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Difference between revisions of "ICBC and Basic Coverage (12:III)"
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ICBC and Basic Coverage (12:III) (view source)
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An insured who ''recovers'' from their injury and then suffers a relapse may also be entitled to re-instatement of their income replacement benefit. The calculation for this benefit varies depending on whether it has been less than two years or more than two years since the end of the prior benefit period (or since the accident if no prior income replacement benefits were received) (''IRR'', s 9). | An insured who ''recovers'' from their injury and then suffers a relapse may also be entitled to re-instatement of their income replacement benefit. The calculation for this benefit varies depending on whether it has been less than two years or more than two years since the end of the prior benefit period (or since the accident if no prior income replacement benefits were received) (''IRR'', s 9). | ||
'''Benefits for Students and Minors:''' | |||
Certain benefits are also available to ''students'' aged 19 and over who are unable to continue their studies for a specified period due to an accident. If a student is eligible for both an income replacement benefit and a student benefit they cannot receive both, but are able to claim the larger benefit (''IRR'', Part 9). Similar benefits are also available for ''minors'' under age 19. Similarly, if a minor is eligible for both loss of studies benefit and an income benefit they cannot receive both, but are able to claim the larger benefit (''IRR'', Part 10). | |||
'''Retirement Benefit:''' | |||
Retirement income benefits are available to certain insured persons over the age of 65. An insured person receiving income replacement benefits is transitioned to the retirement benefit on whichever of the following two dates is later in time: either when they reach 65 years of age, or five years after becoming entitled to income replacement benefits (''IVA'', s 149). These benefits are calculated at, “70% of the insured’s net income as determined under subsection (2) of this section, less any pension income as determined under subsection (3).” (''IRR'', s 34(1)). The benefit is ''not'' available to those who are over 65 at the time of their accident and are not employed (''IVA'', s 148). | |||
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