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Your Group Benefits Plan and The Coronavirus: Answers to Your Top Questions

Your Group Benefits Plan and The Coronavirus: Answers to Your Top Questions

COVID19 Group Benefits Plan: Answers to Your Top Questions Eagle Bay Financial

Dear Plan Members,

If you have group benefits that include travel and/or disability insurance, you may have questions or concerns regarding the Coronavirus outbreak.  If you have any queries, we encourage you to connect with your insurer directly.

The contact information for your insurer is often provided on your benefits card.

Service Canada is ready to support Canadians affected by COVID-19 and placed in quarantine, with the following support actions:

  • The one-week waiting period for EI sickness benefits will be waived for new claimants who are quarantined so they can be paid for the first week of their claim.
  • A new dedicated toll-free phone number is established to support enquiries related to waiving the EI sickness benefits waiting period.
  • Employment Insurance(EI) application for claims for clients under quarantine is prioritized.

“The contact information for your insurer is often provided on your benefits card. ”

If you are in quarantine and seeking to waive the one-week Employment Insurance sickness benefits waiting period, please contact the new dedicated toll-free phone number so you can be paid for the first week of your claim:

Telephone: 1-833-381-2725 (toll-free)

For the most up-to-date information on the outbreak, please visit the government websites below;

Public Health Agency of Canada

Employment Information – Government of Canada

COVID19 information – Government of Canada

COVID19 information – First Nations Health Authority

Pharmacare Information

Eagle Bay Financial Services Ltd. is here to help!

Please contact our office if you have questions regarding your group benefits.

Jenny Kellett

Account Manager

Group Benefits

Denise Perry

Account Manager

Group Benefits

Danijela Fadera

Claims Advocate & Client Service Representative

Keeping Calm In The Face Of Uncertainty & Navigating Difficult Markets

Keeping Calm In The Face Of Uncertainty & Navigating Difficult Markets

Dear Plan Members,

The events of recent weeks and days are unsettling, to say the least. As the COVID19 outbreak makes its way around the world, economies are being affected, and investment markets are responding.

As a member of a group retirement/pension plan program with Eagle Bay Financial Services Ltd. , we would like to take this opportunity to reach out and provide you with some perspective on what has been happening. We encourage you to maintain calm & not abandon traditional investment philosophy.

Here are some important considerations:
  • Before COVID19, the Canadian investment marketplace (based on the TSX) was at an all-time high.
  • Governments across the globe are responding with monetary policy changes & are making efforts to contain the economic damage created by COVID19.
  • Canada is likely headed towards a recession due to the fast and significant decline in oil prices and commodity markets in response to supply/demand caused by the coronavirus.
  • The Bank of Canada has already cut interest rates to ease the pain.
  • We will likely see more uncertainty and volatility as the coming days and weeks unfold.
  • Down markets always have & will always provide an opportunity for investors to “buy low.”

“ We encourage you to maintain calm & not abandon traditional investment philosophy. ”

Whenever working with retirement savings, we encourage plan members to focus on long term objectives despite what may be happening in the short-term. We typically also recommend that individual investors consider investment decisions based on age & trajectory to retirement. As we approach retirement, risk exposure in equity markets should most often be reduced. Many plans take time horizon into consideration naturally using Target Date Funds.

If you’re unsure how your funds are invested or how they may be affected by the events of recent days and weeks, you can access your plan information online. You can also contact your Servicing Advisor for an overview of your investment allocation.

Amanda Calla

Manager

Group Retirement

Licenced Financial Advisor

Tiziana Cagnoni

Account Manager

Group Retirement

Licenced Financial Advisor

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