If a member receives monthly income through the University payroll, deductions for statutory benefits, pension and life insurance plans will be automatically deducted from their pay. If a member does not receive income from the University in a given month, no pension contributions are payable and life insurance premiums will be invoiced to the member for payment. Clinical departments will be automatically charged for employer costs of statutory, pension and other benefits in the program on a monthly basis. Clinical department administrators can answer questions regarding the effect that a member’s benefits program participation has on the level of tithes and Points Based Remuneration that is payable from the department.
Physician and Department costs will vary depending on benefit plan participation and the options chosen by the physician. The Estimated 2011 costs of benefits for a 50 year old non-smoking male Physician Earning $45,000 in taxable income from the University with family coverage and who elected $200,000 in life insurance, dependent life and $250,000 accident insurance on his family:
| Physician Costs | |
|---|---|
| Pension | $ 675 |
| Life Insurance – self | 538 |
| Life Insurance – dependents | 100 |
| Accident Insurance – family, $250,000 | 72 |
| Statutory benefits – CPP | 2,054 |
| Statutory benefits – EI | 786 |
| Total Annual Physician Costs | $ 4,225 |
| Department Costs | |
| Health Care Spending Account | $ 2,160 |
| Post Retirement Benefits | 2,378 |
| Disability insurance | 300 |
| Dependent Tuition Scholarship | 339 |
| Statutory, Pension and Other benefits | 5,850 |
| Total Annual Department Costs | $11,027 |
