $1,000 coverage. This means the monthly insurance premium for the same health-care employee earning $75,000 annually is now $24 per month for $150,000 coverage—less money for the same great coverage. 

Monthly life and AD&D insurance premiums may be paid by the employer, the employee, or cost-shared between them based on collective bargaining agreements and employer policies.

These reduced rates are positively impacting tens of thousands of plan members each year. Individual plan members are saving about $54 per year; with 46,478 plan members, that amounts to a total savings of more than $2.5 million dollars annually. 

If you have questions about your benefit plans, call 3sHealth at 1.866.278.2301 or email ebp@3sHealth.ca.