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  1. Equitable Life Group Benefits Bulletin – December 2021 In this issue: *Indicates content that will be shared with your clients

    Supporting plan members affected by the flooding in Nova Scotia and Newfoundland*

    The recent flooding in Nova Scotia and Newfoundland is having a devastating impact on the province’s residents.

    Here are some of the ways we can help support your clients’ plan members who are affected by the flooding.
     
    Prescription refills
    Until Dec. 31, our pharmacy benefit manager, TELUS Health, will allow early refills for plan members who have been evacuated and/or lost their medication due to the flooding.
     
    Replacement of medical or dental equipment and appliances
    If plan members in Nova Scotia or Newfoundland need to replace any eligible medical or dental equipment or appliances (e.g. prescription eyeglasses, dentures, etc.) due to the flooding, they can call us at 1.800.265.4556 before incurring additional expenses to see how we can support them.

    Disability or other benfit cheques
    If plan members affected by the flooding are receiving disability benefits or other benefit reimbursements by cheque, they can visit www.equitable.ca/go/digital for easy instructions on how to sign up for direct deposit. It’s easy and takes just a few minutes. They can call us at 1.800.265.4556 if they need help. We can also arrange for a different mailing address or replacement cheques if necessary.
     
    Mental Health Support
    A natural disaster can also take a serious toll on people’s mental health. All of our plan members have access to the Homeweb online portal and mobile app, including numerous articles, tools and resources designed to provide guidance and support in difficult times. Homewood has put together some suggestions on how to help employees affected by a natural disaster. 
     
    For your clients with an Employee and Family Assistance Program, remind them that their plan members have 24/7 access to confidential counselling through a national network of mental health professionals. Whether it’s face-to-face, by phone, email, chat or video, plan members will receive the most appropriate, most timely support for the issue they’re dealing with.
     
    If a client wishes to add the EFAP to their plan, we can do this quickly – often in just a few days. Simply contact your Group Account Executive or myFlex Sales Manager.
     
    Plan Administrator support
    We realize that the flooding may also be having an impact on the regular business operations of your clients in Nova Scotia and Newfoundland. If any of your clients are unable to carry out day-to-day plan administration, they can call us at 1.800.265.4556 to see how we can support them.
     
    We know this is a challenging time for many of your clients and their plan members. We will continue to monitor the situation and provide additional updates as appropriate. 
     

    Update: Changing certificate numbers on EquitableHealth.ca*

    Effective Dec. 10th, plan administrators will no longer be able to update or change plan members’ certificate numbers on EquitableHealth.ca. This change will ensure we can manage these changes more effectively to provide a smoother plan member experience.
     
    If your clients need to update a plan member’s certificate number, please have them reach out to Group Benefits Administration for assistance at groupbenefitsadmin@equitable.ca.
     

    Help plan members take advantage of convenient digital options*

    We have several digital options available to make it easier for your clients to do business with us and for their plan members to access and use their benefits plan.
     
    To help build awareness among plan members, we’ve created two posters that your clients can post on their intranet sites or in their office. The posters provide easy instructions on how to activate our secure, digital options.
     
    Please click on the links below to download the posters.
     
    EquitableHealth.ca posters:                                         EZClaim mobile app posters:
    EquitableHealth.ca English                                             EZClaim mobile app English poster                   
    EquitableHealth.ca French poster                                  EZClaim mobile app French poster
     

    Ontario optometrists and government to restart negotiations*

    The Ontario Association of Optometrists (OAO) announced it has paused its job action and will restart negotiations with the Ontario Ministry of Health on funding for optometry services.
     
    In September, Ontario optometrists began withholding services from patients covered by OHIP, including children, senior citizens and other patients with certain medical conditions, after negotiations with the Ministry of Health over compensation broke down.
     
    Residents of Ontario between the ages of 20 to 64 who aren’t eligible for coverage of eye services under OHIP were not affected by the job action. They were able to continue to receive eye exams from their optometrist and submit eligible claims to their benefits plan.
     

    QDIPC updates terms and conditions for 2022*

    Every year, the Quebec Drug Insurance Pooling Corporation (QDIPC) reviews the terms and conditions for the high-cost pooling system in the province. Based on its latest review, QDIPC is revising its pooling levels and fees for 2022 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims.
     
