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Equitable Employee Benefits for Small Businesses Review
Equitable Life offers a specialized group insurance plan, EZBenefits, specifically for small businesses with 2 to 25 employees. The EZBenefits plan features four tiers of coverage—Bronze, Silver, Gold, and Platinum—each customized to offer varying levels of health benefits without requiring deductibles. HR responsibilities. The cost of this plan typically ranges from $80 to $350 per month per employee.
- What are the key features of Equitable’s Employee Benefits for Small Businesses plan?
- What does Equitable’s Employee Benefits for Small Businesses plan cover?
- What is the cost of employee benefits for small businesses from Equitable?
- What we like about Equitable's Employee Benefits for Small Businesses plan
- Frequently asked questions
Equitable Life offers the EZBenefits group insurance plan for organizations with 2 to 25 employees. This is designed to meet the specific needs of small businesses and offers affordable and flexible coverage options.
In this article, we’ll explore the key features of Equitable’s EZBenefits plan, the range of benefits available, the costs associated with offering these benefits, and more.
What are the key features of Equitable’s EZBenefits for Small Businesses plan?
The Equitable Life EZBenefits employee benefits for small businesses plan is available to organizations with 2 to 25 employees, offering flexible plan benefits with guaranteed issue maximums. Coverage may vary depending on the employer’s choices, with life insurance and AD&D coverage reducing by 50% at ages 65 and 70.
Key features of Equitable’s small business group health plan
| Category | Details |
| Minimum group size | 2-25 employees |
| Maximum coverage amount | Flexible plan benefits with guaranteed issue maximums; the coverage amount may vary based on the choice of the employer |
| Reduction | 50% at the of age 65 and again at age 70 for life insurance and AD&D coverage |
| Employee eligibility | Includes full-time, part-time, and seasonal/contractual employees (employers can choose the plan based on their specific organizational needs) |
| Termination age | 70 |
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What does Equitable’s Employee Benefits for Small Businesses plan cover?
The Equitable EZBenefits plan offers four coverage tiers—Bronze, Silver, Gold, and Platinum—with no deductibles. Professional services such as paramedical practitioners and mental health coverage increase from no coverage in Bronze to $500–$1,000 in higher tiers.
Life insurance starts at $25,000 in Bronze and scales to $75,000 in Platinum, with optional long-term disability and dental care options, including major restorative coverage in Gold and Platinum tiers.
Equitable’s EZBenefits employee benefits plan options
| Benefit | Bronze | Silver | Gold | Platinum |
| Deductible | No deductible | |||
| Coinsurance | 70% | 70% | 80% | 100% |
| Drugs | ||||
| Formulary | Standard Mandatory Generic | |||
| Dispensing fee cap | $8 | No dispensing fee cap | ||
| Annual drug maximum | $5,000/year | $25,000/year | $100,000/year | $100,000/year |
| Out-of-province/country | ||||
| Coverage limits | 100% up to $5 million | |||
| Trip limit | 90 days | |||
| Professional services | ||||
| Paramedical practitioners | No coverage | $300/practitioner/year | $500/practitioner/year | $500/practitioner/year |
| Mental health practitioners | No coverage | $500/year | $800/year | $1,000/year |
| Hearing aids | $500 per 60 months | |||
| Private-duty nursing | No coverage | $10,000/year | ||
| Ambulance | Reasonable & customary | |||
| Convalescent home services | $40/day, max 180 days | |||
| Hospital accommodation | No coverage | Semi-private | Semi-private | Semi-private |
| Vision | ||||
| Eye exams | No coverage | Once every 2 years | ||
| Lenses/Frames/Contacts | No coverage | $200/year | $250/year | $250/year |
| Life insurance and Accidental Death and Dismemberment | ||||
| Basic Life/AD&D | $25,000 | $25,000 | $50,000 | $75,000 |
| Dependent Life | $5,000/$2,500 | $10,000/$5,000 | $10,000/$5,000 | $10,000/$5,000 |
| Long-term disability (optional) | ||||
| Graded schedule | 67% of the first $3,750 | |||
| Dental care | ||||
| Basic & restorative | No coverage | 70%, $1,500/year | 80%, $2,000/year | 90%, $2,500/year |
| Major restorative | No coverage | No coverage | 50%, $2,000/year | 50%, $2,500/year |
| Recall exams | Every 9 months | Every 6 months | ||
| Scaling | 8 units/year | 8 units/year | 10 units/year | 10 units/year |
| HCSA/Healthcare Spending Accounts (Optional) | ||||
| Allocation of HSA | Based on employer’s choice of coverage (Type: use it or lose it) | |||
Does the EZBenefits plan offer any digital solutions for plan users?
Yes, the EZBenefits plan offers several digital solutions for plan users such as the Equitable EZClaim® Mobile app, which allows members to submit and view claims and download their benefits card via mobile devices.
Additionally, EquitableHealth.ca® provides secure online access for managing plans, checking coverage, and accessing health and wellness resources. The plan also offers Online Plan Member Enrolment, making it easier and more secure for members to enroll in the plan without any extra cost.
Does Equitable offer any HR support through the EZBenefits plan?
