Dollar Bank

The dollar bank is a special account designed to maximize the flexibility and tax-effectiveness of your benefits plan.

It can be considered a “holding tank” for excess producer contributions now — until you decide to upgrade your coverage level, allocate dollars to your Healthcare Spending Account (HSA), or save for the future when you may be working less or not at all.

How It Works

Each year, the Trustees assess overall producer contributions against how much it costs to operate the plan. Any revenue that is not needed to fund future obligations is distributed mostly to members who have generated the most producer contributions to the plan. This is a discretionary process that can vary from year to year. For the 2025 plan year, there was no dollar bank allocation due to lower-than-usual producer contributions in 2023 and 2024. These lower contributions are a direct result of the industry work levels in 2023 and 2024.

Three Options For Using It

You have three options for using the credits in your dollar bank. You can:

Upgrade your coverage level. For example, if you have Level I automatic coverage, which provides member-only coverage, but you want family coverage, you can use the money in your dollar bank to upgrade. Credits from your dollar bank can be used to upgrade your coverage only during the annual re-enrolment period or within 31 days of an eligible life status change.
Move some or all of it to your HSA. The credits in your HSA can be used to pay medical, prescription drug or dental expenses that are not covered — or not fully covered — under your benefit level. The HSA not only saves you out-of-pocket expenses, it also offers some important tax advantages.

Keep in mind that credits can only be transferred from your dollar bank to your HSA during the annual re-enrolment period, or when you have an eligible life status change. It cannot be transferred throughout the plan year.
Save it for future years. The credits in your dollar bank can be used to pay for coverage.

- During periods when you are not working; or
- When you are retired (or easing into retirement).

Although you can carry forward credits in your dollar bank for as long as you want, keep in mind that:

- Interest will not be paid on these credits; and
- You cannot withdraw these credits — it must be used to provide you with the DGC Benefits Plan’s coverage; and
- You must be a member in good standing to use these credits (they will be forfeited if your membership ends).

TIP FOR RE-ENROLMENT

If you want to know how much is in your dollar bank before you re-enrol:

You can go into the enrolment tool during the re-enrolment period just to check your new dollar bank balance and automatic coverage level; then
Come back later to complete your re-enrolment — after you’ve had a chance to decide how you want to allocate your dollar bank credits for the year. (Just make sure you complete your re-enrolment before the deadline!)

Tax Advantages

The credits allocated to your dollar bank account is pre-tax money in most provinces. In other words, income tax is not deducted from this money. This means you have more money to spend.

If you transfer your dollar bank credits to your HSA then different tax rules apply to the HSA.

Survivor Benefits

If you die while a member in Active Good Standing, your surviving spouse may transfer all or a portion of any funds remaining in your dollar bank to the HSA at any annual re-enrolment for use in the following year. This HSA can be used by your surviving dependant(s) subject to the earlier of the HSA credits expiry and end of the survival extension of Health and Dental benefits.

How the Plan Works