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  1. Benefits and Key features
  2. 2026 Elite Advisor Program
  3. Market Comments - October 2024
    Key Takeaways for Q3
    · Central banks eased monetary policy by reducing their target interest rates.
    · Bond markets performed very well during the quarter as interest rates fell.
    · Risk markets experienced some volatility, but stock markets had robust returns.
    · Canadian stocks outperformed U.S. stocks in Q3, while the sources of returns in the U.S. market were more balanced and diversified than in the first half of the year.
     

    Views From the Frontline

    Bond Markets: During the third quarter, interest rates in both Canada and the U.S. moved significantly lower as markets anticipated that the Bank of Canada would continue – and the Federal Reserve would start – cutting rates. Additionally, the expectation became that the central banks would end up lowering rates more aggressively than previously assumed. That’s because inflation data has softened sufficiently to give the central banks the scope to ease policy, and other economic data, especially from the labour market, indicated the need for them to ease policy in order to prevent economic activity from cooling too much. For instance, in Canada, inflation slowed to the Bank of Canada’s 2% target, while the labour market showed warning signs with the unemployment rate rising to 6.6%. The Bank of Canada cut its target interest rate by 0.25% at each of its July and September meetings. Governor Macklem indicated that if growth does not materialize as expected, “it could be appropriate to move faster on interest rates”. In the U.S., the Federal Reserve kicked off its easing cycle by cutting its target rate by 0.50% in September. The growing signs of a cooling labour market amidst slowing inflation motivated the larger-than-typical move. That said, consumer spending in the U.S. continued to be strong, and GDP is still tracking a healthy growth rate.

    While interest rates fell, bonds returns were also boosted by solid behaviour of corporate bonds. Credit spreads (i.e. the risk premium for corporate bonds versus government bonds) continued to grind lower over the quarter. Tightening credit spreads reflected the generally positive risk-on tone to the market, despite some volatility.  Lower-rated BBB bonds performed better than higher-quality A-rated bonds.  Credit spreads have now generally fallen back to levels that are largely consistent with the tight post-pandemic levels experienced in 2021.  The on-going appetite of investors for the extra yield offered by corporate bonds over government bonds is indicated not just by falling credit spreads, but also by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continues to be very robust, with $29B (billion) in new issuance during the quarter, resulting in an impressive $119B issued year-to-date, a new record.  Nonetheless, on balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward trade-off as being more favourable.

    Stock Markets: In the U.S., we continue to caution against heavily concentrated sources of market returns and emphasize a diversified portfolio. Last quarter, diversification proved essential as a multitude of factors heightened market volatility. These factors – which included the unwind of the yen carry trade, investor reactions to mixed mega-cap earnings, and concerns of a slowing labour market – drove investors away from mega-cap technology names and into defensive areas of the market. Following the Federal Reserve’s decision to reduce interest rates by 0.5%, sources of investment returns continued to broaden as investors rotated into economically-sensitive baskets. Underpinned by decelerating inflation and easing monetary policy, we believe the rotation away from the mega-cap tech names is likely to persist and we continue to emphasize portfolio diversification. In Canada, high-quality, high-yielding businesses – composed of the financial sector and non-financial dividend payers – outperformed over the quarter as investors rewarded companies that demonstrated a strong ability to sustain dividends, as well as greater efficiency generating profits. While we continue to favour these businesses, we have taken profit on our financial sector dividend exposure after a sharp reversion in the premium between value creation and current yield. In addition, Chinese officials introduced a wave of stimulus to revitalize growth, bringing life back to the metals and luxury goods sectors. Accordingly, Canadian and European equities have benefitted recently.

    Market Update
    chart1.pngRates & Credit: In Q3, interest rates in both Canada and the U.S. decreased significantly, with front-end interest rates declining faster than long-end interest rates amid cooling inflation and a weakening labour market. As a result, the FTSE Canada Universe Index posted a positive return of 4.7%. Coincidentally, Canadian corporate bonds and government bonds each also generated returns of 4.7%, totally in-line with the Universe index. On the other hand, despite short-term interest rates falling much more than long-term interest rates, the higher price sensitivity of long-dated bonds had them outperform shorter-dated bonds, with the Long-Term bond index up 5.8% while the Short-Term bond index gained 3.4%.  Similarly, within corporate bonds, industries that have longer-dated debt (e.g. energy and infrastructure) outperformed those that tend to have shorter-dated debt (e.g. real estate and financials).

