MyRetiree Plan Premium Rate Changes for 2023-24
On September 1, 2023, premium rates for MyRetiree Plan Extended Health Care (EHC) and some Dental plans will be changing, which will be reflected in your monthly premium withdrawals starting September 15, 2023.
Earlier this year, the ASEBP Trustees approved premium rate increases for 2023-24 for the MyRetiree Plan, which include a(n):
- 11% increase for EHC plans for those under 65.
- 6% increase for EHC plans for those over 65 (this reflects changes to the provincial Coverage for Seniors Program).
- 9.5% increase for Dental plans, except for Enhanced Dental 2 (rates for this plan will remain the same until the next review cycle for 2024-25).
These new rates will remain in place until August 31, 2024.
If you are already enrolled in one of the impacted plans, you will receive a personal premium notice from ASEBP. Notices will be available in mid-August via My ASEBP by clicking on the Documents menu and then selecting Benefit Premiums. If you don’t have a My ASEBP account, you will receive your notice in the mail. If you haven’t received your notice by September 1, 2023, please contact us.
This is the first premium rate increase for the MyRetiree Plan since its introduction in 2021 and was not a decision that was made lightly. With high inflation (particularly medical inflation and its effect on prescription medication prices), and increased utilization of professional medical services (e.g., psychology, massage, physiotherapy, etc.), the ASEBP Trustees deemed higher premiums would be needed to offset growing plan expenses and work toward striking a balance between premiums collected and actual claim costs.
Increasing premiums is never something ASEBP wants to do, and we understand the frustration it can cause. As a not-for-profit organization, rate increases are not done to increase profits for shareholders, because we don’t have any. If we do happen to end our fiscal year with excess funds, they are reinvested into the Plan to make it better for those we serve—you and your family.
The overall increase to premium rates continues to be lower than trends within the industry. ASEBP will continue to implement strategies to ensure the long-term sustainability of its plans and affordability for our members.
If you would like to discuss your benefit plan options in light of these premium changes, please contact an ASEBP benefit specialist for a benefit review.