Wage subsidy reduced to 15% loss – Details below

Thanks for hanging in there.  It feels like just making it through the week is a win these days.  I have been speaking to lots of you over the past couple of weeks to check in, or to handle issues like lay-offs etc. I’m glad to see so many of you adapting and continuing along.  I hope you, your staff and families continue to stay healthy as we go into this long Easter weekend.  use it as a chance to recharge.  We are in a marathon, not a sprint.

I wanted to remind everyone that we have options for you if you need help with your plan.  Many are working from home and staying status quo, some are cutting and a few may be forced to terminate staff and their plan. We are here to help with any changes you need to make to ensure your survival (we’ll also have to let insurers know what you are doing).

I know there are a lot of competing advisors calling clients.  They are offering to cut dental and massage benefits to get some savings.  In most cases this is short term gain with long term pain.  Cutting benefits like massage usually means services such as psychologists and social workers are also removed at a time when people need them more than ever.  Not mentioned and not good.  Just because people can’t use dental services today, does not mean they won’t as things ease up.  A 3 month premium savings could mean you are severely underfunded at renewal causing MUCH larger than usual rate increases for the next 12-15 months.  Not great during recovery. If you’re approached and want to talk about the “too good to be true” offer, just reach out.  We’re here for you.

Some good news below…

Employers to have easier time accessing coronavirus wage subsidy program

The federal government will now only require employers to demonstrate a 15 per cent drop in revenue during the month of March due to the coronavirus to be able to access the new 75 per cent emergency wage subsidy