    Chart2.pngEquity Overview: Underpinned by decelerating inflation data and easing monetary policy – including the outsize 50-basis cut from the Federal Reserve – prospects for an economic soft landing increased over the quarter. That favourable outlook spurred global equity markets to all-time highs, with previously lagging areas of the market narrowing the performance gap compared to the U.S. mega-cap technology names that had led returns in the first half of the year. Canadian equities outperformed their U.S. counterpart last quarter, rising 10.5% as strength in the banking and materials sectors pushed the index higher. Major developed markets from Europe, Australasia, and the Far East (EAFE) were more subdued, gaining 0.9% (in local currency terms) last quarter. That said, grand expectations for further interest rate cuts in the U.S. pushed the greenback to its lowest level in over a year, boosting EAFE returns to over 7% in U.S. dollar terms. Within the U.S., sources of market returns broadened as well, with investors rotating out of concentrated AI companies and into more economically sensitive businesses.  

    U.S. Fundamentals: Outside of the Magnificent 7, investors are interpreting downside earnings surprises as a normalization of financial performance rather than a deterioration. For example, McDonald’s share price rallied over 17% into quarter-end following its earnings release despite announcing declining sales and contracting earnings per share. Within the AI-ecosystem, investors are beginning to look for opportunities beyond chip manufacturers, such as nuclear energy providers. At an index level, our work shows that members of the Russell 1000 index, excluding the Mag-7, posted a median earnings growth of nearly 9% year-over-year, expanding from the ~6% witnessed in Q2. Furthermore, the number of companies from this group reporting positive earnings growth grew to approximately 67%, up from 60% in the prior quarter. In our view, the ongoing broadening of earnings strength outside of the Mag-7 can provide tailwinds to current market rotations into previously left-behind companies. Within the mega-cap tech space, investors have become more discriminant than in prior quarters, rewarding businesses with greater success monetizing their AI-investments. This trend was evident through the divergence of returns from IBM and Alphabet (Google’s parent company) following their quarterly earnings.

     
    U.S. Quant Factors: Decelerating U.S. inflation data prompted a rotation out of highly concentrated areas of the market (growth) and into more economically-sensitive companies (value). Then, concerns of a slowing U.S. labour market and the unwind of the yen carry trade increased market volatility, leading investors to shelter their positions by reallocating to low volatility. As the quarter progressed, expectations of easing monetary policy and stabilizing employment data helped calm return to the market and the rotation from mega-cap tech sector resumed, albeit at a lesser pace. Notably, this “catch-up” trade also benefitted dividend-paying companies, particularly those with a lengthy and established history of increasing dividends, as investors favoured those more mature operations.

    Canadian Fundamentals: Investors returned to the Canadian market after Canadian companies showed signs of recovery last quarter with earnings expanding by more than expected. With inflation showing clearer signs of deceleration and the outlook regarding the path of monetary policy increasingly implying lower interest rates going forward, investors are allocating toward high-quality, dividend-paying companies. From a sector level, surging gold prices provided a tailwind for Canadian miners, helping the materials sector outperform over the quarter. More recently, the materials sector has benefitted from elevated base metal prices following the arrival of Chinese stimulus. In contrast, oil prices declined over 16% last quarter as fears of an oversupplied market swelled following speculation that OPEC+ would look to dial back production cuts. As a result, investors looked past lingering geopolitical risks and the energy sector underperformed.

    Canadian Quant Factors: Amid an improving Canadian macroeconomic backdrop and clearer outlook on the trajectory of monetary policy, dividend-yielding businesses became sought after. More specifically, investors continued to emphasize dividend sustainability last quarter, rewarding dividend-paying businesses that demonstrated strong financial performance and the ability to support future payouts. For example, the major Canadian banks sharply outperformed in Q3 after reporting earnings growth that mostly exceeded expectations. In essence, investors have become more constructive on this high-yielding group as their ability to create value relative to financing costs improves.

