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Agenda

Agenda. Why did we develop Prelude ? What is Prelude ? What you need to know Pricing Sales Process Advisor Compensation Questions. Why did we develop Prelude ?. Baby Boomers are nearing and reaching retirement – 15.3% of Canadian workers are age 55 or older. 1

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Agenda

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Presentation Transcript

  1. Agenda • Why did we develop Prelude? • What is Prelude? • What you need to know • Pricing • Sales Process • Advisor Compensation • Questions

  2. Why did we develop Prelude? • Baby Boomers are nearing and reaching retirement – 15.3% of Canadian workers are age 55 or older. 1 • Trend towards organizations removing health benefits for retirees to reduce costs • Governments are not covering many of the newer, higher cost drugs now being offered 1 Statistics Canada, Census Report, 2006.

  3. What is Prelude? • Prelude offers 3 distinct key features: • Catastrophic coverage: overall lifetime plan maximum of $1 or $2 million, prescription drugs and emergency travel health coverage • Portable coverage: a retiree’s coverage continues even if plan sponsor terminates their Great-West healthcare based coverage • Guaranteed acceptance*: a plan sponsor’s minimum premium payment on behalf of their plan members guarantees coverage without medical evidence (this contribution will require a 5 year commitment – at which time the plan sponsor can review and shift the contributions) • * - Some limitations apply for plan members residing in Quebec

  4. What does Prelude cover?

  5. Coinsurance and Deductible Options 100% coinsurance and no deductible apply for emergency medical treatment provided as an inpatient in hospital and for emergency travel assistance

  6. What’s covered for residents of Quebec? Prelude tops up RAMQ coverage by paying 70 to 100 percent, depending on the plan: • Of out-of-pocket expenses (including RAMQ monthly deductible and coinsurance) for drugs covered by RAMQ; • And some drugs not covered by RAMQ but covered by Prelude, subject to the pre prescription dispensing fee and as per the plan maximums.

  7. What you need to know: • Available to Great-West groups with 100 plus lives • Plan member must be enrolled for healthcare under their GW pre-retirement group plan • Plan member must be age 55 up to and including 75 • Administration by PDAdmin Group • For plan members residing in Quebec, contributions on behalf of the plan members cannot be accepted due to certain provisions of an Act respecting prescription drug insurance.

  8. Plan sponsor contributions • Can choose to pay nothing or to make contributions • A contribution of at least $100 per month or 50% of the monthly premium, per plan member means no underwriting for the plan member • Contribution level must be the same for each plan member • Contribution commitment is 5 years • Without contributions, coverage is offered with an exclusion for prescription drugs related to existing medical conditions with high drug costs • Plan sponsor cannot contribute to member’s plan in Quebec

  9. Key differences between Prelude and PlanDirect

  10. Pricing • Based on single, couple, and family • Rate tables split by plan type, province of residence and 5-year age bands • Product and price reviewed each year with new rates effective May 1

  11. Representative Pricing: Prelude and PlanDirectEast and West Option 1 - 100% coinsurance; $1,500 annual deductible Option 2 – 70% coinsurance of the first $5,000 of covered expenses each calendar year & 100% thereafter; no deductible

  12. Prelude Sales & Service Process

  13. What you can do? • Review target prospects & in-force clients and collaborate on marketing action plan • Support plan sponsor with member materials and information sessions • Continue ongoing support by generating awareness amongst the employee base

  14. Advisor Compensation – FYSC & Renewal • Advisor Compensation key items: • No commission is payable at time of sale • Commission is paid once a year based on the premiums received for 12mos ending April 30th • Each year 25% of commission payable will be paid as sales commission and 75% as service commission • If group policy terminates, no further commission is payable • Commission is payable to AOR on the group policy

  15. Brochures • M6948 – Plan sponsor pre-sale brochure • M6949 – Plan member pre-sale brochure • plan sponsor contributes the minimum premium on behalf of the plan member • M6950(UW) – Plan member pre-sale brochure • plan sponsor does not contribute the minimum premium on behalf of the plan member

  16. Questions?

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