Canada Life cutting group health insurance premiums

The Canada Life Assurance Company has announced it’s lowering rates to help businesses struggling due to the pandemic.
The insurance company announced it’s cutting group health insurance premiums for its employer-sponsored group benefits plans.
“Small- and medium-sized businesses are an integral part of the Canadian economy. We recognize that many businesses are challenged right now and we are wholeheartedly committed to supporting them however we can,” Jeff Macoun, president and COO of Canada Life, said in a news release.
“Over 1 million Canadians were laid off in March alone, and financial insecurity is growing. These premium reductions will give more than 26,000 of our business customers some much-needed financial relief, both to their business and to maintaining valued coverage for their employees. Unlike premium deferrals, these savings do not need to be repaid later, and reflect that some healthcare service providers have shifted to virtual treatment, while others are offering more limited services,” he continued.
Starting in May, Canada Life will apply premium reduction adjustments for April retroactive to April 1.
Eligible customers won’t need to do anything, they’ll be able to see their applicable credits applied to their May invoices, as per following rates:
- Dental: 50 per cent
- Vision and Extended healthcare (excluding prescription drugs): 20 per cent
According to Canada Life, prescription drugs will not be included in the premium cuts at this time.
Further, Canada Life will re-assess what will be included and omitted from these rate adjustments on a monthly basis until the pandemic, and its impact on these claims, has passed.
Cover photo courtesy of Canada Life Assurance Company’s Twitter
Related
- Insurance company providing financial compensation for customers amid pandemic
- Businesses struggling with rising insurance premiums due to pandemic
- 20 per cent of Canadians believe life-long financial goal has become unattainable
- Feds top up relief fund with $600 million to help small- and medium-sized businesses
- Group calling for more accessible financial aid for small businesses
Trending
- Ontario announces blitz of big-box stores in Mississauga following declaration of stay at home order
- Peel Police say Mississauga residents are calling 911 to find out if it is okay to go out
- Enforcement of Ontario’s new stay-at-home orders: an explanation
- A new bakery is now open at Square One in Mississauga
- Mississauga long-term care home included in province-wide class action
Your Comments