| Administrator |
D.A. Townley & Associates. The Administrator co-ordinates enrolment into the Plans,
claims payment, Pension processing and answers all Member questions regarding the Health & Welfare or Pension Plans.
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| Annuity |
Pension income purchased from a life insurance company.
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| Beneficiary |
The person(s)/Estate that you designate to receive Life Insurance,
Accident Insurance and/or Pension benefits upon your death.
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| Co-Insurance |
The amount paid by the Member after the deductible has
been satisfied on any Extended Health, Vision Care,
Dental or Supplemental Travel claim.
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| Coordination of Benefits |
The ability to make a claim for Extended Health Care and/or Dental eligible
expenses under your Benefits Plan and your spouse's benefits plan.
This allows you to receive up to 100% reimbursement for an eligible Extended Health Care or Dental expense.
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| Deductible |
The amount of out-of-pocket expense that a Member must incur prior to being eligible for reimbursement on subsequent claims.
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| Defined Benefit Pension Plan |
A type of Pension Plan where the formula that will be used to calculate your Pension benefits is pre-determined. Usually
it is tied to your annual earnings while working. For example, the Pension benefit formula
used to determine your annual Pension benefit at retirement might be: 50% of your earnings
in the year immediately prior to retirement. If you earned $60,000 in your final year of
employment, your Pension benefit would be $30,000/year.
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| Dependent |
A dependent for this Plan is defined as:
The Spouse
of an Insured Person, and unmarried dependent children to age
21, unless the dependent child is attending a recognized school,
college or university on a full-time basis, in which case the
maximum age will be 25. A child is not a dependent if he/she is
eligible for or entitled to benefits under this
Plan as a Member.
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| Dispensing Fee |
The pharmacist's charge for filling a prescription (also see Professional Fee).
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| Locked-in Vehicle |
Locked-in RRSP or Retirement Account to which you transfer funds from a Registered Pension Plan after you terminate employment.
Locked-in means that funds transferred must be used to provide retirement income.
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| Lowest Cost Alternative Drug |
The lowest cost equivalent product that can be legally used to fill the prescription as listed in the Provincial Drug Formulary listing.
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| Old Age Security |
Government provided Pension payable to all Canadians from age 65 based on your years of residence in Canada,
and subject to claw-back if your retirement income after age 65 exceeds a certain level.
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| Paramedical |
Services provided by a licensed practitioner including: naturopath, physiotherapist, podiatrist,
chiropractor, clinical psychologist or osteopath.
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| Pension Benefits |
The income that you will receive at retirement.
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| Self- Pay |
Mechanism that allows unemployed members to pay monthly premiums out of their pocket and continue to
participate in the Benefits Plan for up to twelve months.
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| Weekly Indemnity |
A benefit that pays $435 per week for up to
26 weeks if you are unable to work due to sickness or accident.
See Weekly Indemnity for details on this benefit.
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