OSA's OMA Insurance Replacement Program

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The Ontario Specialists Association (OSA) represents the interests and advocates on behalf of the Ontario Specialists. The OSA currently represents 8 specialty groups that voted to leave the OMA in November 2018. In discussions with members, insurance was a primary concern specifically, the insurance controlled by the Ontario Medical Association (OMA Insurance). In February, we surveyed members and learned that 72% have OMA Insurance, and an astounding 78% of members are interested in replacing their OMA insurance with better quality coverage, cost savings and they want to own and control their insurance. With this, we are pleased to announce our OMA Insurance Replacement Program.

The OSA’s OMA Insurance Replacement Program allows OSA members to replace their OMA life, disability, critical illness and office overhead insurance with no medical and a simplified application with RBC Life Insurance Company. RBC Insurance is a tier one Canadian insurance company with more than four million policyholders and an A+ (excellent) rating by A.M. Best.

Unlike the OMA which ties your insurance to OMA membership fees, neither the insurance company (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. 

Once your insurance is issued, it is fully guaranteed.

  • REPLACE YOUR OMA INSURANCE:
    Life Insurance – Replace up to $5,000,000 of OMA life insurance.
    Disability Insurance – Replace up to $25,000 per month of OMA disability insurance.
    Critical Illness Insurance Replace up to $350,000 of OMA critical illness insurance.
    Office Overhead Insurance Replace up to $30,000 per month of OMA office overhead insurance.
    Discounted rates for disability, office overhead and critical illness insurance.
    ○ Rates for life insurance are less than OMA Group term 75 insurance (even after OMA rebate).
    ○ NO medical tests (blood or urine) required.
    ○ NO detailed medical questions.
    ○ NO minimum number of participants required.
    ○ Policies are owned and controlled by you.
    ○ Guaranteed policy provisions.
    ○ Offer expires Friday May 17, 2019.

RBC Insurance will replace your (and your spouse/partner’s) OMA Insurance with identical insurance amounts and options where applicable.

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COMPARISON: OMA Insurance vs. RBC Insurance

We compared the policy provisions and cost differences after OMA annual premium refund.

POLICY PROVISION COMPARISON
Life insurance
Disability insurance
Critical illness insurance
Office overhead insurance

COST COMPARISON AFTER OMA ANNUAL PREMIUM REFUND
Below are case examples of a physician and his/her non-physician spouse who is the same age after OMA annual premium refund which is not guaranteed. We assume the physician has $1,000,000 of OMA Group term to 75 life insurance, $10,000/month of OMA disability insurance and $100,000 of OMA Sun Life critical illness insurance. The spouse/partner has $1,000,000 of OMA Group term to 75 life insurance and $100,000 of OMA Sun Life critical illness insurance. These examples are for illustration purposes only.

Male physician age 30 and spouse/partner > SAVINGS $70,920
Male physician age 40 and spouse/partner > SAVINGS $76,565
Male physician age 45 and spouse/partner > SAVINGS $91,898  
Male physician age 50 and spouse/partner > SAVINGS $29,746
Male physician age 55 and spouse/partner > SAVINGS $33,604   
Male physician age 60 and spouse/partner > SAVINGS $26,828
Female physician age 30 and spouse/partner > SAVINGS $65,934
Female physician age 40 and spouse/partner > SAVINGS $58,400
Female physician age 45 and spouse/partner > SAVINGS $79,385 
Female physician age 50 and spouse/partner > SAVINGS $25,766
Female physician age 55 and spouse/partner > SAVINGS $33,896 
Female physician age 60 and spouse/partner > SAVINGS $26,746

WHAT IS YOUR INDIVIDUAL COST TO REPLACE YOUR OMA INSURANCE?

Attached is the cost summary that illustrates the monthly cost by gender, age and insurance by product (life, disability, critical illness and office overhead insurance).

