Both Sun Life Financial and Manulife have announced that they will provide premium relief options to group benefit sponsors as their way of helping clients during the COVID-19 outbreak.
Sun Life will offer a 50% credit per month against paid dental premiums; the insurer came to this decision after observing that most routine dental visits have stopped during the pandemic. Sun Life will also offer a 20% credit on each of a client’s extended healthcare benefits, for non-drug-related premiums.
“Prescription drug usage has not declined during the pandemic,” said Sun Life Canada senior vice-president of group benefits Dave Jones.
“Plan members are using an increased volume of virtual care across their paramedical providers, however usage has still reduced.”
The Canadian Press reported that the April credit for both premiums will be applied to June invoices.
Manulife has also confirmed that it will offer premium relief measures. All of the company’s group benefit plan sponsors – whether small, medium, or large-scale – who have a fully-insured, non-refund benefits plan will see their premiums reduced.
Similar to Sun Life, Manulife will reduce plan sponsors’ dental premiums by 50%. But the insurer will cut extended healthcare premium – including prescription drugs – by 10% in the month of May.
In an email statement to The Canadian Press, Manulife said that coverage for plan members will not change, and that the premium reductions will be applied to regular pre-authorized debit draws for May.
