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Deposits to the Fidelity Special Situations mutual fund are being limited but the segregated fund is
Fidelity Investments® recently said they would no longer accept deposits from new investors into the Fidelity® Special Situations Fund. This notice however does not affect Equitable Life® clients.
The Special Situations Fund will continue to be open to new and existing Equitable Life clients. This includes clients with Pivotal Select™, Pivotal Solutions* or Personal Investment Portfolio segregated funds contracts.
Why is Fidelity limiting access to the mutual fund?
This award-winning mutual fund has grown significantly and now has $3.6 billion of managed assets. To preserve the integrity of the fund’s investment strategy, Fidelity® decided to limit inflows to the fund. Limiting the amount of managed assets held within the fund allows the fund’s portfolio manager to focus on what he does best - finding special situation investment opportunities and capitalizing on positive change within companies and industries across Canada and around the world.
If you like the Special Situations mutual fund, you will value the Equitable Life Fidelity® Special Situations segregated fund. Segregated funds are similar to mutual funds but offer different features and guarantees. To learn about these features, check out the Investment Advantage. To learn more about the Special Situations segregated fund, click here.
For more information about Equitable Life’s segregated funds, speak to your Regional Investment Sales Manager or visit our segregated funds page on EquiNet®.
References:
Fidelity’s press release announcing the limited fund closure
Fidelity® Special Situations portfolio management strategy, webinar featuring Mark Schmehl, Portfolio Manager.
*No Load, Deferred Sales Charge, Pivotal Solutions II
® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada, except as noted below.
Fidelity and Fidelity Investments are registered trademarks of 483A Bay Street Holdings LP. Used with permission. -
Changes to coverage of Humira in BC
BC Pharmacare recently announced it is adding Humira to the list of drugs included in its ongoing initiative to switch patients to biosimilar versions of high-cost biologics. Patients taking Humira for most conditions will be required to switch to a biosimilar version of the drug by Oct. 7, 2021 to maintain coverage under the public plan.
Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator biologic drugs they are based on, and Health Canada considers them to be equally safe and effective for approved conditions.
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 Humira for plan members in BC. Effective Oct. 7, 2021, claimants currently taking Humira will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.
We will be communicating this change to plan administrators later this week. And we will be communicating with affected claimants in early August to allow ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
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Equitable Life Group Benefits Bulletin – February 2022
In this issue:
- Update: Alberta biosimilar coverage changes*
- Preferred Biosimilar Program*
- Responding to Quebec’s biosimilar policy*
- Dental fee guide updates*
- Reminder: Review manual allocations for HCSAs and/or TSAs*
- Mental health resources for plan members*
Update: Alberta biosimilar coverage changes*
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:
Four originator biologics added to Alberta Biosimilar Initiative- 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.
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*
*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.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%
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”
- 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”
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.
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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 Dynamic Global Real Estate Fund Select: More than an inflation hedge
Some clients may be missing out on the benefits of real estate investments. In addition to providing an inflation hedge, investing in real estate can help to diversify an investment portfolio and manage overall risk.
Check out Equitable Life Dynamic Global Real Estate Fund Select in this issue of Fund Focus.
The fund aims to achieve long-term capital appreciation and income by investing in publicly listed real estate companies across a spectrum of property types and geographies.
Reasons to Invest:- Access to high-quality and diversified real estate assets through public companies from around the world
- Real estate is an asset class highly sought after by pension funds and institutional investors
- The underlying Dynamic Global Real Estate Fund is the oldest real estate mutual fund in Canada (1996)
- A key pillar is protecting capital – manager focus is on providing downside protection
- Competitive MER of 2.64%*
Date posted: April 14, 2023
* effective December 31, 2022
™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada. -
Saving time with our fully digital group benefits application
On May 1, 2023, we are launching Equitable BenefitsApply™, our fully digital group benefits application.
This enhancement to the benefits application process will help both you and your clients save time when applying for an Equitable Life group benefits policy. We designed and developed BenefitsApply with input and feedback from several advisors and clients, who tested the tool for themselves.
