New Financial Parameters for the Quebec Prescription Drug Insurance PlanLinkedIn
There, in black and white
Bulletin NB Vol. 11 N. 8, July 2008
Amendements to the financial parameters for the Quebec Prescription Drug Insurance Plan took effect on July 1, 2008. These amendments may impact private group insurance plans.
The Régie de l'assurance maladie du Québec recently announced the new financial parameters that will apply to the public prescription drug insurance plan for the period of July 1, 2008 to June 30, 2009. One of the provisions of Quebec's Act respecting prescription drug insurance provides for the revision of these parameters on July 1 each year to take into account the increase in plan costs.
The table below presents the changes to the parameters that will apply to all individuals covered under the public plan, with the exception of those who receive prescription drugs free of charge (no premium or contribution) and individuals aged 65 or over receiving less than 94% of the Guaranteed Income Supplement (GIS), who are subject to a reduced contribution:
1 This amount includes the deductible and coinsurance.
Impact on private group insurance plans
These amendments could impact private group insurance plans, as illustrated below:
In addition to the financial impacts outlined in this bulletin, the amendments to the financial parameters applicable to the Quebec Prescription Drug Insurance Plan may also affect the wording of contractual documents if they do not already provide for the periodic amendments to the parameters of the public plan.
Finally, you should ask your insurer whether the parameters of your plan are automatically updated and confirm the effective date of the changes to your plan.
Please feel free to contact us for additional information.
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