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  1. 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.

  2. [pdf] Pivotal Select Fund Facts
  3. 5 Things You Need to Know About Equitable Generations Universal Life

    Here are five things you need to know about Equitable Generations™ Universal Life

    1. Affordability

    Because Equitable Life is owned by its policyholders, we don’t have to worry about paying shareholders. That means we can focus on offering competitive pricing!

    2. Investments

    Equitable Generations Universal Life is built for the 21st century with investment options that matter to today’s buyer including Target date, Environmental, Social, and Governance (ESG) funds for sustainable investing.

    3. Fees

    Equitable Generations has eliminated most universal life fund administration fees as well as the policy administration fee.

    4. KIND™

    Equitable Generations has a suite of contractual and non-contractual claims features we call KIND, designed to help your family navigate the claims process with ease.

    5. Flexibility

    With such competitive pricing, fantastic investment options and minimal fees. Equitable Generations Universal Life provides a level of flexibility rarely seen in the Universal Life space.


     

    See Equitable Generations Universal Life for yourself within one minute - try the EZStart quick quote software for advisors, available on EquiNet!

    Please contact your local wholesaler for more information. 

    TM and ® denote trademarks of The Equitable Life Insurance Company of Canada. 

  4. [pdf] S&R Quick Reference Guide
  5. [pdf] CLHIA MGA Compliance Survey
  6. What's new?
  7. Simpler juvenile policy approvals

    A win for you and clients 


    Get insurance protection in place more quickly for kid’s policies with an enhanced juvenile underwriting model. It’s an industry-leading predictive model that extends existing auto-assess capabilities for your juvenile applications.  
     
    What does this mean for you?   
    You will notice reduced wait times as clients get the protection they need faster. And you will receive your commission quicker as well. This gives both you and your Equitable® underwriter time to focus on supporting your complex cases to bring you our best offer. The new auto-approval model for juvenile policies is a win for all. 
     
    Give us a try!  
    See for yourself how we can help you get protection in place for clients quickly. 

    Contact your Equitable wholesaler for more information.

    ® or TM denote trademarks of The Equitable Life Insurance Company of Canada.
  8. Get the Straight Talk on Equitable’s par account performance

    Real answers to big questions

    At Equitable, we understand how important it is to make confident decisions when dealing with large cases. When you have questions, you need concise, direct insights from leaders and subject matter experts.

    Introducing the Straight Talk video series

    Today, we are thrilled to share the first episode of Straight Talk. This episode features Mark Arruda, VP of Individual Insurance Pricing and Finance.

    Mark talks about how Equitable’s par account is built to perform in all kinds of conditions, with strong governance, disciplined risk management, and prudent capital practices that ensure stability even when large life insurance claims are paid out.

    Watch Straight Talk for straight answers to the questions that matter most.

    Contact your Equitable Wholesaler to learn more about Equimax.

     

     

  9. February 2023 eNews

    Responding to Nova Scotia’s biosimilar switch initiative

    We are changing coverage for some biologic drugs in Nova Scotia in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 

    Nova Scotia’s provincial biosimilar initiative

    Announced in February 2022, the Nova Scotia Biosimilar Initiative ends coverage of seven biologic drugs for residents enrolled in Pharmacare programs.

    Pharmacare patients in the province using these drugs will be required to switch to biosimilar versions of these drugs by February 3, 2023, in order to maintain their Nova Scotia Pharmacare coverage. 

    Equitable Life’s response

    To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Nova Scotia for most biologic drugs included in the provincial initiative.

    Beginning June 1, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  

    Can my client maintain coverage of these biologic drugs?

    Traditional groups who wish to opt out of this change and maintain coverage of these originator biologics for Nova Scotia plan members can submit a policy amendment. Amendments must be submitted no later than April 1, 2023. Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for Nova Scotia plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.

    Groups that choose to maintain coverage of these originator biologics for existing claimants will also maintain coverage for any originator biologics that we subsequently add to our Nova Scotia biosimilar initiative.  

    Will this change impact my clients’ rates?

    The rate impact of this change in coverage will be relatively insignificant. Any cost savings associated with the change will be factored in at renewal.

    If plan sponsors opt out of these changes and maintain coverage for the originator biologics, it may result in a rate increase. Any rate adjustment will be applied at renewal.

    Communicating this change to plan members

    We will inform any affected plan members in April of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 

    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 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.

    **The list of affected drugs is dynamic and will change as Nova Scotia includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
     

    Changes to New Brunswick drug interchangeability rules

    We are introducing changes to help ensure that your clients with voluntary or mandatory generic pricing for their drug plans will benefit more from the cost savings of these two features, regardless of the province where the drugs are dispensed.

    Currently, when determining whether a lower-cost alternative is available for a brand-name drug, most insurers only consider drugs that the provincial drug plan identifies as interchangeable.

    However, the public drug plan in New Brunswick does not identify a drug as interchangeable if the drug is not listed on its formulary – even if Health Canada has deemed the drug interchangeable.

    As a result, plans with mandatory or voluntary generic pricing have continued to reimburse some drugs in New Brunswick based on the cost of the brand-name drug, even if a lower-cost generic alternative is available.

    Effective March 20, 2023, if your clients have drug plans with mandatory or voluntary generic pricing, we will adjudicate any drug claims in New Brunswick using the lowest cost alternative that Health Canada approves as bioequivalent. This will occur even if the public drug plan has not identified the drug as interchangeable.

    To benefit from this more robust drug plan control, plan sponsors must have mandatory or voluntary generic pricing in place.

    For more information about this change or about implementing mandatory or voluntary generic pricing for your clients, please contact your Group Account Executive or myFlex Sales Manager.
     

    New template: plan members eligible for additional coverage

    Often, based on salary, some plan members may become eligible to apply for extra Life, Accidental Death & Dismemberment (AD&D), Short Term Disability or Long Term Disability coverage. If this occurs, your clients receive a notification from Group Benefits Administration. We have now developed a template that your clients can provide to applicable plan members if they become eligible for extra coverage. The template makes it simpler for your clients to pass on these details to their plan members efficiently.

    The new template is available for download under the Quick Links section of EquitableHealth.ca. It is a fillable PDF form that your clients can complete and provide to their plan members when necessary. The document is called Over the Non-Evidence Limit for Plan Members Notification.

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