Understanding Your Premiums
Premiums are the amount paid to our group insurance carrier to cover the cost of your benefits. Average benefit plans can cost anywhere between 15% to 30% of a company’s salary costs for employees. For Ontario Midwives, the Ministry of Health and Long-Term Care provides benefits funding equivalent to 20% of a midwife’s income.
At the Trust, we negotiate and manage a benefits plan on your behalf. Since we’re a group plan pooling resources and risk, the premiums are much less than an individual benefits plan would cost.
In order to support new registrants who are just beginning their careers, benefits start on your date of registration – even before you begin discharging clients or receiving benefits funding. This means that you may be in arrears, but your benefit premiums are covered for you by the AOMBT until you start to build a caseload and receive benefits funding.
When the Trust receives a midwives benefits funding monthly, first a 10% mandatory service fee is deducted. Then, benefit premiums are paid on your behalf with amounts then being contributed to the Leave Savings and/or Wellness Spending Account (WSA) program if you chose to participate in these elective programs. The remaining amount from your monthly benefits funding is then directed towards your AOMBT investments (Group RSP, non-registered account and/or TFSA).
You may be able to claim your benefits premiums and a portion of your service fees as tax deductions. Talk to an accountant about how to make the most of your deductions. Midwives receive an annual Member Information Report (MIR) from the Trust, which shows how your benefits funding has been allocated and provides any tax receipts you’re eligible to receive.
The amount of benefits funding which goes towards premiums depends on what kind of coverage you need, for yourself and your family. Your BCC income may change month to month, but benefits premiums are a fixed monthly expense. The monthly cost of your benefits premiums depends on the coverage you choose (for example single, couple/single parent, or family). You can find your monthly fixed benefits premiums by logging into the portal.
Benefits funding explained
Find out more about how benefits funding works.
Portal – member login required
View benefits coverage, monthly premiums, Leave Savings Account balance, and benefits arrears.
Understanding your plan
See how much different types of coverage cost every month, and find out more about how your premiums are working for you.