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IMPORTANT NOTICE: FUNDS WITH DEFERRED SALES CHARGE OPTIONS
The Canadian Council of Insurance Regulators require all insurance companies to discontinue the sale of segregated funds with Deferred Sales Charge (DSC) effective June 1, 2023*.
PIVOTAL SELECT™ SEGREGATED FUND PRODUCTS
On May 29, 2023, funds with a DSC or Low Load (LL) sales charge option will be allocated to the No Load (NL) sales charge option of the funds available within the policy.
- Any existing amounts held in DSC or LL funds will retain the existing DSC schedule, outlined in the client’s contract. The annual 10% available (20% for RIF policies) for withdrawal without fees continues to apply through to the expiry of the fee schedule.
- If the default deposit instructions and/or pre-authorized scheduled deposits the client previously provided include funds with DSC or LL, these instructions will automatically update to NL of the same fund for all future deposits.
In alignment with Equitable's current administrative rules, if the client has DSC or LL funds, the client will not be able to deposit No Load Chargeback funds (NL-CB and NL-CB5) within the same policy.
For more information, please click here.LEGACY SEGREGATED FUND PRODUCTS
Ongoing deposits to DSC funds continue when a segregated fund product does not have an alternative sales charge option available within the contract. This applies to the following products:
- Personal Investment Portfolio
- Pivotal Solutions II
- Pivotal Solutions DSC
Clients may continue to make new deposits to the DSC funds within the policy. Any new segregated fund deposits, as well as any existing segregated fund amounts within the policy, will retain the DSC schedule outlined in the contract.
For more information, please click here.
Equitable's Advisor Services Team is available Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or by email at savingsretirement@equitable.ca. You can also contact your Regional Investment Sales Manager.
*Draft regulation in Quebec is currently under review which may affect Equitable Life’s approach for clients in the Province of Quebec with legacy segregated fund products. We will continue to monitor provincial regulatory developments.
™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada.
Date posted: May 4, 2023
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Equitable Life Group Benefits Bulletin - October 2022
Introducing new Gender Affirmation Coverage for group benefits plans
Providing an inclusive benefits plan can play a critical role in fostering a workplace culture that welcomes diversity and helps employees thrive. While most provinces cover the cost of gender-affirming surgery, each person has unique needs. Some may require procedures that are not publicly covered.
That’s why we’re pleased to introduce a new coverage option for gender affirmation surgical procedures that are not covered by provincial health plans. Gender Affirmation Coverage helps plan sponsors to close the gap where provincial health coverage ends.Coverage details and eligibility
Gender Affirmation Coverage can be added to any Equitable Life plan with an in-force Extended Health Care plan. It provides coverage for gender-affirming procedures that are not covered by provincial health plans. This might include tracheal (Adam’s apple) shaving and voice surgery. It will also cover some additional procedures to further align the plan member’s features to the transitioned gender, such as facial bone reduction and cheek augmentation. This makes a wider variety of gender-affirming surgeries accessible to plan members and helps minimize their out-of-pocket costs.
Plan members are eligible for coverage with a diagnosis of gender dysphoria from a qualified health care professional.Offering a more inclusive benefits plan
The coverage provides one more way for your clients to offer more inclusive coverage and to offer holistic support to their plan members undergoing a gender transition. We have developed this coverage as a complement to our existing coverage options, including Health Care Spending Accounts (HCSAs), Taxable Spending Accounts (TSAs), Extended Health Care and drug coverage, and Employee and Family Assistance Programs, all of which can provide support to plan members undergoing gender affirmation.
We regularly review our products to ensure that they’re meeting your clients’ needs, and we’re committed to offering products that support diversity, equity and inclusion.
We also continue to review our forms, documents and processes to make them more inclusive. This includes reviewing our online plan member enrolment (OPME) tool to allow for more flexibility with the way plan members identify their gender.Gender affirmation and mental well-being
Gender affirmation procedures can lead to improved mental health outcomes for those with gender dysphoria, as most report an improvement in their quality of life following the procedures. Gender dysphoria may occur when a person’s assigned sex at birth does not match their identity, and people experiencing gender dysphoria typically report psychological and emotional distress, including symptoms of depression or anxiety. By offering coverage where provincial health coverage ends, your clients can support plan members as they seek procedures that align their body presentation with their self-identified gender.
Advantages at a glance
Advantages for plan members include:- Reimbursement for some procedures and expenses, leading to fewer out-of-pocket costs
- May experience improved mental health outcomes after surgery
- A benefits plan that promotes a culture of diversity, equity and inclusion, which may build employee loyalty
- Support for plan member mental health to help those with gender dysphoria thrive
The Benefits Canada 2022 Health Care Survey results are in!
Equitable Life is proud to be a Platinum sponsor for The Benefits Canada 2022 Health Care Survey, Canada’s leading survey on workplace benefits plans. This year’s survey report highlights many fascinating insights across a wide variety of benefits topics, including:- A focus on mental health for both plan sponsors and plan members
- The repercussions of the "shadow" pandemic due to health care delays
- Trends in plan members' overall perceptions of their health benefits plans
- The types of benefits getting more attention from plan members
- The role of remote work in plan member satisfaction
We’re committed to helping you and your clients navigate the evolving landscape of employee benefits in Canada by contributing to this vibrant industry community. To read the full report, visit Benefits Canada.