FREQUENTLY ASKED QUESTIONS:

Insurance has been a primary concern specifically, the insurance controlled by the Ontario Medical Association (OMA Insurance). The OMA has made it clear in their communications that they are attempting to hold OSA members hostage with their insurance. In February, we surveyed members. 72% have OMA Insurance and 78% want to replace their OMA insurance with better quality coverage, potential cost savings and physicians want to own and control their insurance.

NO. Once RBC issues a policy under our program, your OSA insurance cannot be cancelled or changed irrespective of the status of OSA ratification. The OSA recognised that there was a strong need to have an immediate and superior insurance portfolio of key products to what the OMA offers while it launched its discussions to obtain Ontario government recognition for OSA self-determination.  Your decision to move to the OSA insurance program, assuming it meets your needs, will be seen as further evidence that you no longer wish to be represented by the OMA.  There is a deadline to the OSA insurance program that strongly suggests you should determine if it is more advantageous.  If it is, your improved insurance coverage will be in place because the OSA negotiated an independent program that is not tied to any membership but rather driven by our commitment to provide value and remove obstacles that prevent you from leaving the OMA as so many of you have made clear.

In general, the current OMA group disability plan terminates at age 70 unless you have opted for the 70+ extension. RBC coverage can be maintained to age 100. RBC offers a minimum inflation protector (not available with OMA Insurance), a recovery benefit (not available with OMA Insurance), 12-months protection in case of a reoccurring disability (not available with OMA Insurance) and a long-term care insurance conversion which provides lifetime coverage for home and facility care (OMA offers Encore 65 which provides a maximum of 3 years of home care).  In some cases, the RBC Insurance disability may be more expensive than the OMA, but RBC policy provisions and long-term care conversion option are guaranteed. See disability policy provision comparison for complete detail.

OMA Insurance offers two life insurance products; Group term to 75 and Flex term 10/20 through New York Life. Most physicians with OMA life insurance have Group term to 75 where rates increase every 5 years, policies are not convertible to permanent insurance and up to $2,000,000 is available. At age 65, the OMA Group term 75 life insurance benefit decreases by 10% per year while the rate does not change. At age 75, up to 10% of the original coverage may be paid up. The Flex term 10/20 offers a 10 or 20-year term insurance policy that is convertible to permanent insurance. There is no premium rebate on the Flex term insurance. The RBC YourTermTM 10 is an individual life insurance policy, that is convertible to permanent insurance, rates are guaranteed and in most cases rates are less than the OMA group term 75 insurance (even after OMA refund). See life insurance policy provision comparison.

The OMA Sun life plan offers coverage to age 70 whereas the RBC Insurance policy offers coverage to age 75. In most cases, there is a cost savings to age 70 with RBC Insurance. The RBC Insurance policy is convertible to long term care coverage, your policy provisions are guaranteed and you own and control your insurance. With respect to the definitions, RBC covers early assist illness including: prostate, breast, skin blood, intestinal and thyroid cancer as well as coronary angioplasty. None of these early assist illnesses are covered with an early assist benefit with Sun life OMA insurance. The payment of an early assist benefit does not reduce the critical illness benefit in the RBC policy. See critical illness policy provision comparison. 

1Are you currently actively at work and performing the material and substantial duties of your occupation (include vacation time as being active at work)?
2If you answered “no” to question 1, are you retired or on paternal or maternity leave?
3In the past 12 months, have you used cigarettes, e-cigarettes, more than one cigar per month, water pipes, betel nuts more than once a month, smoking cessation products or nicotine or tobacco in any other form?
Do you have an active and progressive sickness for which curative treatment is not possible or not appropriate and from which a medical doctor states that death is expected within 12 months?
5 – Do you currently have the total loss of: your power of speech, or your hearing in both ears, or sight in both eyes, or the use of both hands, or the use of both feet, or the use of one hand and one foot?

No. These are individual insurance policies that you own and control. Neither the insurance company (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. Unlike the OMA which ties your insurance to OMA membership fees, neither the insurance company (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. 

RBC has started underwriting policies and will be issuing insurance policies March 1, 2019.

