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  1. [pdf] Investment Direction - Equitable GIF
  2. Policy endorsement: Contracts and group benefits plan booklet updates related to BC PharmaCare Biosi

    As we announced in the June 2019 issue of eNews, BC PharmaCare recently introduced a new Biosimilars Initiative that ends coverage of three biologic drugs, including Remicade, Enbrel, and Lantus. These drugs will no longer be eligible in British Columbia for most conditions for which lower-cost biosimilar versions are available. Patients in the province with these conditions will be required to switch to biosimilar versions of these drugs by Nov. 25, 2019 in order to maintain their coverage under BC PharmaCare.
     
    The following table outlines the affected originator drugs and their biosimilars.
     

    Drug Originator Biosimilar
    etanercept Enbrel® Brenzys®
    Erelzi™
    infliximab Remicade® Inflectra®
    Renflexis®
    insulin glargine Lantus® Basaglar™

     
    Biologics are drugs that are engineered using living organisms, such as yeast and bacteria. Biosimilars are highly similar to the originator drugs they are based on and most have been shown to have no clinically meaningful differences in safety or efficacy.
     
    To ensure this provincial change doesn’t result in your clients' plans paying additional drug costs, we are aligning our drug eligibility for these three biologic drugs with that of BC PharmaCare.
     
    To facilitate this change, we are amending some of the wording in our contracts and booklets, effective Oct. 1, 2019. Below are links to the Endorsement to the Master Policy and the Summary of Master Booklet Wording Changes for those amendments. Please download and save these policy endorsement documents for your files.
     
    In addition, please remind your clients to provide their plan members with a copy of the Summary of Master Booklet Wording Changes. The next time your clients amend their benefits plans, the updated wording will be included in their group benefits plan booklets

    DOWNLOAD ENDORSEMENT TO THE MASTER POLICY

    DOWNLOAD SUMMARY OF MASTER BOOKLET WORDING CHANGES

    As of Nov. 25, 2019, Remicade and Enbrel will no longer be eligible for BC plan members with conditions for which lower-cost biosimilar versions of the drugs are available. These plan members will be required to switch to the biosimilar versions of these drugs in order to maintain eligibility on the Equitable Life drug plan.
     
    We will be communicating with affected claimants in the coming weeks to allow them ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
     
    We intend to take a similar approach to Lantus. However, we are still investigating the options to implement this change. We will be communicating with you in the coming weeks to confirm our approach for this drug.
     
    If you have any questions about this change, please contact your Group Marketing Manager or myFlex Sales Manager.
     

    ® and ™ denote trademarks of their respective owners

  3. This year’s Registered Retirement Savings Plan deadline is March 3, 2025.

    Have you talked to clients about their Registered Retirement Savings Plan (RRSP) contributions yet? Equitable® offers RRSP products to meet clients’ needs including:
    • Daily/Guaranteed Interest Account
    • Pivotal Select™ Segregated Funds
              • Investment Class (75/75)
              • Estate Class (75/100)
              • Protection Class (100/100)

    These products offer protection and flexibility that clients need, with the tax savings and benefits of a RRSP. Encourage clients to contribute to their RRSP early. And make RRSP contributions a financial priority each year!

    What’s new
    The Home Buyer’s Plan is offering temporary repayment relief for qualifying withdrawals from their RRSP. This means that clients can defer the start of the repayment period by an additional three years when they make a first qualifying withdrawal between January 1, 2022 and December 31, 2025. This means the 15-year repayment period would start in the fifth year after the year in which a first withdrawal was made. For example, if you made your first qualifying withdrawal in 2022, your first year of repayment will be 2027.1

    Tools and materials to help you start the conversation
    Often clients have good intentions about saving for retirement. However, even the best intentions need an action plan. As a trusted advisor, you can help clients see the value in making a RRSP a financial priority. We have tools and marketing materials to help you start the conversation. Show clients why an Equitable RRSP can help them to achieve their financial goals in retirement.

    Equitable’s advisor toolbox, available on EquiNet®, includes Product News, Prospecting Letters, Forms, Marketing Materials, Case Studies, Articles and Investment Calculators. 



    1 www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/repay-funds-withdrawn-rrsp-s-under-home-buyers-plan.html
    ® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
    Posted February 7, 2025
     
  4. [pdf] Additional/Updated Client Information
  5. [pdf] B2B Investment Loan Application Process
  6. Banking Changes
  7. December 2022 eNews

    Update: EI Sickness Benefit Extension confirmed for Dec. 18, 2022*

    The federal government confirmed on Nov. 25, 2022, that it is extending the Employment Insurance (EI) Sickness Benefits period permanently from 15 weeks to 26 weeks. The change takes effect on Dec. 18, 2022.
     
    Equitable Life will not require or implement any changes to our disability plan designs based on this extension. However, plan sponsors may wish to amend their short-term disability (STD) and long-term disability (LTD) plans and policies to align with the new 26-week EI period.
     
    If your clients choose to amend their plan design in response to this extension, we have created an overview of how amendments may affect common plan design scenarios. Click here to learn more.

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
     

    QDIPC updates terms and conditions for 2023*



    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 2023 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims:

    QDIPC-2023-EN.PNG

    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 Sales Manager.

    *Indicates content that will be shared with your clients



     
  8. [pdf] Online Plan Member Enrolment
  9. An Exciting Fund Lineup Offered with Equitable Generations Equitable Generations™ is a Universal Life product that offers investment options that resonate with today’s 21st century client while reducing every fee possible. It also reduces the cost of insurance to help clients maximize their opportunity to purchase coverage and build tax-advantaged wealth.

    Fund Features of Equitable Generations:

    ● 34 fund options, including 18 new investment options, tracking funds managed by Fidelity™, Dynamic™, Invesco™ and more.
    ● 3 sustainable investment “ESG” (Environmental, Social & Governance) options – because today’s buyer cares as much about impact as they do about returns.
    ● Target date funds that auto-rebalance over time so that as a client approaches retirement, the fund adjusts its risk automatically.

    Learn more about our new funds:

    ● American Equity Index (ESG)
    ● Canadian Equity Index (ESG)
    ● Special Situations fund (Fidelity)
    ● Sustainable Equity, Balanced, and Bond Funds (Fidelity)
    ● Target Date funds (Fidelity)
    ● Details on funds available
    ● Get all your ESG questions answered with Margaret Dorn, S&P

    NewFundLineup.png
  10. Policy contract changes for residents of Quebec Starting June 1, 2023, there will be new language rules for any “contracts of adhesion”, including insurance policy contracts, in Quebec. These changes are part of Bill 96, which is about respecting French as the official and common language of Quebec.

    At Equitable Life, we have made some changes to our contract processes to support this new requirement.
    Starting after May 23, 2023, clients who live in Quebec will always get a copy of their insurance policy contract in French, regardless of language preference.
    - We will only send the English copy to the policy owner if they specifically ask for it. In that case, we would also send a French copy.
    - For clients who request a copy of their policy contract in French, there is no change. We pride ourselves in respecting the needs of our clients.

    If you want to learn more about these language changes, visit Assemblee nationale du Quebec - Bill 96. You may also contact your wholesaler.