    Size of group (# of certificates) Threshold per certificate 2022 Annual factor (without dependents Annual factor (with dependents)
    Fewer than 25 $8,000 $276.00 $771.00
    25 – 49 $16,500 $188.00 $527.00
    50 – 124 $32,500 $97.00 $328.00
    125 – 249 $55,000 $66.00 $223.00
    250 – 499 $80,000 $51.00 $173.00
    500 – 999 $105,000 $39.00 $153.00
    1,000 – 3,999 $130,000 $34.00 $133.00
    4,000 – 5,999 $300,000 $18.00 $71.00
    6,000 and over Free market – Groups not subject to Quebec Industry Pooling
     
    We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.
  2. [pdf] Transfer Authorization
  3. Levelizing taxes on fixed income investments
    A smart strategy to promote with clients
    Many clients choose fixed income investments because they are more stable and predictable than other investment types. However, there is a downside to this approach that many don’t think about – taxes, which increase as the investment grows. As an advisor, you can help clients reduce some of the money they pay in taxes by suggesting a different approach.

    The tax challenge
    In most cases, fixed income investments are taxed yearly. To pay these taxes, clients usually take out some of the interest income earned, and leave the rest invested. This in turn increases the tax that must be paid on the interest earned the next year. As a result, a large amount of the investment income earned each year goes straight to taxes with a growing amount of tax that must be paid each year. You can show clients a solution that can help lower total taxes they pay on their fixed income investments. 

    The solution: levelize the tax
    Using participating whole life (WL) insurance as part of a financial solution, you can help clients levelize their annual tax payment. And lower the cumulative tax they must pay on their fixed income investments. 



    How it works 
    Each year the client takes out the full amount of the interest earned on the fixed income investment. They leave only the principal amount. Part of the interest income withdrawn is used to pay the taxes on the fixed income investment. The remaining amount is used to pay premiums for a participating WL policy. Because the client is leaving only the principal amount invested, the tax they pay each year is a levelized amount. This reduces the cumulative taxes they pay over the life of the fixed income investment.

    With this solution, the value of the fixed income investment along with the potential value provided by the participating WL policy, can mean a higher estate value. And a lower cumulative tax bill than what can be achieved through only the fixed income investment.

    The participating life insurance not only provides valuable life insurance coverage, but also offers tax-advantaged growth and the potential for dividends. 

    To help explain this concept to individual clients, feel free to share Levelize the tax on your fixed income investments with participating whole life (1799).

    This concept also works with corporate owned participating whole life policies. Feel free to share Levelize the tax on fixed income investments with corporately-owned participating whole life (1874).  

    Why it matters
    This solution isn’t just about lowering taxes. It’s about helping clients grow their money, plan for their future, and protect what matters most. As an advisor, guiding clients toward solutions that address both immediate and future needs can set you apart and help build trust.

    Contact your wholesaler to learn more.
  4. 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.

  5. [pdf] We’re serious about saving you money
  6. Let’s “Talk Money”: Helping clients feel better about their finances This November is Financial Literacy Month, and the theme is simple but powerful: “Talk Money.” The goal is simple—get Canadians talking about money. When people open up about budgeting, debt, or financial stress, they feel more confident and less alone.

    Money and mental health are connected
    Many Canadians feel stressed about money. That stress can affect their mental health. As an advisor, you can help by starting honest conversations. When clients talk about their worries, they’re more likely to take action and feel better.

    How advisors can help
    You don’t need to be a therapist. Just listen, ask questions, and offer simple steps. Here are a few ideas:

     
    Let’s talk money
    Talking about money helps people feel stronger and more in control. This month, let’s help clients open up, take action, and build better habits—financially and emotionally.

    If you have any questions, feel free to reach out to your Director, Investment Sales.
  7. [pdf] Daily/Guaranteed Interest Account Application - FHSA
  8. [pdf] Equitable GIF Contract Provisions and Information Folder
  9. [pdf] Investment Direction Form - DIA/GIA
  10. [pdf] EZtransact FAQ