[Chad]

Opting out of MSU Dental and Health Plans

If you already have health and dental insurance, then you are able to opt out of the MSU Dental and/or Health plans which, when combined, total $140.00 of your supplementary fees that come out of your tution. That means you can get a refund for these fees and receive a cheque in the mail for the refund amount.

So if you already have health and/or dental coverage, you have until Sept 28th to opt-out and get your money back for these fees from the MSU.

To read more about the MSU insurance plans, click here.
To opt-out, click here.

hey any idea on when we can pick up our cheques?

Monday Nov 17 from 9:30-4:30 in MUSC 215B

This was in the confirmation e-mail I got:

Refund cheques will be available for pick up from Monday November 17, 2008 until Friday November 28, 2008 ONLY. Refunds may be picked up from 9:30am to 4:30pm between these dates from the McMaster University Student Centre Room 215/B (MSU Clubspace). If your refund cheque has not been picked up, we will mail the refund to the address that you have provided on your opt out application.

Please ensure that you have a your MCMASTER STUDENT ID CARD as proof of identification. No other pieces of ID will be accepted.

If you have chosen Direct Deposit, please be aware that your deposit is not instant. Once the online opt out period has ended it will take approximately 5 weeks for your deposit to be placed into your account. Should your direct deposit information not be accepted at your banking institution a refund cheque will be issued.

Finally!

I don't understand what takes so long, I would hope it's a mostly automated process.

It takes so long since students can drop down to part time and get these fees back until a certain time, but then the university will finally cut a cheque, and until the companies who do the health and dental plan get the money, they can't start writting cheques to people since they also don't know who has paid. Once the cheque was in they moved super fast and now you get to pick them up!

Originally Posted by Ian Finlay

It takes so long since students can drop down to part time and get these fees back until a certain time, but then the university will finally cut a cheque, and until the companies who do the health and dental plan get the money, they can't start writting cheques to people since they also don't know who has paid. Once the cheque was in they moved super fast and now you get to pick them up!

Hmmm ok.

Seems to me like we could save time and money if it was done in house.

In house? what does that mean? it would take just as long since we had to wait for the university to pay out the fees which they collected.

If we did not get an email does that mean we don't get our money back?

Originally Posted by Ian Finlay

In house? what does that mean? it would take just as long since we had to wait for the university to pay out the fees which they collected.

Ah ok, in that case maybe we should try to get the opt out application done at the same time as course registration. That way, those who opt out then don't have to pay the money only to wait 4 months to get it back.

Originally Posted by DannyV

Ah ok, in that case maybe we should try to get the opt out application done at the same time as course registration. That way, those who opt out then don't have to pay the money only to wait 4 months to get it back.

Good idea, but then the university would have to deal with the costs associated with opting out and they don't like that. good idea, just probably wont happen. On the bright side, paying it and getting it back 4 months later is kinda like forced savings! Or surprise money when you get it.

On the MSU website it says, when picking up your cheque to bring your student ID and your confirmation. What is this confirmation? Is this an email and if so was this sent after we applied or recently, because I don't think I ever received an email. Also though I cannot remember if I gave them my information for them just to direct deposit the money - so could this be a reason I didn't receive an email? And will the direct deposit be paid on the 17th?

If anyone knows the answers to any of these questions it would be super helpful.

Originally Posted by Ian Finlay

Good idea, but then the university would have to deal with the costs associated with opting out and they don't like that. good idea, just probably wont happen. On the bright side, paying it and getting it back 4 months later is kinda like forced savings! Or surprise money when you get it.

See that's the thing I don't get. Why would they be incurring costs if they don't have to process a return of money in the first place? I wouldn't be giving them the money during registration. It would be a simple "Would you like to opt IN/OUT (I'm more of a fan of the opt in rather than opt out, but that's a whole other topic of dicussion) to the MSU Health Plan?" YES or NO

YES? - ok pay the extra $100+

NO? - Alright let's get all this information from you (yet another topic of discussion, how come we have to prove that we're insured? I'm guessing it's a liability thing maybe?)

That way no money exchanges hands, I keep my $100+ and they don't have to incur any costs to get me my money back. I wonder if I could not pay it and then opt out and tell them oh just credit that to my student account.

While I guess you're right about the "hey I just found $100+ in my jacket pocket" idea, I assume the money goes into a bank account and it makes the university interest in these 4 months (whatever the interest rate on ~$1.8 million is). As a student, I would rather that money make me interest.

Does it get deposited around the same time?
How do we know if our banking info wasn't approved?

Originally Posted by AP90

Does it get deposited around the same time?
How do we know if our banking info wasn't approved?

Same question...what about for those who chose Direct Deposit??