HCSA and TSA manual allocation reminder
If your clients’ Health Care Spending Account (HCSA) and/or Taxable Spending Account (TSA) have manual allocations, they need to allocate these amounts to plan members each year. Clients should review their plan members’ profiles on EquitableHealth.ca to ensure they have received their allocation(s) for the current benefit year. Your clients may also order HCSA and TSA forfeiture reports on EquitableHealth.ca.
If your clients have Plan Administrator update access on EquitableHealth.ca, they can update these amounts online by doing the following:- Select View certificate
- Select Health Care Spending Account or Taxable Spending Account
- Select Update Allocation in Task Center
- Enter amount in Revised Allocation Amount
- Override Reason – Plan Administrator Request
- Select Save
- Select Reports
- Select New
- Select Next
- Select HCSA or TSA Totals by Plan Member
- Select Next
- Enter end date of 12/31/2022
- Select Next
- Select Finish
- View Report
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Policy endorsement: Long Term Disability pre-existing condition period
We are updating our contracts to clarify how we handle the Long Term Disability (LTD) pre-existing condition period for employees returning from maternity or paternity leave.
A new LTD pre-existing condition period will no longer apply when an employee re-enrols in the benefits plan after their maternity or paternity leave ends, provided that they return to work on the date agreed upon with their employer, or in the time period allowed by the Employment Insurance Act, whichever is earlier.
To facilitate this change, we are amending some of the wording in our contracts and booklets, effective March 1, 2020. Below are links to the Endorsement to the Master Policy and the Summary of Master Booklet Wording Changes for this amendment. Please download and save these policy endorsement documents for your files.
In addition, please remind your clients to provide all of their plan members with a copy of the Summary of Master Booklet Wording Changes.
The next time your clients amend their benefits plan, the updated wording will be included in their group benefits plan booklets.
Download Endorsement to the Master Policy
Download Summary of Master Booklet Wording Changes -
Extending Homeweb to plan members who are losing coverage
We know these are difficult times for Canadian employers and their employees.
As businesses temporarily suspend operations to help stop the spread of COVID-19, some employers have had to make the difficult decision to temporarily lay off employees or put their benefits coverage on hold.
So we are pleased to announce that Homewood Health® and Equitable Life® will extend access to Homeweb, a personalized online mental health and wellness portal, for up to 120 days for plan members who have temporarily lost their benefits coverage due to COVID-19.
Employees and their family members will continue to have access to the Homeweb website and mobile app, including:
- iVolve, Homewood’s online self-directed Cognitive Behavioural Therapy treatment tool to help manage mild to moderate anxiety and depression;
- Resources and information to support themselves and their family members through the COVID-19 pandemic;
- An interactive online Health Risk Assessment to help identify and address health risks; and
- An online library of interactive tools, assessments and 20 different e-courses that allow each user to learn at his/her own pace.
This will allow businesses undergoing financial hardship to provide some support to employees who are temporarily without benefits coverage.
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Equitable Life Group Benefits Bulletin – May 2021
In this issue:
- Graduating dependents losing coverage?*
- New Brunswick expands the use of biosimilars*
- Proposed changes to federal recovery and EI benefits*
- Removal of plan administrator access to update plan member banking*
- BioScript recognized as one of Canada’s Best Managed Companies*
Graduating dependents losing coverage?
Let plan members know about Coverage2go
As we reach the end of spring, some of your clients’ plan members may have dependents who are graduating from university or college and will no longer be eligible for coverage under the benefits plan.
Fortunately, we offer Coverage2go®. It allows individuals who are losing their group coverage to purchase personal month-to-month health and dental coverage that is affordable, reliable and works like their previous group benefits plan. They can choose the level of coverage and protection that suits their personal situation.
There are no medical questions – they simply need to apply within 60 days of losing their health coverage under their group benefits plan.*
Help your plan members and their dependents who are losing coverage by letting them know about Coverage2go. They can visit our website to learn more about Coverage2go and to get a quote.
*Quebec residents are not eligible for Coverage2goNew Brunswick expands the use of biosimilars
The New Brunswick government recently announced that it will be implementing a biosimilar transition program.
Patients using originator biologic drugs for diseases such as inflammatory arthritis, inflammatory bowel disease, diabetes and psoriasis, will have until November 30, 2021 to switch to the biosimilar version of their medications in order to maintain coverage under the province’s public drug plans. This process will be completed in consultation with the patients’ physicians.
Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions.
Equitable Life® actively monitors and investigates all biosimilar policy changes and the ongoing evolution of biosimilar drugs entering Canada. We will keep you informed of any impact on private drug plans and how we are responding.Proposed changes to federal recovery and EI benefits
In its recent 2021 budget, the federal government proposed a variety of changes to its benefit programs.