No. No medical means no blood or urine, no doctor or nurse visit, no 36-page application, and no attending physician’s reports. There are 5 questions on the RBC Insurance application.

No. There are 5 questions on the RBC Insurance application.

Yes.

We recommend that you do not cancel or replace any insurance until your new OSA RBC Insurance policies are approved, inforce and have arrived at your home/office.

The first $50,000 of OPIP critical illness insurance is subsidized by the Ontario government through Ontario Physicians Services Inc. (OPSI). We recommend that you maintain this insurance at the OMA until the OSA group benefits plan has been put in place (anticipated summer 2019). At that time, you can replace your OPIP $50,000 critical illness insurance. The OSA has had initial discussions with the Ontario government about extending parity subsidy to OSA specialists.

No. There is no way for RBC to know if you have an exclusion or rating based on the OMA summary page. RBC is taking on that risk.   However, if there is a limited benefit period on their existing OMA policy, that will transfer to the RBC policy.

No. The RBC offer is to replace all of your insurance. In most cases, physicians have more than one policy with the OMA and there are cost savings on the package.

Yes.

We have negotiated a 25% discount on disability insurance, 25% discount on office overhead insurance, 10% discount on critical illness insurance and preferred underwriting for life insurance and long-term care insurance for OSA members.

Cardiac Surgery, Cardiology, Diagnostic Imaging, Ophthalmology (EPSO), Gastroenterology, Nephrology, Neuroradiology and Nuclear Medicine.

YES. As a medical resident/fellow, you can enroll in the RBC Medical Student Offer with no medical and a 25% discount on disability insurance and up to $100,000 of critical illness insurance. Please contact the OSA by email at info@OSAInsurance.com or call 416-222-1311.

The limited time application period reduces anti-selection risk against the insurer. RBC will accept applications up to May 17, 2019.

For the past 10 years OMA Insurance has been advertising its non for profit status and the Annual Premium refund on various insurance products.

The OMA provides an annual premium refunds on OMA Group term 75 life insurance, group disability and office overhead insurance. Rebates are paid in December of each year. There is no rebate on OMA critical illness insurance. In December 2018, OMA Insurance quietly announced the OMA Group term to 75 life insurance refund had dropped from 58% (2017) to 40% (2018) and OMA Insurance eliminated the rebate altogether on the OMA group disability insurance.

Since 2009, the annual premium refunds have been slashed by…

  1. 75% drop on Group term life 75 insurance.
  2. 87.5% drop on Group professional overhead expense insurance.
  3. Eliminated on Group disability insurance.

Analysis of OMA Annual Premium Refunds

​​Year​​ ​ ​Life
(G-3900 and G-29500)
​ ​Disability Professional Overhead
2018 ​40% ​0% ​40%
​2017 ​58% 17%​ 40%​
​2016 ​60% ​17% ​40%
​​2015 ​60% ​17%​ ​​​40%
​2014 ​56% ​34% ​​​40%
​2013 ​63% ​35% ​​40%
​2012 ​63% ​35% ​​45%
​2011 ​65% ​25% ​55%
​2010 ​65% ​45% ​65%
​2009 ​70% ​25% ​75%
% Change 75% REDUCTION Eliminated in 2018 87.5% REDUCTION

Source: OMA

When doing a comparison across insurance, we will review your policy provisions and cost differences after OMA annual premium refundby product (life, disability, critical illness and office overhead insurance). We do not recommend cancelling or replacing any insurance until your new insurance is inforce and your insurance policy has been received and paid for.

Complete the RBC Insurance application, attach a copy of your OMA Insurance summary and void cheque and email this to info@osainsurance.com or fax to 416-915-6150. If you do not have a copy of your OMA insurance summary, you can sign into your OMA account at https:www.oma.org/ and print a copy of your insurance details.

 


OMA Insurance Replacement Program

P: 416-222-1311 I 1-877-314-1311  I E: INFO@OSAINSURANCE.COM