In most cases, BenefitsApply will replace our traditional paper implementation process.*
BenefitsApply eliminates the need for clients to complete and sign multiple, lengthy paper forms. Time-saving features for you and your clients include:- A fully digital online application that you can access wherever and whenever you need it,
- Pre-filled standard fields,
- Only one signature required from plan sponsors,
- A smart application that only includes the sections relevant to the client and the plan design they have chosen, and
- Automatic notifications of any missing fields.
We will continue improving BenefitsApply’s features based on feedback from the people who use it—you and your clients. We encourage you to share any feedback you have with your Group Account Executive or your Client Relationship Specialist.
*BenefitsApply is currently available for groups with up to four divisions and up to four classes. It is not available for myFlex Benefits plans, or for clients with a customized master application. -
Free Webinar: A better employee health benefits solution for small business clients
Join us on Tuesday, May 28, 2024 at 1 p.m. ET for a free webinar about Equitable EZBenefits™ – our new employee health benefits solution designed for small business clients.
If you serve small business owners, chances are they’re looking for a group benefits solution that’s affordable, sustainable and easy to manage. That’s why we created EZBenefits for businesses with between 2 and 25 employees.
You’ll learn about:
● The range of plan design options we’ve created to fit various needs and budgets;
● The streamlined process we’ve designed to optimize your time and provide you and your clients with rapid quotes, hassle-free plan implementation and easy renewals;
● Our dedicated Advisor Concierge Service – your go-to resource for EZBenefits support;
● The health and wellness services that are embedded with EZBenefits, including Virtual Health and an Employee and Family Assistance Program; and
● The built-in HR support through Equitable’s partnership with HRdownloads®, including access to HR technology, content and training.
Register to attend the EZBenefits webinar
This webinar will be delivered using Microsoft Teams and will include a Q&A component. If you wish to submit a question using the Q&A feature, please follow these instructions when you join the webinar:
● Join using the Microsoft Teams app. If you do not have Microsoft Teams, you can download it for free here.
● If you prefer to join via web browser without installing Microsoft Teams, please use Google Chrome or Microsoft Edge. Other browsers do not support the Q&A feature. -
The top five benefits of choosing the 10-pay premium option
As part of our December 2024 Equimax® update, we launched a new guaranteed 10-pay premium option for Equimax Wealth Accumulator®. This option is a great way for clients to fund their life insurance policy.
The top 5 benefits of the 10-pay premium option:
1. Short Payment Period: After just 10 years, the policy will be completely paid-up, and clients won’t have to make any more payments while still having coverage.
2. Growing Cash Value: By completing payments in a shorter time, clients can see their cash value grow faster. They can later access this value through policy loans or cash withdrawals if needed.
3. Level Premiums: The premiums for the 10-pay option stay level over time. This makes it easier for clients to budget.
4. Estate Planning: A fully paid-up life insurance policy can be a great planning tool for clients who want to leave a legacy for their loved ones.
5. Tax Benefits: The cash value in a whole life policy grows tax-deferred, and the death benefit is paid out tax-free to beneficiaries.
To learn more about our Equimax 10 pay premium option, visit our splash page:
Need more information? Contact your local Equitable wholesaler with any questions.
® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.
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Universal life product linked interest option changes
On July 1, 2025, we will be changing the index that is tracked for the linked interest options shown far below.
Clients can change their investment options at any time if they choose. This includes the Linked Interest Option(s) for money currently invested and future deposits.
Requests for this change can be done:
• In writing – Submit the Reallocation and transfer of funds – universal life form (form 693UL).• Online by advisors – Go to Policy Inquiry on EquiNet® (advisor site).• Online by clients – Links in Client Access® through Equitable.ca.Please contact your Equitable® Wholesaler for more information.
Linked Interest Option Universal life insurance solution Currently tracking Effective July 1, 2025 Canadian Equity Index • Equitable GenerationsTM S&P/TSX 60® Total Return Index S&P/TSX Composite® Total Return Index Canadian Equity • Equation Generation® IV• EquiLife®• Equation Generation III• Equation Generation II• Equation
• Direction 2000 Plus
S&P/TSX® 60 Total Return Index and S&P/TSX Composite® Total Return Index registered trademarks of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and S&P Global. All others are registered trademarks of The Equitable Life Insurance Company of Canada.