The proposed changes include providing up to 12 additional weeks of the Canada Recovery Benefit to a maximum of 50 weeks. The first 12 weeks of this benefit would be paid at $500 per week and the remaining eight weeks at $300 per week.
Multiple changes have also been proposed to make Employment Insurance (EI) more accessible to Canadians. The changes include: maintaining uniform access to EI benefits across all regions, supporting multiple job holders and those who switch jobs by ensuring that all insurable hours and employment count towards their eligibility, and simplifying many rules around EI to ensure Canadians can receive benefits sooner. It has also been proposed that the regular EI benefits be extended to no later than November 20, 2021, if needed.
We are analyzing the impact these changes may have to disability benefits. We will provide more details later in the year.Removal of plan administrator access to update plan member banking
In early June, plan administrators will no longer be able to update banking information for their plan members on EquitableHealth.ca after their initial enrolment. This change has been made to allow plan members to have full control over where they want their claim payments deposited.
Plan members can update their banking information online through their plan member web portal or through the EZClaim mobile app. They will continue to be notified via email if and when they make any changes.BioScript Solutions recognized as one of Canada’s Best Managed Companies
Congratulations to our partner, BioScript Solutions, for being recognized as one of Canada’s Best Managed Companies of 2021 by Deloitte.
We have partnered with BioScript since 2016 for our Specialty Drug Preferred Pharmacy Network (PPN). This partnership offers cost savings while providing comprehensive, best-in-class patient care.
BioScript is one of Canada’s leading specialty pharmacies and recently celebrated its 20th anniversary.
- [pdf] Pivotal Select segregated fund codes and fees
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Equitable Life Savings & Retirement Webinar Series features Global Equity Investing Using a First Pr
In 2022, Equitable Life’s® S&R team will continue to spotlight various aspects of our competitive fund lineup and product offerings. Each webinar in the series features a new topic. This series gives advisors an opportunity to:
• learn more about various products and product features,
• hear from industry professionals,
• learn about investment strategies; and so much more.
This month, Equitable Life welcomes Michael Hatcher, CFA, Head of Global Equities and Director of Research for the Invesco Canada Equity team. Join your host Taylor Stavenjord, Regional Vice President and Invesco Canada.
Equitable Life is pleased to highlight access to Invesco Global Companies Fund, Invesco International Companies Fund, and Invesco Europlus Fund in the Pivotal Select™ segregated fund lineup.
Learn more
Continuing Education Credits
This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only. -
Equitable Life Webcast Series featuring Equitable Life Dynamic Asia Pacific Equity Fund Select
Benjamin Zhan and Bruce Zhang will discuss the Equitable Life Dynamic Asia Pacific Equity Fund Select along with the fund's people, philosophy, process and performance.
Equitable Life® continues to spotlight various aspects of our competitive fund lineup and product offerings. This series gives advisors an opportunity to:
• learn more about products and product features,
• hear from industry professionals,
• learn about investment strategies; and so much more.
Join your host, Joseph Trozzo, Investment Sales Vice President, MGA, Equitable Life of Canada along with Dynamic Funds.Learn More
Continuing Education Credits
This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.
® denote a registered trademark of The Equitable Life Insurance Company of Canada
Posted May 31, 2023 -
Short-term disability coverage for plan members in quarantine or self-isolation*
Please note: This announcement applies only to groups with short-term disability coverage through Equitable Life
With the spread of COVID-19, many people have been instructed to self-isolate or quarantine themselves or are doing so voluntarily. We realize this is a stressful situation for people and they may be wondering if they are eligible for disability benefits. Short-term disability is designed to replace a plan member’s earnings if they are unable to work due to illness and injury. As a result, only plan members who meet the following criteria are eligible for benefits:
- Plan members who have tested positive for COVID-19 and are unable to work from home are eligible for coverage from Day 1 of their self-isolation period.
- Plan members who have not been tested but have symptoms consistent with COVID-19 and are unable to work from home, are eligible for coverage. Claims will be assessed according to the terms of the plan.
Plan members who are in quarantine for any other reason, but do not have symptoms consistent with COVID-19, are not eligible for coverage. These plan members should consider applying for Employment Insurance (EI) benefits, if they do not have an option to work from home.
Submitting COVID-19-related STD claims
To make things easier for plan members who need to submit claims related to COVID-19, we will not require a physician’s statement. Instead plan members should submit our simplified Short Term Disability Plan Member COVID-19 Claim Form.
Plan Administrators need to complete their portion of the regular Short Term Disability Form (Form #421).
This is a temporary process that will remain in effect through the current coronavirus situation. We will update on changes and share them on EquitableHealth.ca.
Applying for the Employment Insurance sickness benefit
Canadians quarantined due to COVID-19, who are not receiving Short Term Disability benefits, can apply for Employment Insurance (EI) sickness benefits. The one-week waiting period for EI sickness benefits has been waived. Service Canada’s dedicated toll-free support number is 1-833-381-2725 or (TTY) 1-800-529-3742.
*Indicates content that will be shared with your clients