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  1. 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*
    *Indicates content that will be shared with your clients
     

    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 Coverage2go

    New 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.
     
  2. [pdf] Excelerator deposit option Q&A
  3. 2024 Holiday hours
    The Holiday season brings thoughts of gratitude, and there is no better time to express our thanks and sincere appreciation for your dedication and commitment to Equitable.
     
    Thank you for your support this past year and for trusting Equitable with your Individual Insurance and Savings & Retirement business. Happy Holidays!
     
    Client Care Centre Holiday Hours
    Friday December 6, 2024 - CLOSED
    Tuesday December 24, 2024 - 8:30 a.m. – 11:00 a.m. ET
    Wednesday December 25, 2024 – CLOSED
    Thursday December 26, 2024 – CLOSED
    December 27, 30 and 31, 2024 - 8:30 a.m. – 7:30 p.m. ET
    Wednesday January 1, 2025 - CLOSED





    Savings & Retirement
    All transaction requests to be handled same business day must be submitted in good order by:
    ● December 24, 2024, 11:00 a.m. ET
    ● December 31, 2024, 11:00 a.m. ET

    FHSA applications to be considered for 2024 contribution year must be submitted in good order by:
    ● December 31, 2024, 11:59 p.m. ET

    FHSA online banking deposit deadline for 2024 contribution receipt:
    ● December 24, 2024, 4:00 p.m. ET Note: Transaction requests submitted after 11:00 a.m. ET will be processed effective next business day

    RRSP deposits to be considered for the 2024 tax year must be:
    ● Dated March 3, 2025, or before
    ● Must be submitted to Head Office in good order by March 7, 2025, by 4:00 p.m. ET

    RRSP applications to be considered for 2024 contribution year must be submitted in good order by:
    ● March 3, 2025, 11:59 p.m. ET

    RRSP B2B Loans:
    ● RRSP loan deposits must be received by March 14, 2025, by 4:00 p.m. ET
    Note: Transactions submitted after these dates will not receive a 2024 contribution receipt


    Individual Insurance
    Underwriting
    ● Underwriting must receive all evidence and outstanding Underwriting requirements by December 9th at the latest. Underwriting will then be able to decision these cases by December 16th. This will give the New Business team December 13th – December 31st to issue and settle policies.  

    New Business
    ● New Business will continue to process all issue and settle requirements every business day until the last working day of the year – December 31st. New Business needs to receive ALL final settle documents in Good Order within our posted service standards. We are currently operating at a 3 business day turn around time.

    Field Payroll
    ● Second Last Pay Period for 2024 – December 11, 2024 to December 17, 2024 (Transmission/Statement date December 18, 2024)
    ● Last Pay Period of 2024 – December 18, 2024 to December 31, 2024 (Transmission/Statement date January 2, 2025)
    ● First Pay of 2025 – January 1, 2025 to January 7, 2025 (Transmission/Statement date on January 8, 2025)  

    Daily Pay will run on business days.

    Please note that all requirements must be received in Head Office by the above dates to guarantee settlement for year end.
     
  4. 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:

    English-Button.png    French-Button.png    Chinese-Button.png

    Need more information? Contact your local Equitable wholesaler with any questions.


    ® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.
     
  5. Product at a glance- Children
  6. Are your clients looking for more Tax-Free Savings Account contribution room?
    Good news!  With the start of the new year comes new additional contribution room.

    A Tax-Free Savings Account is a great option for clients to grow their savings with the flexibility to access their money when they need it, before or during retirement. Encourage your clients to start saving today! ­

    For more information on the options available, please click here.
     
  7. [pdf] Pay Instruction Changes
  8. DBRS Morningstar reaffirms Equitable Life’s Financial Strength Rating and Issuer Rating
    DBRS Morningstar confirms Equitable Life’s Financial Strength Rating and Issuer Rating at A (high) with Stable Trends. Equitable Life of Canada is pleased to be able to maintain the confidence of the global credit rating agency DBRS Morningstar.
     
    A Financial Strength Rating is DBRS Morningstar’s assessment of an insurance company’s ability to make timely and full payment of its obligations on policyholder claims and benefits as well as financial contract guarantees and benefit obligations. An Issuer Rating reflects DBRS Morningstar’s assessment of that issuer’s likelihood of default and considers the issuer’s fundamental creditworthiness and business and financial risks.
     
    For more information, please see the DBRS Morningstar Media Release.
     
  9. Equitable Life and Cloud DX

    We have partnered with Cloud DX to provide remote monitoring for all our EquiLiving® Critical Illness Insurance eligible claimants.*

     A Canadian first. Equitable Life’s Critical Illness eligible claimants, will now be supported beyond diagnosis and through treatment and recovery. Equitable Life is proud to announce that it has partnered with Canadian digital health innovator, Cloud DX, to provide a Virtual Monitoring Care service as part of its Critical Illness packages. We are pleased to offer this service on all new and existing EquiLiving coverages. 

    View our press release announcing Cloud DX and Equitable Life’s partnership, and watch our video featuring Donna Carbell, Senior Vice President, Individual Insurance.

    *Cloud DX is a non-contractual benefit and may be withdrawn or changed by Equitable Life® at any time. To be eligible for the Cloud DX offering, a claimant must be age 12 or older and have received payment on or after February 12, 2022 for a covered critical condition benefit under an individual critical illness insurance policy issued by Equitable Life. An early detection benefit payment does not qualify.   Equitable Life pays for 6 months of Cloud DX subscription fees.  If the claimant wishes to continue the Cloud DX service after 6 months, they will be responsible for the cost.
  10. Fiera Capital