News Benefits & Pensions
Canada Life cuts group health insurance plan premiums

The Canada Life Assurance Co. is cutting group health insurance premiums for its employer-sponsored group benefits plans in a bid to help small- and medium-sized businesses dealing with COVID-19.

The company says that beginning in May it will apply premium reduction adjustments for the month of April, retroactive to April 1.

The credits will be applied to May invoices.

The reductions will be 50 per cent for dental and 20 per cent for vision and extended health care benefits, excluding prescription drugs.

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Canada Life says prescription drugs are not included as the services are essential and the number of claims have not dropped.

The insurer says the premium reductions will help more than 26,000 of its business customers.