    Downloadable Copy

     
    Mark Warywoda, CFA
    VP, Public Portfolio Management    		 Ian Whiteside, CFA, MBA
    AVP, Public Portfolio Management    		 Johanna Shaw, CFA
    Director, Portfolio Management    		 Jin Li
    Director, Equity Portfolio Management
     
    Tyler Farrow, CFA
    Senior Analyst, Equity    		  
    Andrew Vermeer
    Senior Analyst, Credit    		  
    Elizabeth Ayodele
    Analyst, Credit    		  
    Francie Chen
    Analyst, Rates
    ADVISOR USE ONLY

    Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

     
  4. [pdf] Online Plan Member Enrolment Quick Reference Guide
  5. Equitable Life Group Benefits Bulletin – October 2020

    In this issue:

    • Group benefits enrolment just got a lot easier*
    • Critical Illness added to myFlex Benefits® selection tool**
    • ASO dental available down to 3 lives
    • QDIPC updates terms and conditions for 2021*

    *Indicates content that will be shared with your clients
    **Indicates content that will be shared with myFlex Benefits groups only

    Group benefits enrolment just got a lot easier*

    Our Online Plan Member Enrolment tool now makes it simple to add new employees to the benefits plan.

    Enrolling new plan members can be overwhelming – for both you, your clients and their employees. It’s challenging to ensure plan members complete the necessary paperwork before the enrolment deadline, and time consuming to manually load new members.

    That’s why we’re updating our plan member enrolment experience. Beginning November 2nd, 2020, all Equitable Life groups will be able to easily enrol new employees in the benefits plan with our Online Plan Member Enrolment Tool.

    Benefits of Online Plan Member Enrolment

    Our Online Plan Member Enrolment tool offers a more secure and efficient option to traditional paper enrolment. Employees are able to enrol in their benefits plan in just minutes from their computer or mobile device.

    The user-friendly interface was built with the plan member in mind. They can easily enter all their enrolment information, including dependent details, banking information for direct deposit of claim payments and details for coordination of benefits. They can even designate their beneficiary electronically.

    The online enrolment tool also lessens the effort for plan administrators to onboard new hires. The tool reduces errors and rework that can occur due to spelling mistakes or missing information on paper forms. And the days of chasing plan members for their paper enrolment forms are gone. Once they enter a few employee details, our system will automatically send out an email to each plan member, inviting them to enrol in their benefits program. And there will be no need to send reminders or follow up with employees about their benefits enrolment. It’s all done automatically.

    Online plan member enrolment is available to all traditional and myFlex Benefits plan administrators with update access beginning November 2nd, 2020. Plan administrators just choose “New” from the “Certificate” view in EquitableHealth.ca to get started.

    This enhancement is for plan administrators who have update access on EquitableHealth.ca. If your clients are not sure if they have update access, they can contact their Equitable Life Client Relationship Specialist or myFlex Benefits Team for support.

    Learn More

    We’ve created Online Plan Member Enrolment User Guides to support your clients and their plan members with this new tool:

    We’re also offering a series of webinars to help your clients learn about Online Plan Member Enrolment. Plan administrators will receive an invitation with links to register for the time that best suits their schedule.

    Help your clients spend less time administering group benefits. Contact your Group Account Executive or myFlex Sales Manager to learn more about our enhanced online plan member enrolment.

    Critical Illness added to myFlex Benefits selection tool*

    For many employers, mandatory Critical Illness (CI) coverage is an important part of their group benefits package. It provides proactive protection against life-altering illness, helping give plan members and their families a sense of security.

    While CI is available on myFlex Benefits plans, it was not built into our benefits selection tool since there is no action required by the plan member.

    Beginning November 2nd, 2020, we are adding a CI page to the myFlex Benefits selection tool that appears when this coverage is included as part of the plan. There are no options to choose – plan members simply review their CI coverage and carry on with the benefits selection process. It keeps the process smooth, while ensuring plan members fully appreciate their employer’s contributions.

