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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.
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Claims payments and notifications will go fully digital on July 1, 2023
We are committed to providing a better benefits experience. We have secure and convenient digital options to make it easier for plan members to access and use their benefits plan, including EquitableHealth.ca and the EZClaim Mobile app.
Most plan members are already using these tools to set up email claim notifications and direct deposit. They get their claim updates faster and their claims paid more quickly, right into their bank account.
To help ensure that all plan members benefit from faster claim payments and notifications, we are making these services fully digital as of July 1, 2023. That means, in most cases, we will no longer mail paper claim cheques or explanation of benefits (EOB) notifications.**
Plan members who haven’t already activated direct deposit and email notifications will need to activate these services via their plan member account on EquitableHealth.ca.How we’ll help plan members get set up
Fortunately, it’s simple for plan members to set up these features. And it only takes a few minutes. To make it even easier, we’ve created a Plan Member Guide to Getting Started Online. It includes simple instructions to help plan members use our digital features and get the most from their benefits plan.
We have also created a toolkit that plan administrators can email to their plan members to walk them through the simple steps. Access the toolkit here.
And we’re available to guide plan members who may need help. They can call us at 1.800.265.4556 and select “Plan Member Web Support”. Our Client Care Centre Team is happy to help them activate these services.How we’ll communicate with plan members
We will start communicating this change to plan members in April. For plan members who aren’t taking advantage of these convenient features, we will send them an email to let them know about the change, with instructions and support on getting set up.
We will also include an insert with all mailings of paper cheques and EOB notifications sent out. And we will post an announcement and banner on EquitableHealth.ca to let plan members know about the change.
How we’ll support plan members who need extra help or accommodations
After July 1, 2023, we will follow up with plan members who have not yet activated direct deposit or email notifications for their claims and provide any extra help and support they may need. And, of course, we’ll make exceptions for plan members who aren’t willing or reasonably able to use these features.Questions?
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
** Disability claimants will continue to receive paper Explanation of Benefits notifications in the mail. Some pay-direct drug claims will also continue to be paid by cheque. -
DBRS Morningstar Confirms Ratings on Equitable Life at A (high), Stable Trends
DBRS Limited (DBRS Morningstar) confirmed the Financial Strength Rating and Issuer Rating of The Equitable Life Insurance Company of Canada at A (high). All trends are Stable.1
Visit the DBRS website to read the full media release. www.dbrsmorningstar.com
1 https://www.dbrsmorningstar.com/research/419296/dbrs-morningstar-confirms-ratings-on-the-equitable-life-insurance-company-of-canada-at-a-high-stable-trends -
Introducing Path to Invest for learning and earning CE credits
Equitable Life is pleased to introduce Path to Invest, our self-serve Continuing Education accredited presentation platform for advisors.
Whether you want to learn more about the financial services industry or how responsible investment solutions can fit into a client’s overall financial well-being, Path to Invest has what you are looking for.
It’s a one stop shop with 15 accredited presentations on a variety of topics. All with a video tutorial, short quiz and resource links for more information.
A few important notes before you get started.
PLEASE USE CHROME to get the best online experience as elements of the platform may not display correctly in other browsers.
To get started on your Path to Invest:- • Click Equitable Life Education site
- • Use the email address that you received this email to login.
- • Your password is Equitable
- • This link is specifically for your use only. Please do not share this link.
- Select a module.
- Watch the entire video presentation.
- Complete the quiz and receive a passing grade.
Check out Path to Invest and start learning and earning CE credits today.
Questions? Contact your Regional Investment Sales Manager to get started on your Path to Invest today!
™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada.
Posted June 14, 2023 -
Take the helm in 2024 with insights from leading investment experts
Find out what our panel of leading investment experts are saying about the markets and how they are positioning their portfolios. Learn about the themes and forces driving markets and where there are opportunities.
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• Equitable Asset Management Group - Dave Irwin, AVP, External Fund Management.
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• Fidelity Investments - Ilan Kolet, Institutional Portfolio Manager, Global Asset Allocation (GAA) Group.
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• Franklin Bissett (ClearBridge) Investment Management - Les Stelmach, Senior Vice President, Portfolio Manager.
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• Mackenzie Bluewater Team - Shah Khan, Vice President, Portfolio Manager.
Cam Crosbie, Executive Vice-President, Savings & Retirement will highlight some of the ways Equitable can help make 2024 a great year. We’ve got everything you need and more!
Posted January 3, 2024
Learn more!
Continuing Education Credits
This webcast 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.
