Plan design and rates for 2024
HPE conducted its annual review of the plan to ensure it remains competitive from a design and cost sharing perspective.
The overall benefits plan design remains the same for next year. While our rates remain competitive, we continue to experience medical inflation within the plan due to rising health care costs, however HPE is absorbing most of these inflationary increases. The cost for optional life insurance is decreasing slightly whereas the cost of long-term disability coverage is increasing.
Your individual costs depend on the options you choose and the number of people you cover. You can model costs and changes to your benefits selection during Annual Enrollment in the HPE Benefits Enrollment Tool.
Personalized Medicine – is now included in your Manulife benefits plan for you and your eligible dependents. Your genetics can affect your response to medication and Personalized Medicine involves a pharmacogenetic test that can help your doctor prescribe the right drug with the right dose and help rule out drugs that may have side effects. Learn more about this program at www.manulife.ca/personalizedmedicine.
Bonus Redirect – Sun Life has launched a new online tool called MAX Review that can be used to redirect your bonus to your workplace savings plan (RRSP or TFSA)! Review your contribution limits and then from November 6th to 24th, 2023, you can log on to mysunlife.ca and use MAX Review to direct your bonus. This could help you save on taxes and build your savings quicker!
HPE Benefits Enrollment Tool provides an intuitive digital experience when selecting your benefits for annual enrollment. Access the HPE Benefits Enrollment Tool from HPE Benefits Connect.
- Review and update your beneficiaries during enrollment with no paper forms required.
- Your HPE Retirement & Savings program contributions, limits and bonus redirect are now managed directly on the Sun Life site (no longer in the annual enrollment tool). Excess Flex Credits can still be allocated to the HPE RRSP during enrollment.
- Visit Sun Life at any time to:
- Set, review and update your HPE Group RRSP contribution rate.
- Direct all or part of this year’s Variable Performance Bonus (VPB) or Pay for Results (PFR) bonus to your HPE Retirement and Savings Program
- Check your account balances or make investment changes.
HPE offers programs and resources to support your physical, financial, and emotional health.
- Check out the MyFiTage online tool to model a variety of scenarios to help you understand what steps to take to build your wealth early and have your money last as long as possible during your retirement years.
- Be sure to register for TELUS Health Virtual Care, so that you are set if you or your family members need access to virtual care.