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