    Adding CI to the benefits selection tool also simplifies the budgeting process for employers. Now that CI is included in the selection tool, employers no longer need to break out the amount billed for CI from their contribution per employee when loading flex allocations.

    To learn more about our myFlex Benefits selection tool or Critical Illness coverage for myFlex Benefits, contact your myFlex Sales Manager.

    ASO dental available down to 3 lives

    Beginning November 2nd, 2020, groups with as few as three full-time employees will be able to self-insure their Equitable Life dental benefits with an Administrative Services Only (ASO) funding arrangement.

    Currently, dental benefits are only available on an ASO basis for groups with 20 lives or more.

    In an ASO arrangement, Equitable Life administers the benefits plan but does not insure it. The plan sponsor pays for all eligible claims, as well as the expenses of administering the plan.

    Why ASO?

    Choosing an ASO funding arrangement allows plan sponsors to save on premiums. With a traditional insured funding arrangement, a portion of every premium dollar includes a charge for the risk that the insurer is assuming to cover the claims.

    With an ASO arrangement, the plan sponsor assumes all risk, so they avoid the risk charge. And since dental claims are usually more predictable than other benefits, there is typically less risk involved in covering those claims.

    For more information, contact your Group Account Executive or myFlex Sales Manager.

    QDIPC updates terms and conditions for 2021*

    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 2021 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims.

    Size of group (# of certificates) Threshold per certificate 2021 Annual factor (without dependents) Annual factor (with dependents)
    Fewer than 25 $8,000 $251.00 $691.00
    25 - 49 $16,500 $165.00 $455.00
    50 - 124 $32,500 $94.00 $258.00
    125 - 249 $47,500 $68.00 $187.00
    250 - 499 $72,000 $49.00 $135.00
    500 - 999 $95,000 $40.00 $111.00
    1,000 - 3,999 $120,000 $35.00 $95.00
    4,000 - 5,999 $300,000 $16.00 $44.00
    6,000 and over Free market - Groups not subject to Quebec Industry Pooling Free market - Groups not subject to Quebec Industry Pooling 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.

  6. Equitable Life Group Benefits Bulletin – February 2022 In this issue: *Indicates content that will be shared with your clients

    Update: Alberta biosimilar coverage changes*
    Four originator biologics added to Alberta Biosimilar Initiative

    In 2022, Alberta’s provincial drug plan is adding four originator biologics to its Biosimilar Initiative. It has ended or will end provincial coverage of these drugs for some or all conditions, as follows:
    • Lovenox: Jan. 10, 2022
    • Humalog: Feb. 1, 2022
    • NovoRapid: April 1, 2022
    • Humira: May 1, 2022

    Patients 18 and over who are using these drugs for the affected conditions will be required to switch to biosimilar versions of the drugs to maintain coverage under the province’s government drug plan.

    How we are responding to protect our clients
    To help prevent this change from resulting in additional costs for our clients’ drug plans while still providing plan members with access to safe and effective medications, we will no longer cover these originator biologic drugs for plan members in Alberta.

    Effective May 1, 2022, claimants currently taking these drugs will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.

    This is a continuation of the Alberta biosimilar switch program we launched last March, when the province first introduced its Biosimilar Initiative.

    Do my clients need to take any action?
    No action is required by plan sponsors. Plan members taking these targeted originator biologics will be contacted directly to allow them ample time to transition to a biosimilar. Any cost savings associated with the change will be factored in at renewal.

    Groups that opted out of the biologic coverage changes we made last March will automatically be opted out of these coverage changes, as well as any future changes to our Alberta biosimilar switch program. This means that their drug plans will continue to provide coverage to existing claimants for any originator biologics we stop covering as part of our biosimilar program.

    Advisors with clients who wish to opt out of our Alberta biosimilar program, or who previously opted out and want to opt back in, should speak to their Group Account Executive or myFlex Sales Manager.

    Communication to plan members
    We will be communicating these coverage changes with affected claimants in early March to allow them ample time to change their prescriptions and avoid any interruptions in their treatment or their coverage. Thus far, the transition to biosimilars, has been smooth and continues to be successful.

    What is the difference between biologics and biosimilars?
    Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are also biologics. 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.

