This is the Friday GAB - a weekly round up of all the things happening in and around the group benefits industry.
It's been a quite week... with the exception of one big government announcement. The industry had a sign of relief as the mystery behind the federal dental plan was sort of revealed. Here are the details as reported by CTV News.
Federal dental plan phase 1 will provide eligible parents or guardians with "direct, up-front tax-free payments to cover dental expenses." However, in order to access the benefit, parents or guardians need to apply through the Canada Revenue Agency (CRA) and attest that:
1. Their child does not have access to private dental care coverage;
2. They will have out of pocket dental care expenses for which they will use the benefit; and
3. They understand they will need to provide receipts to verify out of pocket expenses occurred if required.
Before you email your insurer to remove dependents under the age of 12... Remember this is ONLY for those with a FAMILY income of $90,000 or less. The median family income in Canada is $90390. The benefit amounts announced in this federal plan are far lower than what an average group plan would offer.
*Median is the middle number in a group f numbers. Where a median income of $90,390 is given that means that exactly half of the incomes are greater than or equal to $90,390 and that the other half is less than or equal to $90,390.
The next phases are children under 18 and senior. The commitment is to expand the program to these groups by the end of 2023.
A few more details - The first phase of dental care will provide eligible parents/guardians with a bridge payment - a direct, up front, tax free payment to cover dental expenses. Parents/Guardians will need to apply. Health Canada and the CRA are collaborating closely on an application platform that would deliver payments in a timely fashion. When applying, one will have to attest that - their child does not have access to private dental care coverage, they will have out of pocket dental care expenses that they will use the benefit for and they understand they will need to provide receipts.
Because we can't go a single week without M&A news, congratulations to the team at Montridge Advisory Group who has been acquired by Westland.
Last for this week - in person events are very much back! DisruptHR Edmonton and Calgary have both announced event dates. And the CGIB also has some in person sessions coming up. A week and a weekend from today, the Equitable Life roadshow kicks off in the West with A Burnaby stop on Monday Sept 26, followed by Edmonton, Calgary, Winnipeg and Saskatoon. The following week the ON sessions will begin (message me if you forgot to registered and want to come)
And that's the Friday GAB.