Manulife Financial Corp. is lending a hand to group benefits plan sponsors in light of the tight financial situation many businesses are in due to the coronavirus pandemic.
The insurer is providing certain premium relief for all group benefits plan sponsors with an insured non-refund accounted benefits plan with Manulife. For the month of May, dental premiums will be reduced by 50 per cent and extended health-care premiums, including prescription drugs, will see a 10 per cent reduction. The relief applies to all small, medium and large organizations.
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Coverage for plan members will remain unchanged, with no changes to health or dental plan design. The reductions will be reflected in all pre-authorized debit draws from plans’ May premiums.
“We know these are trying times affecting all Canadians,” said Shabeen Hanifa, Manulife’s director of global communications, in an email to Benefits Canada. “To support and help provide financial relief to our customers, Manulife is taking a significant step. Our relief program helps support our customers and recognizes some benefits are being underused during the pandemic.”