Last week you received a package on the OSA’s OMA Insurance Replacement Program. The 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. Below are some details on the 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 Insurance. RBC Insurance will replace your (and your spouse/partner’s) OMA Insurance with identical insurance amounts and options where applicable.
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.
The insurer is RBC Life Insurance Company.
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 individually owned and controlled by you.
Guaranteed policy provisions.
Offer expires Friday May 17, 2019.
Below are the most common questions we received last week…
Why did the OSA launch this program now?
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.
Is my insurance tied to the OSA ratifying separate representation and de‐Randing?
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.
When will I get my new insurance policy?
RBC has started underwriting policies and will be issuing insurance policies March 1, 2019.
Is my insurance guaranteed?
YES. Rates and policy provisions are fully guaranteed. Unlike the OMA Insurance, neither the insurance company (RBC Insurance) nor the Association (the OSA) can cancel or change your insurance. The offer to move coverage to RBC is available until May 17, 2019.
Will the OSA have a health and dental plan?
Yes. We plan on launching this in the late spring 2019 along with travel, office contents and cyber insurance.
The OSA insurance representative, Levine Financial Group will contact you to answer questions and help OSA members replace their OMA Insurance. Complete details are on the OSA Insurance website www.OSAInsurance.com. Should you wish to apply, please complete the RBC Insurance application, scan and email these to firstname.lastname@example.org. Should you have any questions, call the OSA Insurance representatives at 416‐222‐1311, 1‐877‐314‐1311 or email at email@example.com.
OSA Board of Directors
Dr. David Jacobs, Dr. Joseph Noora, Dr. James Swan, Dr. Mark Prieditis, Dr. Baseer Khan, Dr. Michael Gould, Dr. Jordan Weinstein, Dr. Aditya Bharatha, Dr. Chritopher O’Brien