Yes, Equitable offers HR support through the EZBenefits plan. Clients receive access to HR tools and services via a partnership with HRdownloads®. This includes a cloud-based HR information system and a library of over 3,000 HR documents and templates.
Plan holders also receive access to a free online Workplace Diversity and Inclusion training course, and one free Live HR Advice call with an HR expert. This support helps streamline common HR tasks from onboarding to offboarding.
What is the cost of employee benefits for small businesses from Equitable?
The cost of employee benefits for small businesses from Equitable typically ranges between $80 and $350 per month per employee.
For a small business with 15 employees, the total monthly costs for the Equitable EZBenefits plan can range between approximately $1,200 and $5,250. For 30 employees, the total may range from $2,400 to $10,500, depending on the specific benefits chosen and employee demographics.
| Benefit | Coverage | Cost per employee/Month | Total monthly cost (15 Employees) |
| Basic health coverage | 70% co-insurance for prescription drugs, $5,000 annual maximum | $100 | $1,500 |
| Dental care | 80% co-insurance for basic dental services, $1,500 annual maximum | $60 | $900 |
| Vision care | Eye exams and $150 for lenses/frames every two years | $15 | $225 |
| Life insurance | $25,000 Basic Life and AD&D coverage | $20 | $300 |
| Long-term disability (LTD) | 60% of monthly income up to $2,500 | $40 | $600 |
| Employee Assistance Program (EAP) | Access to mental health support and wellness resources | $10 | $150 |
| Estimated total monthly cost for 15 employees: $3,675 | |||
*Indicative costs. Actual costs may vary based on industry specifics, employee demographics, and final plan design chosen.
What we like about Equitable’s EZBenefits for Small Businesses plan
Equitable’s EZBenefits plan stands out for its fraud detection measures, smart drug management strategies, and dedicated disability support. Here are the key features that make the Equitable EZBenefits plan an excellent choice:
- Drug plan management: Proactively manages high-cost drug risks with in-house pharmacy experts who evaluate drug effectiveness, strategic partnerships for preferred pricing, and detailed reporting for insights
- Disability management: Offers dedicated disability specialists to facilitate an early and safe return to work for employees, along with access to industry-leading mental health and addiction support through a partnership with Homewood Health
- EZClaim® submissions: Allows plan members to submit claims via computer or mobile device, ensuring faster claim payments
- Online plan member enrolment: simplifies the enrolment process at no extra cost, with personal emails sent to members for reminders and instructions, reducing administrative workload.
- Comprehensive support options: Includes access to virtual healthcare, professional counselling, online wellness resources, and self-guided mental health support programs through Homewood Health
How long does Equitable take to process claims?
Equitable is known for its efficient claims processing, often issuing payments for approved claims in as little as 24 hours when submitted via their EZClaim® Mobile app.
For other claims submitted through different methods, processing times may vary based on the complexity and type of claim, but they generally take just a few business days to complete. This quick turnaround helps ensure that plan members receive their benefits without unnecessary delays.
What are the benefits of using the EZClaim Mobile app from Equitable for submitting claims?
The EZClaim Mobile app from Equitable enhances the claims process with several key benefits. It enables faster claims processing, often within 24 hours for approved claims, allowing for quick payments for services like massage therapy and physiotherapy.
Users receive instant claim status updates, reducing uncertainty, and benefit from a user-friendly interface that simplifies submission with just a photo of receipts.
The app also prioritizes security with biometric login options and supports various health and dental claims, including Health Care Spending Accounts. Additionally, users can access their claims history and enjoy direct deposit integration for convenient claim payments.
How to get the best employee benefits rates from Equitable?
To get the best employee benefits rates from Equitable, we recommended speaking with one of our experienced advisors. Our licensed advisors can help you compare different coverage options, get instant quotes, and find the most suitable employee benefits package for your small business.
Frequently Asked Questions
How do I check the status of my Equitable claim?
To check the status of your claim, you can use the EZClaim® Mobile app, which offers real-time updates on all submitted claims, making it easy to stay informed. Alternatively, you can reach out to Equitable’s 24/7 customer service for assistance, where representatives can provide you with detailed information regarding your claim status and answer any questions you may have.
Who is eligible for Equitable’s PerformPlus employee benefits plan?
The PerformPlus employee benefits plan is generally available to both full-time and part-time employees of participating employers. However, specific eligibility criteria can vary based on the employer’s choices and the particular terms of the plan.
What coverage options are available in the EZBenefits plan?
The plan covers essential benefits such as health, dental, vision, and life insurance, with coverage increasing across the Bronze to Platinum tiers. Each tier offers different benefits, from basic coverage in Bronze to more comprehensive services like major restorative dental care and higher life insurance limits in Gold and Platinum.
- Equitable's EZBenefits plan offers four tiers of coverage (Bronze, Silver, Gold, and Platinum) without deductibles, allowing small businesses to select benefits that suit their needs and budgets
- The EZBenefits plan includes digital tools like the EZClaim Mobile app for submitting claims and accessing benefits, making it easier for employees to manage their coverage
- Equitable provides HR tools and resources through a partnership with HRdownloads®, including a library of documents and training courses to help streamline HR processes
- Employee benefits costs typically range from $80 to $350 per month per employee, making the plan accessible for small businesses looking to provide comprehensive benefits
