Blue Cross has some great news regarding their premium relief program for plan sponsors. From Blue Cross:
“New pandemic premium relief program for plan sponsors
Small- and medium-sized businesses are dealing with the most challenging economic crisis of our time. We are committed to doing our part to help ease the financial burden on plan sponsors during this difficult period.
Premium Relief Program
Retroactive to April 1, 2020, we will be providing a premium relief program for all non-refund, fully-insured group clients for the month of April:
We are crediting 50% of dental premiums, to reflect the decrease in dental visits during the pandemic.
We are also crediting 10% of Health Premiums, on both Drugs and Extended Health Benefits. Although drug claim levels have not been impacted by the pandemic, this credit reflects the current reduction in paramedical and vision claims. We will continue to offer virtual options for many provider types to ensure that benefits can still be accessed in this time of need.
Note: The program applies for clients with the noted benefits.
This premium relief program will continue to be reassessed for potential extension. Our approach to the program is to reflect the current reduction in claims, while balancing that claims will increase to higher levels in the future.
Premium Credit Administration
These credits for April will automatically be applied to June invoices, with no action required by plan sponsors.As an alternative, upon request, group clients can opt to receive the savings with the next renewal, as a credit or applied toward the plan’s rates. This approach could help avoid potential administration issues for plan sponsors, advisors and third-party administrators. If this option is selected, please confirm with your Medavie Blue Cross representative by May 8.
These new initiatives are in addition to changes already put in place to help plans through this pandemic, as are outlined at https://www.medaviebc.ca/en/info-centre-covid-19.
We may be working from home but know that we are working hard to serve your needs and are confident that, together, we can weather this storm. To discuss this program or how we are supporting your organization during this pandemic, contact your Medavie Blue Cross representative.”