Group

18 Apr Premium Tax Increase

Alberta’s budget, released in October 2015 proposed a range of tax increases. Some of these increases will impact benefit plan pricing in 2016 and 2017. What is the change? Taxes are included in insurers’ premium rates. Consequently, group benefit plan sponsors should expect increases to rates at...

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04 Feb Insurance Jargon, Decoded: Underwriting

Insurance underwriting is a term used to describe the process of assessing risk. Insurers want to make sure that they are collecting enough premium according to the individual’s risk. We use (the term) underwriting to describe an insurance application process. An underwriter or underwriting department are the individuals who are assessing...

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26 Nov What does reasonable and customary mean?

Reasonable and customary limits apply to many areas of a benefit plan -- from dental to medical supplies to paramedical practitioners, like a massage therapists. These limits are put in place as an effort by the insurer to protect plan sponsors from paying for services...

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26 Nov Insurance Jargon, Decoded: Mandatory Generic

When we’re shopping for consumer goods such as cookies, our perception is that the generic brand is not quite as good as the brand name equivalent. But in the case of prescription drugs, generic medications are considered to be “bioequivalent”. That means that Health Canada has...

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26 Nov Benefits continuation – What you need to know

In today’s market, many Alberta-based companies are being forced to right-size or downsize. When offering benefits continuation for terminating employees, there are a few important items to keep in mind. Standard group contracts maintain that an employee’s group insurance coverage ends on the date the employee-employer...

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