Alberta Blue Cross, Green Shield Canada, iA Financial Group and Medavie Blue Cross are the latest insurers to reduce benefits plan premiums during the coronavirus pandemic.
For Alberta Blue Cross’ group plans, the changes include a 50 per cent reduction to dental benefits premiums, a 25 per cent reduction to vision care premiums and a 25 per cent reduction to non-drug related extended health benefits premiums.
The reductions are temporary, but not a deferral, noted the insurer in a blog post.
Read: Manulife cutting group benefits plan premiums for May
Meanwhile, Green Shield Canada will reduce dental premiums by 75 per cent and health premiums, including vision but excluding drug, by 20 per cent. The reductions are for non-refund benefits plans and will apply to April, May and June.
“We hope these premium reductions provide some cost relief for our clients as they navigate the complexities of this pandemic,” said Brent Allen, executive vice-president of group at Green Shield Canada, in a press release. “Rest assured that the GSC team is actively monitoring the latest developments and exploring what else we can do to help.”
iA Financial Group is offering a 60 per cent credit on dental care premiums. The credit will apply for the month of April 2020 and the insurer will monitor the situation closely, reviewing the application of the credit on a monthly basis.
Read: Canada Life cutting group health premiums to support Canadians, SMEs
And Medavie Blue Cross is crediting 50 per cent of dental premiums to reflect the decrease in dental visits during the pandemic, as well as 10 per cent of health premiums, on both drugs and extended health benefits.
“Many businesses are grappling with the most challenging economic crisis of our time and we’re committed to continually reviewing our day-to-day practices to make sure we are supporting the needs of Canadians,” said David Adams, vice-president of business development at Medavie Blue Cross, in a press release. “This includes offering our members greater flexibility in adjusting plans to temporarily lower monthly premiums, extending plan freezes for up to three months and working with our members to ensure we come out stronger when this crisis ends.”