When you retire
McGill provides post-retirement benefits for Supplemental Health, Dental and Life Insurance, all of which may be amended from time to time after the employee’s retirement. At retirement, you will be given the option to continue your pre-retirement coverage. It is important to note that this is a one-time opportunity. If you choose not to continue coverage, you will not be able to join the plans at a later date.
This does not apply to employees covered under the GFTH Special Health and Dental Program. Under the GFTH Special Health and Dental Program, coverage automatically ceases when the employee no longer has an eligible GFTH appointment. As a result, there is no continuation of benefits at retirement.
ELIGIBILITY FOR POST RETIREMENT BENEFITS
Effective January 1, 2010: New employees, and current employees with birthdates after December 31, 1955, will be required to meet all of the following criteria to be eligible for post retirement benefits:
- Minimum age of 55
- Minimum of 10 years of continuous service
- Minimum 10 years participation in the benefit plans.
Staff hired prior to January 1, 2010 and who have a birthdate of December 31, 1955 or before, will not be subject to these eligibility criteria.
Continuation of coverage
You may elect to continue the coverage you had prior to retirement. Your eligible dependents will also continue to be covered.
Cost of coverage
The cost of this coverage continues to be shared 50-50 between you and the University.
If you retire after May 31, 2016: If you meet the eligibility requirements for post-retirement benefits, cost sharing for the Supplemental Health Plan will be set at 30% for the University and 70% for the retiree.
You must be a resident of Canada. In order to continue coverage under the McGill Supplemental Health Plan, you and your eligible dependents must be eligible for provincial health care. If you move to another province within Canada, your health coverage will continue. If you move outside of Canada, your coverage under the McGill Supplemental Health Plan will end as you are no longer eligible for provincial health care.
If you are under 65
You are obliged to remain covered under the McGill Supplemental Health Plan, unless you have alternative private health insurance and provide proof (confirmation_alternative_health_coverage.pdf ) of this alternate coverage. For further details, please refer to the RAMQ website.
If you are 65 and over
Drug coverage ends at age 65. You must select a separate drug plan that is independent of your McGill Supplemental Health Plan. Your Supplemental Health Plan may continue for other benefits. Please see the Life Events section When you turn age 65 for further details.
Emergency travel insurance
See Emergency travel assistance/Retireees for information on travel insurance coverage for retired employees.
Important: The emergency travel assistance number for retirees is 9505. All other information is the same - policy number 85210 and the emergency travel assistance phone numbers.
Continuation of coverage
Employees hired prior to January 1, 2010: You may elect to continue the coverage you had prior to retirement. Your eligible dependents will also be covered.
Employees hired as of January 1, 2010: Dental coverage will not be part of the post-retirement package. Therefore, employees hired as of January 1, 2010 will not be entitled to continue their dental coverage post-retirement.
Cost of coverage
The cost of coverage is shared 50-50 between you and the University.
If you were hired before January 1, 2010 and retire after May 31, 2016: If you meet the eligibility requirements for post retirement benefits (see above), you will be responsible for 100% of the cost of the coverage.
There are no residency requirements - whether you move to another province within Canada or whether you move outside of Canada. However, dental expenses will be reimbursed according to the Quebec Fee Guide for General Practitioners.
Coverage at age 65
There are no changes to coverage at age 65.
NOT ELIGIBLE FOR POST-RETIREMENT BENEFITS?
If you are under 65 and do not meet the eligibility criteria for post-retirement benefits, you may convert your life insurance policy (combined maximum $200,000) into an individual policy. You must apply for coverage directly with the insurance carrier and pay the required premium within 31 days of your departure. If you die during this 31-day period, your beneficiary will receive the full value of your coverage, regardless of whether you apply for the conversion or not.
The application form is available from the HR Service Centre or can be printed here: life_insurance_conversion_form.pdf IMPORTANT! The "Policyholder" section of the form must be completed by the HR Service Centre before it can be sent to the insurance carrier.
SHORT-TERM & LONG-TERM DISABILITY (LTD)
Both short-term and long-term disability coverage ends.
Premiums for long-term disability are no longer charged 6 months prior to retirement. The HR Service Centre must be advised of the upcoming retirement in order to cancel ltd premiums prior to retirement.
BASIC LIFE/OPTIONAL LIFE INSURANCE
At retirement, several changes occur to life insurance coverage:
|Basic||Pre-retirement coverage reduces to ½ x salary to a maximum of $50,000 until age 65, $30,000 thereafter
McGill pays 100% of this coverage.
Option to maintain insurance bought before retirement to $100,000.
You pay for the amount you elect.
Refer to the Rate Summary for information on the cost of this coverage.
The HR Service Centre must be notified of your upcoming retirement.
If you are eligible for post retirement benefits, the HR Service Centre will send you correspondence explaining the changes to your coverage at retirement. This will include a Continuation of Benefits form. You will be asked to complete this form, indicating whether or not you wish to continue your benefits post retirement.
The continuation of benefits post retirement is a one time choice. If you choose not to continue the benefits coverage you had prior to retirement, you will not be able to join at a later date.
However, if you have single coverage at post-retirement, you will be able to increase to family coverage at a later date. Some restrictions may apply. Contact the HR Service Centre at 514-398-4747 or hrhr [at] mcgill [dot] ca for more details.
For more information, please contact the HR Service Center at 514-398-4747.