Equitable Life offering premium relief on health, dental benefits
Equitable Life Insurance Co. of Canada is offering premium relief for all of its traditional and myFlex group plans for health and dental benefits.
Since many health practitioners have closed their offices due to the coronavirus pandemic restrictions, plan member use of dental benefits and some health benefits has declined. As a result, Equitable Life is applying a 50 per cent reduction on dental premiums and a 20 per cent reduction on vision and extended health-care rates (excluding prescription drugs), which is an eight per cent reduction on health premiums.
Read: Manulife cutting group benefits plan premiums for May
The reductions, which are retroactive to April 1, 2020, will appear as a credit against plan sponsors’ next available billing. In addition, Equitable Life will assess the situation on a monthly basis and expects to continue with monthly refunds for as long as the crisis period continues.
“We know this is a difficult time for Canadian employers and that many of our clients are facing financial hardship as a result of the COVID-19 pandemic,” said Dave Bennett, senior vice-president of group at Equitable Life, in a press release. “We continue to look for ways to help employers manage while still supporting their employees.”
Read: Canada Life cutting group health premiums to support Canadians, SMEs