Chambers Plan Renewal April 1, 2023
April 1 marks the annual renewal of your Chambers Plan coverage. Premiums are adjusted for the coming year to reflect changes in individuals’ ages, adjustments to provincial Dental Fee Guides, costs associated with medical trends, and any revisions to government health plans. This edition of Plan News highlights these changes for you and celebrates some important Plan enhancements of the past year.
We are pleased that, following two unprecedented years, we seem to be making our way to the other side of the COVID-19 pandemic. We hope we’ve served you well during this difficult time and, for those of you who had to temporarily suspend your group plan due to the significant challenges faced by the business community, we’re so happy to have you back as we share the details of this year’s renewal. Given Chambers Plan’s not‑for‑profit structure, benefit surpluses have, as always, been returned to its bottom line to enhance rate stability.
Renewal rates are calculated based on the current demographics and evolving composition of Plan participants of your group. There will, once again, be no increases in Life, Disability or Critical Illness base rates this year. However, individuals joining or leaving your firm during the past year can affect the rates charged to all participants in your firm for the coming year.
One Year Older: Age-Based Coverage Changes
On April 1 of each year, the ages for all insureds enrolled in the Plan are adjusted, with each Plan participant becoming one year older. Since the cost of some of the benefits, such as Life and Disability, increase as Plan participants age, rates will be adjusted to reflect the current ages of all Plan participants.
With all ages recalculated at April 1, some Plan participants’ current age will affect their benefits as follows:
| Weekly Indemnity and Long-Term Disability benefits terminate on a Plan participant’s 65th birthday. | Health and Dental benefits, including Teladoc Mental Health Navigator and Telemedicine services, can continue until April 1st following a Plan participant’s 80th birthday. |
| Life options under Chambers Plan reduce to 25% or 50% of face value at age 65 and terminate at age 75. Individuals turning 65 can convert to a personal plan, in whole or in part, the coverage they are losing under the Plan. Letters are sent directly to individuals, notifying them of the opportunity to convert and the time frame for doing so (31 days from April 1st). | |
| Life, Accidental Death & Dismemberment (AD&D), Dependent Life, EAP benefits, access to Teladoc Medical Experts® and myStrength services, and Hugr terminate on the Plan’s anniversary date following a Plan participant’s 75th birthday. | Critical Illness benefits terminate on the Plan’s anniversary following a Plan participant’s 70th birthday. |
| Travel coverage duration under any Health option for an insured and any dependent is based on the age of the certificate holder as at April 1st. Plan participants should refer to their booklets for details on the maximum trip duration under their Plan to see how an age change may affect their coverage. | |
Chambers Plan Advantage
Chambers Plan applies a pooled and partially pooled approach to Health and Dental benefits to establish renewal rates, and to better protect firms from rate impacts due to small fluctuations in claims. This allows firms a greater degree of latitude before their individual experience is considered, providing greater rate stability.
Unlike most programs, Chambers Plan is run on a not-for-profit basis, and premiums are set to cover the cost of the Plan’s benefits and administration only. Surpluses in any of the benefits are used to offset deficits in more utilized benefits. This approach ensures all premiums are used for the benefit of all Plan participants.
The average increase for participating firms under Chambers Plan will be only 3.99% at April 1, resulting in Chambers Plan’s average overall renewal increase having been under 4.0% for each of the past three years! You can rest assured you’ve chosen a Plan that values rate stability without having to sacrifice quality or comprehensiveness.
Updating Employee Information
It’s important to keep your employees’ information up to date, ensuring all eligible employees are participating in the Plan and our records reflect current information about them, notably their salaries, which can impact coverage levels. These details can be updated quickly and easily on my‑benefits.
Plan Enhancements
Chambers Plan’s sole purpose is to provide comprehensive employee group benefits to participating Chamber of Commerce and Board of Trade members and their employees that support their physical and mental well-being. Below are some of the unique advantages:
- Teladoc® Whole Healthcare
- Teladoc myStrength
- Teladoc Mental Health Navigator
- Personal Critical Illness
- Lifestyle Spending Account (LSA)