    Questions?
    If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

    Preferred Biosimilar Program*

    As part of our ongoing efforts to help ensure the sustainability of your clients’ drug plans, we continue to engage in strategic partnerships with pharmaceutical manufacturers. 

    We are pleased to announce a partnership to make Hyrimoz our preferred biosimilar for Humira. This partnership will generate additional savings for plan sponsors.

    Plan members will still have the choice to use Humira biosimilars other than Hyrimoz. However, in the absence of alternative sources of reimbursement, this may increase their out-of-pocket amount.

    The Preferred Biosimilar Program will take effect March 1, 2022 for all new claimants across Canada who start using a Humira biosimilar. It will take effect May 1 for existing claimants in Alberta who switch to a Humira biosimilar, to align with changes to the provincial plan.

    Questions?
    If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

    Responding to Quebec’s biosimilar policy

    Last year, the Quebec government announced it is phasing out coverage of biologic drugs. Beginning April 13, 2022, patients in Quebec using originator biologics will be required to switch to the corresponding biosimilar covered on the province’s public plan in order to maintain coverage.

    The following populations are excepted from this new policy:
    • Pregnant women, who should be transitioned to biosimilars in the 12 months after childbirth.
    • Pediatric patients, who should be transitioned to biosimilars in the 12 months after their 18th birthdays.
    • Patients who have experienced two or more therapeutic failures while being treated with a biologic drug for the same chronic disease.
    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.

    We are actively investigating the impact of this new policy on private drug plans in Quebec. We plan to implement further enhancements to our biosimilar programs in Quebec later this year to help prevent this change from resulting in additional costs for our clients’ drug plans. We will provide more details in the coming months.

    Dental fee guide updates

    Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable Life uses these guides to help determine the reimbursement limits for dental procedures. For your reference, below is the list of the average dental fee increases for general practitioners that will be used by Equitable Life for 2022.*

    Dental fee guide increases over 2021*
    Province/Territory Average Fee Increase
    Alberta 3.9%
    British Columbia 7.35%
    Manitoba 5.79%
    New Brunswick 5.9%
    Newfoundland and Labrador 5%
    Nova Scotia 7.05%
    Northwest Territories 3%
    Nunavut 3.1%
    Ontario 4.75%
    Prince Edward Island 4.75%
    Quebec 5%
    Saskatchewan 5.99%
    *Data for all provinces and territories was not available at the time of publication. This chart will be updated on EquitableHealth.ca as more information becomes available.
     

    Reminder: Review manual allocations for HCSAs and/or TSAs*

    If your client’s Health Care Spending Account (HCSA) and/or Taxable Spending Account (TSA) has manual allocations, they need to allocate these amounts to plan members each year. Please review all your plan members’ profiles on EquitableHealth.ca to ensure they have received their allocation(s) for the current benefit year.
     
    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”
    If your clients have Plan Administrator reporting access on EquitableHealth.ca, they can determine which plan members have a zero allocation by running the “HCSA Totals by Plan Member” report online by doing the following:
    • Select “Reports”
    • Select “New”
    • Select “Next”
    • Select “HCSA” or “TSA Totals by Plan Member”
    • Select “Next”
    • Enter end date of “12/31/2020”
    • Select “Next”
    • Select “Finish”
    • View “Report”
    To provide us with the amounts to be updated, please have your client contact our Group Benefits Administration Team at GroupBenefitsAdmin@equitable.ca.

    Mental health resources for plan members*

    As the COVID-19 pandemic continues to evolve, many Canadians are experiencing increased levels of stress, anxiety, and depression. Through our partnership with Homewood Health®, all of our clients and their plan members have access to a number of health and wellness resources designed to provide guidance and support. These resources include a number of webinars which discuss various COVID-19 and mental health-related topics. The webinars are pre-recorded so plan members can stream them at their convenience.
     
