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Digital tools for your clients and their plan members
In this issue:
- Digital tools for your clients and their plan members*
- QDIPC updates terms and conditions for 2024*
Digital tools for your clients and their plan members*
Do your clients know how to use all the available digital tools in their Equitable® benefits plans? With useful features for both plan administrators and their members, it’s even easier for your clients to access their plans online.Tools for plan administrators
- Our online plan member enrolment tool lets groups and administrators add new plan members online without completing paper forms
- The EquitableHealth.ca plan administrator portal makes it easy for plan administrators to manage their plan anytime and anywhere. Helpful features include:
- A premium calculator to calculate monthly costs for plan members
- A simple process for updating plan member information
- Digital welcome kits provide personalized information directly to plan members through email
- Easy, automated payment options help plan administrators avoid missed payments by offering pre-authorized debit or electronic funds transfer
Tools for plan members
- Our plan member portal at EquitableHealth.ca provides secure, 24/7 access to claims history and coverage details. It also lets members submit claims, and includes health and wellness resources
- Electronic notifications and claims payments give plan members claim updates via email and deposit payments directly into their bank account
- The Equitable EZClaim® mobile app lets plan members submit claims quickly and securely on-the-go from their mobile device
- Digital benefits cards give plan members the convenience to access their benefits cards easily from a mobile device
Help with digital benefits tools
We’ve created a brochure and video guide to help plan members use digital tools for a smoother, more convenient benefits experience.
Plan members can contact us at 1.800.265.4556 and select the option for Web Support if they need further assistance.
QDIPC updates terms and conditions for 2024*
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 2024 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims. These updates take effect January 1, 2024. You can view the updates here.
We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.
If you have any questions, please contact your Group Account Executive or myFlex Account Executive.
- Anti-money Laundering Legislation Requirements Summary
- New Investment Policy
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Equitable Life awarded FundGrade A+ awards for 2021
Equitable Life® is the proud recipient of the Fundata FundGrade A+® in 2021 for Equitable Life Dynamic Power Global Growth Fund and Equitable Life Accumulative Income Fund. These funds are part of our legacy products and no longer available to purchase for new contracts.
Each year, Fundata looks for Canadian investment funds that uphold an outstanding performance rating over the course of the year. Equitable Life invests for the big picture and offers a complete range of investment and annuity products designed to meet the savings, accumulation and income needs of clients. Our strength as a company along with our many investment guarantees can help your clients achieve their financial goals with confidence.
FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.® ”Equitable Life” and “Pivotal Select” are trademarks of The Equitable Life Insurance Company of Canada.
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Group Benefits - Premium relief for Dental and Extended Health Care benefits
We know this is a difficult time for Canadian employers and that many of your clients are facing financial hardship as a result of the COVID-19 pandemic. We continue to look for ways to help employers manage while still supporting their employees.
With many health practitioners closing their offices due to the pandemic restrictions, plan member use of dental benefits and some health benefits has declined.
So, we are pleased to announce that we are offering premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits, as follows:
- A 50% reduction on Dental premiums; and
- A 20% reduction on vision and extended healthcare rates (excluding prescription drugs), which equates to an 8% reduction on Health premiums.
These reductions are retroactive to April 1, 2020 and will appear as a credit against the next available billing. We will assess the situation monthly and expect to continue with monthly refunds for as long as the current crisis period continues.
We expect that claims experience and premiums will return to normal once the current pandemic restrictions are lifted.
In the meantime, plan members will continue to have full access to their benefits coverage throughout the pandemic. In many cases, dental offices remain open for emergency services, and a variety of healthcare providers are available virtually.
Commissions
We know the pandemic has put financial strain on your business as well, so we will continue to pay full compensation. Although your overall commission will be unaffected by these premium reduction adjustments, you may see a temporary reduction in your commission payments if you are on a pay-as-earned basis while we put through mass changes. If so, we will then make an additional top-up payment to cover that shortfall as soon as we are able.
Communication
We will be communicating this premium relief program to your clients April 21st at 8:00am EST.
A PDF of the communication is also available here.Questions?
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. In the meantime, we have provided some Questions and Answers below.
Will the premium reduction on Health and Dental benefits have an impact on the renewals that were deferred?
No. Renewals will proceed as normal, with rate adjustments based only on months where full premium was paid. For most clients, we anticipate “normal” rate adjustments at renewal compared to rates paid prior to refunds taking effect.
Does this adjustment apply equally to clients who have had their renewal deferred?
