You may have seen (or will see) that several insurers are reducing premiums for our clients with insured health and dental plans. Each insurer will be offering these reductions in response to the reduced paramed, vision and dental claims during the COVID-19 pandemic.
So far Sun and Canada Life (nee GWL) have announced this, but we expect others to follow with something similar to this…
• Dental: A 50% premium reduction adjustment will be applied.
• Vision: A 20% premium reduction adjustment will be applied.
• With PayDirect Drugs: A 20% premium reduction adjustment applied to the Healthcare rate.
This will likely last for a couple months (April and May) to start, and be extended as or when necessary. These changes will be implemented automatically by the applicable insurers according to their formula.
This may mean your deductions to your staff will also need to be reduced if you share the health and dental portion of the premium.