    Understanding the Impact of COVID-19 on Your Mental Health
    English webinar
    French webinar
     
    COVID-19: Loneliness & Isolation Fatigue - Self-Care Strategies 
    English webinar
    French webinar
     
    COVID-19: Dealing with Seasonal Affective Disorder
    English webinar
    French webinar
     
    Reducing Anxiety & Managing the Transition Back to the Classroom - for Teachers
    English webinar
    French webinar
     
    COVID-19: Specialized Mental Health Support for Health Care Professionals
    English webinar
    French webinar
     
    COVID-19: Supporting Children’s Mental Health
    English webinar
    French webinar
     
    Additional resources, including articles, tools, videos and podcasts, are available at Homeweb.ca/Equitable. Please encourage your clients to share these resources with their plan members.
     
  7. 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
    Advantages for plan sponsors include:
    • 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
    For more information about how Equitable Life benefits plans can support the needs of those seeking gender affirmation surgery view our resources:  You can also contact your Group Account Executive for more information. If you have clients with myFlex plans who are interested in Gender Affirmation Coverage, please contact your myFlex Sales Manager to determine eligibility. 
     

    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
    By surveying plan members and plan sponsor representatives across Canada each year, Benefits Canada works with its Advisory Board to provide timely insights on the employee benefits issues that are most important to Canadians. This year, our Group Vice-President of Western Sales, Meghan Vallis, has provided her expertise as an Advisory Board member.

    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
    If your clients have Plan Administrator reporting access on EquitableHealth.ca, they can determine which plan members have a zero allocation by running the HCSA Totals by Plan Member report online by doing the following:
    • 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
    To provide us with the amounts to be updated, please have your client contact our Group Benefits Administration Team at GroupBenefitsAdmin@equitable.ca. 

     
  8. [pdf] Equitable GIF Contract Provisions and Information Folder
  9. Insights from a pandemic: COVID-19 and group benefits plans

    We’ve received numerous questions about the impact of COVID-19 and what it will mean for benefits plans in the months ahead. Below is a summary of what we’re seeing so far. In the coming weeks, we’ll explore each of these topics in greater depth.

    Disability

    Initially, as COVID-19 started to spread, we saw STD claims ramp up quickly. Since then, we’ve seen the number of COVID-19-related STD claims slow significantly. As for LTD, we believe both the incidence and duration of those claims will increase in both the short term and medium term due to COVID-19.

    Health and Dental Claims

    We saw an overall spike in the volume and paid amounts for drug claims in March as plan members rushed to stock up on their medications. This was followed by a drop in April after most provinces put 30-day refill limits in place. One exception was claims for asthma drugs which surged in March but had no drop in April. Overall, the April plunge will be short-lived; drug costs have already begun to rise in May.

    While paramedical and dental claims are down, we are seeing an increase in claims for virtual treatments and emergency dental services. We expect that claims will spike once the current pandemic restrictions are lifted. We’ve already started to see claims rise in provinces that are allowing health providers to re-open.

    Despite the shift to more virtual services, we haven’t seen an increase in fraudulent activity. But we continue to be vigilant. Our investigative practices – verifying with the plan member that they received the treatment and have a valid receipt, and that the practitioner has treatment notes – remain the same whether treatment is provided in person or virtually.

    Technology

    During this time of physical distancing, people are looking for ways to interact with their providers virtually. Fortunately, our business model is almost entirely electronic, and we have several convenient digital options available for plan members and plan sponsors. Our focus in recent weeks has been to remind clients and plan members about these tools and make it as easy as possible for them to activate and use them. And we are continually adding functionality that will allow us to serve our customers even better.

    Mental Health/Wellness

    Usage of i-Volve, Homewood’s online cognitive behavioural therapy tool, increased significantly in March before levelling back down in April and May. And while EFAP cases fell in April and early-May, the number of cases has begun to climb in recent weeks, particularly for anxiety. In the coming weeks and months, we expect an eventual increase in marital and family issues, as well as depression. We’ve also seen an increase in mental-health-related prescriptions.

    Plan Design

    It’s too early to predict how the COVID-19 pandemic will impact benefits plan design and how it will change in the coming months. We would love to get your feedback and insights about how benefit plans will evolve and what new features or provisions they should include.

    Please share your thoughts and suggestions with your Group Account Executive or myFlex Marketing Manager. Or, you can email your ideas to GroupCommunications@equitable.ca.

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