Newsletter

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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10 Nov Term Insurance – What’s in it for me?

Clients will frequently ask whether term or permanent insurance represents the best solution for their needs. But the truth is that it can be a complex answer that requires a bit of soul searching, some forward thinking, and budgeting. What is term insurance? Term insurance is basically...

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10 Nov Insurance Jargon, decoded: Any Occupation

Insurance Jargon, Decoded: Any Occupation Disability benefits – or income replacement if you are unable to work due to an accident or illness – are an important piece of our financial security. Most group insurance contracts include policy definitions that differ slightly in terms of the...

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29 Sep Best Practices in Plan Administration

One of the biggest worries that a new plan sponsor has in implementing a group benefits plan is the ongoing administration of the plan and making sure that the plan is running smoothly. The plan administrator, who may or may not be the owner of a...

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29 Sep Insurance Jargon, decoded: Conversion

This month, we talked about why it’s important for plan administrators to manage terminations properly when employees leave a group benefit plan. One of the main reasons that this is important is to notify that departing plan member of their conversion options. But what is conversion?...

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