Premiums

Premium Calculation

The annual premium is calculated by multiplying the applicable rate, according to Your Age, sex and smoking status, by the number of units for which You are insured at the beginning of each Policy Year. If coverage becomes effective in the midst of a Policy Year, a pro-rata premium will be determined based on Your Age at the beginning of the Policy Year in which application for such insurance was made.

For cost information, please contact:

Mark Venton, Doctors Manitoba, at 204-985-5846, or
Gord Brennan, Doctors Manitoba’s Authorized Representative, at 204-985-1140.

The premiums are Age banded rather than level premiums. This means You pay in today’s dollars for today’s risk. With level premiums, the cost of premiums for older participants is transferred to younger participants. Rather than have younger participants ‘overpay’, premiums are based on a more cost- effective banding method whereby participants pay premiums for risk based on actual Age.

Retail sales taxes are calculated based on the premiums applicable to those members of Doctors Manitoba who reside and/or report for work in Manitoba, Ontario and Quebec.

Changes to Premium

The insurance company may adjust the premium rates on any Policy Anniversary Date by giving 90 days’ notice in writing to Doctors Manitoba, unless the insurance company and Doctors Manitoba mutually agree to the contrary, but not more often than once in any 12 month period.

Refund of Premiums

Where Your death occurs in the midst of a Policy Year for which premiums have been paid, a pro-rata refund will be paid on the number of complete months remaining in that Policy Year.

Grace Period

On each Premium Due Date, You will pay a premium calculated on the basis of the premium rates then in effect for Your insurance, including any applicable riders. A period of 30 days is allowed for the payment of each premium due after the first, during which the insurance continues in force. If any premium is not paid within the grace period, the insurance will terminate immediately.

If a benefit becomes payable during the grace period, any premium due but unpaid will be deducted from the benefit.

Premium Payment Not Honoured

If any cheque, draft, money order or other instrument tendered in payment or part payment of a premium is not paid when presented for payment in due course of business, the premium or such part will be considered to be unpaid and Doctors Manitoba official receipt, if issued, will be null and void.

Method and Frequency of Premium Payments

You may pay premiums:

  1. annually by cheque (made payable to “Doctors Manitoba”), or
  2. by any other payment method or frequency made available by Doctors Manitoba and approved by the insurance company.

You may elect to pay the annual premium at the billing date or pay 50% of the annual premium at the billing date and the remainder within 60 days of the billing date. All payments must be in Canadian dollars.

Smoker and Non-Smoker Rates

If You are paying smoker premiums, You may apply to change to Non-Smoker premiums. The insurance company will grant this request provided that:

  1. You qualify as a Non-Smoker,
  2. a health declaration, on the insurance company’s standard form, is completed, submitted and approved by the insurance company,
  3. satisfactory evidence as to Your smoking habits is submitted, and
  4. at the time the request is submitted to the insurance company, Non-Smoker rates are off

If the insurance company approves the change to Non-Smoker premiums, future premiums will be payable on a Non-Smoker basis. The change will take effect on the Policy Anniversary Date coinciding with or following the date the insurance company approves the change to Non-Smoker status.

A misstatement of Non-Smoker status is considered fraud. The insurance company reserves the right to void Your insurance if Non-Smoker status has been misstated.