Canada Life Assurance Company announced that it is reducing its group health insurance premiums for its employer-sponsored group benefits plans, as part of its efforts to support Canadians amid the COVID-19 pandemic.
A company release said that starting May, Canada Life will apply premium reduction adjustments for the month of April, retroactive to April 01, 2020. Eligible group customers do not have to do anything to receive this reduction – the applicable premium reduction adjustment credits will be applied to their May invoices.
The premium adjustments include a 50% reduction in dental rates and a 20% reduction in vision and extended healthcare rates (excluding prescription drugs).
Canada Life explained in a release that prescription drugs are not included in the premium cuts because “these services are essential and their number of claims have not dropped.” These factors will be re-assessed monthly until the pandemic and its impact on claims has passed.
“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,” said Canada Life president and chief operating officer Jeff Macoun.
According to Macoun, these premium reductions will give over 26,000 of Canada Life’s business customers some financial relief.
