Most employers staying the course on benefits during COVID-19
With businesses suffering hardship due to COVID-19, employers are turning to you for advice on their benefits plans during these difficult times. We’ve received numerous questions from advisors about changes our clients are making to their plans during this crisis.
So far, the vast majority of clients are standing pat and taking a wait-and-see approach. Plan amendments have been the exception – fewer than 1% of our clients have made COVID-19-related amendments as of mid-April. Almost all are clients with fewer than 50 lives.
We know that many of our clients have experienced layoffs, but hardly any have cancelled benefits. Fewer than 0.1% have terminated benefits to date.
Below is a snapshot of plan amendments and terminations relative to our overall block, and an overview of the types of amendments we’re seeing.
COVID-19-related plan changes on Equitable Life’s block of business
As of April 15, 2020
Have clients who need to make a change?
We know this is a difficult time for Canadian employers. If you have a client who needs to make a change to their plan, please contact your Group Account Executive or myFlex Sales Manager. We have a range of options to help them manage, and changes can be made quickly. The average turnaround time for COVID-19-related amendments is currently about four days.
We’re happy to work with each employer to understand the options that suit their specific situation best.