Yes, these adjustments apply to all Traditional and myFlex insured, non-refund customers for Health and Dental benefits.
How does this affect clients who have terminated or amended a plan?
If a benefit is in-force during the month of April, the adjustment will be credited to the next available billing. For clients who have temporarily terminated all benefits, this will be applied against the first bill once benefits have been reinstated. No cash refunds will be paid.
Will you recover any of the adjustment at a future point in time?
No, we will not recover this adjustment.
Instead of this premium reduction adjustment, can a client cancel or adjust some of the benefits on their plan?
Yes, you and your clients always have the option of changing the coverage on a plan, such as reducing or removing a benefit to help control costs. Please speak to your Group Account Executive or myFlex Sales Manager about the options available.
Are TPAs and self-administered groups eligible for the premium reduction?
Yes. TPAs and self-administered groups are eligible for the premium reduction. However, timing for the credit will be dependent on the billing practices of the TPA or self-administered group. We will apply these credits as soon as we are able. -
Equitable Life Group Benefits COVID-19 Update
The test of a great partner is one who stands tall when you and your clients need to rely on them most. As the COVID-19 pandemic continues, we thought you might find it helpful to have a summary of where we are during this crisis.
You can download this PDF version to refer to when meeting with your clients.
We are here with you and for you
We’ve taken several steps to support you, your clients and their plan members during this crisis, including:
- Providing premium refunds for insured, non-refund Health and Dental benefits;
- Waiving the waiting period for short-term disability claimants who tested positive for COVID-19;
- Extending out-of-country travel coverage for plan members who were unable to return to Canada;
- Providing increased flexibility for premium payments; and
- Keeping you and your clients informed with timely Q&As and announcements, webinars, and insights into the impact of COVID-19 on benefits plans.
As well, to commemorate our 100th Anniversary this year, we donated $4.5 million to purchase and install a new MRI for Grand River Hospital. And we donated $50,000 – $10,000 each – to five charities in British Columbia, Alberta, Manitoba, Ontario and Quebec. For more information about our celebrations, check out our website at www.equitable100.ca.
We have adjusted our business to become digital
Our business is near 100% digital, so the vast majority of our employees are now working remotely from home and are fully functional. Since the pandemic began, our IT and operations teams have digitally enhanced more than 20 different processes and services to make it easier for us to integrate with our distribution partners in this new reality.
We pride ourselves on our customer service
In 2019, our dedication to customer service was recognized with outstanding survey results.
- In a 2019 survey of customers from 15 life insurance companies,1 Equitable Life ranked #1 on the Net Promoter Score, a measure used across industries to gauge the loyalty of a firm's customer relationships; and
- A survey of Group consultants, brokers and third-party administrators 2 ranked Equitable Life in the top two insurers across all categories.
For 2020, we continue to deliver service at the same level with no disruptions during this crisis. Our Customer Care Centre remains open to support plan members and can be reached at 1.800.265.4556. And our Client Relationship Specialists are available for Plan Administrator questions and support.
We are financially strong and stable
We remain financially strong and continue to focus on meeting the needs of Canadians. At the end of the first quarter, our Life Insurance Capital Adequacy Test (LICAT) ratio is at 152.5%, well above our goal and the regulatory requirement.
As the global situation continues to evolve, rest assured that Equitable Life is unwavering in our commitments to you and the communities we serve. We are here with you and for you. Please contact your Group Account Executive or myFlex Sales Manager if you have questions or need assistance.
1 LIMRA CxP Customer Experience Benchmarking Program, Life Insurance In-Force Experience 2019
2 NMG Consulting’s Canadian Group Benefits Survey 2019
- [pdf] Daily/Guaranteed Interest Account Contract
- COVID-19 Group Benefits Updates
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Easier group enrolment and more group benefits updates
Make enrolment easier for your clients with online plan member enrolment (OPME)
Enrolling new plan members can be overwhelming – for both you, your clients and their employees. It’s time-consuming to manually load new members and challenging to ensure they complete the necessary paperwork before the enrolment deadline.
Our Online Plan Member Enrolment (OPME) tool is available at no extra cost for all your Equitable Life clients and offers a more secure and efficient alternative to traditional paper enrolment. Using their computer or mobile device, employees can enrol in their benefits plan in just minutes.
