retiring soon? Colleges of Applied Arts and Technology (CAAT) Retiree Benefits Program

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1 AAT Colleges of Applied Arts and Technology (CAAT) Retiree Benefits Program ALGONQUIN BORÉAL CAMBRIAN CANADORE LA CITÉ CONESTOGA CENTENNIAL CONFEDERATION DURHAM FANSHAWE FLEMING GEORGE BROWN GEORGIAN HUMBER LAMBTON LOYALIST MOHAWK NIAGARA NORTHERN SAULT SENECA SHERIDAN ST. CLAIR ST. LAWRENCE retiring soon? Think about how long you will be retired Think about your health care expenses in retirement 31 days act now!

2 The Facts About Retirement and Your Health You may be retired longer than you were actively working. Individuals are living longer and as you age, your health will deteriorate. The government covers only a limited number of health care expenses. There are many health care expenses that you will have to pay for yourself. Key Questions You Need to Answer There are a number of key factors that you need to keep in mind when shopping for retiree benefits. Your health expenses are the biggest potential financial drain on your retirement income. Key questions to answer: Additional expenses could cost you thousands of dollars. Some examples are: certain cancer treatments administered out of hospital, certain arthritis medications, paramedical services, medical equipment, dental services and other items not provided in the hospital. If you thought the government had you covered for drugs, you should think again. The provincial plan covers only a limited number of drugs for individuals over age 65. The CAAT Retiree Benefits Program covers over 3 times the number of drugs covered by the Ontario Drug Benefit (ODB) for seniors. ACT NOW to get the coverage you need to protect yourself, your family and your retirement lifestyle. Is coverage available any time I wish to apply? Under the CAAT Retiree Benefits Program, you must apply when you first retire. opting in and out. Is there an age limit beyond which benefits will not be available? Some plans limit different types of coverage such as drug expenses to a specific age. Provided you pay the premium, the CAAT Retiree Benefits Program provides lifetime coverage. Is a health statement or medical exam required? Is there a lifetime maximum for total expenses? Is there an annual or lifetime maximum on drugs? Is there an annual maximum on other covered expenses? For example, paramedical services, hospital coverage and medical devices. Do the premiums go up based on my age? A number of other retiree plans have age-banded premiums which increase every 5 years regardless of experience. Are premiums adjusted annually based on each plan s experience? CAAT Retiree Benefits Program Yes Yes THE TIME TO ACT IS NOW! Important You have only one opportunity to get the CAAT Retiree Benefit Program coverage when you retire. To be eligible, your College Benefits Administrator must receive your application within 31 days of your retirement date! Page 22 CAAT Retiree Benefits Program February April February April CAAT Retiree Benefits Program Page 3

3 Other Points to Consider How long will I need this coverage? Some plans only provide coverage up to a certain age. You may not be able to get the coverage you need when you really need it. How many years will I be able to travel? Your ability to travel may be limited in the future. Travel coverage may be obtained from different sources when needed. The CAAT Health Plans focus on protecting your longterm health needs and do not include travel coverage. Can I afford the financial risk of being without coverage?. You cannot afford to put your longterm health care needs at risk. Don t gamble with your financial security. ACT to protect your health now and into the future! The CAAT Retiree Benefits Program leverages the power of group purchasing to bring you exceptional value. There are important conditions: You are only eligible to apply for coverage at the time of your retirement. Your College must receive your application within 31 days of your retirement date. You cannot elect coverage at a later date. Applications received after this date will be declined. ACT NOW! Please contact your College Benefits Administrator. For all of the program details, visit IMPORTANT: Make sure you understand the coverage you are buying. The large print giveth and the small print taketh away. Anonymous Page 4 CAAT Retiree Benefits Program February April February April CAAT Retiree Benefits Program Page 5

4 CAAT RETIREE BENEFITS PROGRAM highlights LIFE INSURANCE Basic $10,000 lifetime (academic retirees: coverage terminates at age 75) Additional Units of $5,000 up to $490,000; coverage terminates at age 65 Covered Services Plan 1 Plan 2 Plan 3 Semi-Private Hospital Vision Care Hearing Aids Reimbursement 100% Maximum Unlimited Reimbursement 100% Maximum $300/2 years Coverage Coverage Coverage Coverage Reimbursement 100% 100% 100% Maximum $3,000/3 years $3,000/3 years $1,500/3 years Prescription Drugs Reimbursement Deductible 100% generic 85% all other Nil 100% generic 85% all other Nil 85% mandatory generic substitution Age 65 & older Nil Under age 65 Individual $100 Family $200 Maximum Unlimited Unlimited Unlimited ALL THREE PLANS: The following services are reimbursed at 85% Private Duty Nursing Maximum $25,000/person $25,000/person $10,000/person Ambulance Integrated with OHIP Integrated with OHIP Integrated with OHIP Paramedical Services (12 practitioners unless noted otherwise) Maximum $1,500 all practitioners combined $1,500 all practitioners combined Except Massage 50% Named practitioners Physiotherapy $500/person/year Optometrist or Ophthalmologist 1 eye exam/year Covered Services Plan 1 Plan 2 Plan 3 Custom-made Orthopaedic Shoes Medical Services & Supplies Maximum 1 pair/year 1 pair/year Limitation Either Orthotics or Shoes not both DENTAL Either Orthotics or Shoes not both Covered Services Plan 1 Plan 2 Basic & Preventive 100% Coverage Endodontic, Periodontal & Dentures Crowns, Bridges, Inlays & Onlays 100% 100% 50% 50% Orthodontia 50% Coverage Plan Maximums NOTE: These Plans may be amended from time to time by the College Employer Council. This brochure is only a summary of the CAAT Retiree benefits program, and is not a legal document. Any decisions to pay a claim will follow the group contract. $2,000 Basic, Endodontics, Periodontal & Dentures plus $2,000 Crowns, Bridges, Inlays & Onlays 1 pair/2 years Max. $600 Only Orthotics $2,000 all covered services combined (excludes Basic, Preventive and Orthodontics) Lifetime $2,500 Orthodontics N/A Page 6 CAAT Retiree Benefits Program February 2015 February April CAAT Retiree Benefits Program Page 7

5 important! one chance to get this key coverage You have only one opportunity to get CAAT Retiree Benefit coverage and that s at the time of your retirement. To be eligible, your College Benefits Administrator must receive your application within 31 days of your retirement date! To sign up for benefits, please contact your College Benefits Administrator