™ and ® denote trademarks of The Equitable Life Insurance Company of Canada -
- Taxation
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This year’s RSP contribution deadline is March 1, 2022
Does your client want to contribute or open a new policy this Retirement Savings Plan (RSP) season? Whether using paper or our recent EZtransact online platform, here are some important things to remember.
Issuing New Policy with EZcomplete®
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All online applications must be digitally signed and submitted and have a date stamp no later than March 1, 2022.
Issuing New Policy using Paper Application-
For contributions to qualify for the first 60 days, all paperwork must be completed and signed by March 1, 2022. Equitable Life must receive all paperwork by March 7, 2022.
Deposits to Existing Policy
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Advisors can setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place using EZtransact. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt. New to EZtransact? Try our EZtransact Practice Site to see how EZ it is to use.
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Clients can make online deposits to Equitable Life® through their financial institution’s online banking service. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt.
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Clients can also make a new deposit to an existing policy by cheque. The cheque must be dated and signed by March 1, 2022. Equitable Life must receive the cheque no later than March 7, 2022.
If online banking is being used to fund the policy – either topping up an existing policy or opening a new policy – the online banking transaction must be completed by March 1, 2022, to receive a 2021 tax receipt.
Do not miss your opportunity to have your contributions count for 2021!
Please note that cheques and other paperwork cannot be backdated. They must be completed and signed by March 1, 2022, to qualify for a 2021 tax receipt.
® denotes a trademark of The Equitable Life Insurance Company of Canada.
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- Choosing the right funds
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Win with clients this winter – Equitable’s Snowball Your Savings contest
This winter, clients’ savings could do more than grow—they could win. From January 1 to March 2, 2026, when clients set up or contribute to a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), they will be automatically entered into Equitable’s Snowball Your Savings contest. Here’s the exciting part: two client winners will be randomly selected to receive a prize—just for saving.
Key Dates:
Contribution Period: January 1 – March 2, 2026
Draw Date: March 23, 2026
How to Enter
Getting started is easy—and every eligible contribution is a chance to win!
Step 1: Connect with your clients
Step 2: Help your clients set up or contribute to a RRSP or TFSA that is aligned with their financial needs and goals
Step 3: That’s it! Clients’ entry is automatic—no forms, no hassle!
Whether clients are topping up their TFSA or making a RRSP contribution ahead of tax season, their smart saving could lead to something extra this winter.
Equitable offers trusted, personalized investment solutions and, as a mutual, we provide financial strength and a commitment to helping Canadians grow and protect their wealth.
Visit equitable.ca/snowball for full details
® or ™ denotes trademarks of The Equitable Life Insurance Company of Canada.
Equitable’s Snowball Your Savings contest: No purchase necessary. Contest period January 1, 2026 to March 2, 2026. Enter by making a deposit to an Equitable Tax-Free Savings Account or Registered Retirement Savings Plan during the contest period or by submitting a no-purchase entry. Two prizes for a total value of $10,000 CAD to be drawn on March 23, 2026, will be awarded. The servicing advisor for the contract to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $5,000 prize, the client’s servicing advisor wins a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible Entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules. -
Last chance to be entered to win – Snowball Your Savings contest ends March 2
There’s still time to turn client contributions into a win for both of you. Until March 2, 2026, when clients set up or contribute to their Equitable® Registered Retirement Savings Plan or Tax-Free Savings Account, they’ll be automatically entered into Equitable’s Snowball Your Savings contest. And here’s the exciting part: two winners will be randomly drawn—and their advisors will share in the celebration!
Key Dates
Contribution Period: January 1 – March 2, 2026
Draw Date: March 23, 2026
How to Enter
Advisors can easily submit client contributions through Equitable’s EZcomplete® or process transactions using EZtransact®. Every eligible entry is a chance to win!
Why Equitable?
We can help Canadians grow their savings with confidence. With a diverse range of investment funds and three distinct guarantee classes, Equitable offers flexible, goal-based solutions designed to support your clients’ financial journey.
Make the Most of It
Connect with your Director, Investment Sales to explore strategies for driving contributions, boosting engagement and supporting Canadians this season.
® and ™ denote trademarks of The Equitable Life Insurance Company of Canada.
Equitable’s Snowball Your Savings contest: No purchase necessary. Contest period January 1, 2026 to March 2, 2026. Enter by making a deposit to an Equitable Tax-Free Savings Account or Registered Retirement Savings Plan during the contest period or by submitting a no-purchase entry. Two prizes of $5,000 CAD to be drawn on March 23, 2026 will be awarded. The servicing advisor for the contract to which the selected entrants made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $5,000 prize, the client’s servicing advisor for the relevant contract wins a $1,000 prize. Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see the full contest rules.