The user-friendly tool allows plan members to easily enter all their enrolment information, including:- Dependent details
- Banking information for direct deposit of claim payments
- Details for coordination of benefits
- Beneficiary designation
The days of chasing plan members for their paper enrolment forms are gone. Once plan administrators enter a few employee details, our system automatically sends an email to each plan member, inviting them to enrol in their benefits program. And there will be no need for your clients to send reminders or follow up with employees about their benefits enrolment. It’s all done automatically.Support with using OPME
To learn more about the benefits of using OPME, check out our Online Plan Member Enrolment Flyer. We also encourage you to share more information with your clients: We also have helpful reference guides for plan members, to help them use the tool:- Online Plan Member Enrolment Quick Reference Guide
- myFlex Online Plan Member Enrolment Quick Reference Guide
Help your clients spend less time administering group benefits. Contact your Group Account Executive or myFlex Sales Manager to learn more about our online plan member enrolment.
Coming soon: A survey to help us serve your clients better*
We are committed to providing your clients and their plan members with industry-leading service. We’ve introduced several enhancements over the past year to make it easier to do business with us. And we’re continually looking for ways to improve.
This month, we will conduct a survey of your clients to help us understand how we can better serve them. Plan administrators will receive an email with a link to the survey, which will take between five and 10 minutes to complete.
Please encourage your clients to participate. Their feedback will be confidential, and their responses will help us improve our service and ensure we’re meeting their expectations. We will also allow them to provide their name so that we can follow up with them to address any concerns they’ve identified.
We know your clients’ time is valuable. So, each plan administrator who completes the survey will be entered into a random draw for a chance to win one of 3 prepaid gift cards for $200.
Improved mental assessment features for FeelingBetterNow®*
Mensante has enhanced its FeelingBetterNow® online platform to make it easier for plan members to assess the state of their mental health and talk to their health care provider about treatment options. FeelingBetterNow is part of our Equitable HealthConnector suite of wellness solutions and is available for an additional cost. It can help plan members easily identify if they are at risk for a number of common mental health issues, including depression, anxiety and substance abuse.Upgrades to the platform include:
- New features to help plan members better gauge their progress in the assessment.
- A printable Action Plan that plan members can share with their health care provider to initiate conversations about managing their mental health challenges.
- A new “follow-up” module to help plan members assess the care they’ve received from their health care provider and identify care gaps.
- An Assessment Outcome Page, which allows plan members to view their diagnostic risks across mental health disorders for a more holistic picture of their health.
Over-age dependants losing coverage?*
Your clients’ plan members may have dependants approaching the maximum age for eligibility under their group benefits plan. If so, members should be aware of their options for dependant coverage.Coverage for full-time students and dependants with disabilities
The dependants of your clients’ plan members may be eligible to continue their coverage under the current plan if:- The dependant is attending a post-secondary school full-time; or
- The dependant is disabled.
Coverage2go for over-age dependants
Dependants who aren’t eligible for continued coverage under the plan can apply for Coverage2go®, a month-to-month health and dental plan for individuals losing their group coverage.**
Coverage2go is affordable, reliable and allows the over-age dependants to choose the level of coverage and protection that suits their personal situation. With no medical questions required as long as they apply within 60 days of losing their coverage, your clients’ plan members can ensure that their over-age dependants have the coverage they need.
Plan members can receive a quote within minutes. Please direct your clients to Coverage2go on Equitable.ca to learn more.
**Quebec residents are not eligible for Coverage2go.Forfeiture reports for HCSAs and TSAs on EquitableHealth.ca*
As a reminder, your clients can access forfeiture reports for their Health Care Spending Account (HCSA) and Taxable Spending Account (TSA) usage on EquitableHealth.ca.HCSA summary by plan member
HCSA summary reports provide an overview of each plan member’s account activity and balances. These reports include the total amounts allocated, the amount claimed to date, the net balance, and the amount of funds that will be forfeited based on claims paid to date. Please note that plan members’ claim submissions will remain confidential and will not be viewable by the employer on this summary.
Your clients can provide each plan member with their HCSA summary, if they wish.HCSA account forfeiture by plan member
HCSA forfeiture reports detail the amount that each member will forfeit if they do not use it. The amount is based on claims that have been paid to date within the benefit year period.HCSA account totals by plan member
Your clients may wish to access the HCSA account totals reports, which reflect the information in each plan member’s HCSA summary report. For terminated employees, the Funds Available field will display as zero, regardless of the balance in the account when terminated.
At least three months before the end of the benefits period, your clients should remind their members to use their allocated HCSA and TSA amounts.
If your clients need help accessing these reports, they can reach out to their Regional Office Service team for assistance.
* Indicates content that will be shared with your clients.
- [pdf] EZtransact FAQ