Benecaid Health Benefits Solutions
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Benecaid Health Benefits Solutions

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An introduction to Benecaid, the Benecaid Health Spending Account, and the flexstyle model for group health benefits plans. Canadian businesses of all sizes - from sole proprietor to large ...

An introduction to Benecaid, the Benecaid Health Spending Account, and the flexstyle model for group health benefits plans. Canadian businesses of all sizes - from sole proprietor to large corporations - can benefit from Benecaid's affordable, flexible solutions. Many companies using our flexstyle group plans even get money back at the end of the year - when was the last time your insurance provider gave you a refund?

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Benecaid Health Benefits Solutions Benecaid Health Benefits Solutions Presentation Transcript

  • Benecaid Health Benefits Opening the Door to New Opportunities September 30 , 2010
  • Who is Benecaid?
    • Delivering Health Benefits plans for Canadian companies for more than 10 years
    • More than 50,000 Canadians and 5,000 companies rely on Benecaid to administer their health benefits plans
    • Over 300,000 claims processed annually (in adherence to CRA guidelines)
    • Experienced group of trustees
    • Serving a range of companies including:
    • Sole proprietors
    • SMBs
    • Large enterprises
    • Franchises
    • Associations
    • Practitioners
  • Benefits of Partnering with Benecaid
  • Benecaid’s Product Offerings Benecaid Health Spending Account ®
  • Benecaid’s HSA and hsa complete Benecaid Health Spending Account ®
    • Use pre-tax dollars to fund healthcare costs
    • Funds can be used to pay for services by licensed medical practitioners
    • Start as low as $50/month
    • Funds can carry over year to year
    • Drug and Catastrophic Health insurance
    • Purchased using pre-tax HSA dollars
    • Up to $100,000 in drug coverage per family
  • Benecaid Health Spending Account ® How it Works Employer/Business Owner Benecaid Health Spending Account ® Employee #3 Employee #2 Employee #1 Health and dental treatments performed, prescribed and/or dispensed by a licensed medical practitioner or pharmacist
    • 100% tax deduction for the company
    • Employer determines contribution amount
    • Employees use funds in HSA to pay for services
    Eligible expenses include, but are not limited to: Deposits pre-tax dollars Use pre-tax dollars Use pre-tax dollars Use pre-tax dollars
  • Which HSA is right for your customer? Health & Welfare Trust (HWT) Private Health Services Plan (PHSP) Incorporated Business Non-incorporated Business (No employees)
    • Features:
    • No annual contribution maximums
    • Allows carry-forward of funds
    • Features:
    • Maximum annual contributions
      • Owner: $1500
      • Spouse: $1500
      • Dependent >18: $1500
      • Dependent <18: $750
    • Contributions pro-rated by calendar year
    • Unspent funds forfeited after 2 years (CRA rule)
    Non-incorporated Business (With Employees) Owner Employees
  • HSA Case Study Typical Services Costs in 2010 Chiropractor $350 Massage $200 Dental $250 Laser Eye Surgery $4,200 TOTAL: $5,000 Without an HSA Gross income required: $9,000 (assumes $4,000 in source deductions) With a Benecaid Health Spending Account Gross income required: $5,600 (cost of services plus admin fees & taxes) SAVINGS TO HSA Holder: $3,400 Save on healthcare services
  • Advantages of a Benecaid HSA
    • HSA can be used to fund healthcare for dependents including:
      • Spouses
      • Children
      • Elderly parents
      • Family member who is financially dependent on the account holder
    • Benecaid offers simple electronic enrollment
    • HSA Online portal gives customers up-to-the-minute information on their account and claims history
    • HSA can be easily combined with FlexStyle or traditional health benefits
    • Funds can carry over year-to-year
    • Strict governance – majority independent BoD, independent trustees oversee the HWT
    Benecaid’s Differentiators
  • hsa complete™ Insurance coverage for the unexpected and catastrophic
    • Use pre-tax dollars from your HSA to pay for coverage
    • Rates as low as $50/month
    • Low deductibles can be paid for through your HSA
    • A Benecaid Health Spending Account ® plus hsa complete™ offers complete peace of mind.
    Coverage Benecaid hsa complete ™ Monthly premium (per family of 4) $75/month** Medical questionnaire Required Age requirement <60 Prescription drugs $25,000 pp/year $500 deductible per family Semi-private hospital No per day maximum Accidental dental $5,000 pp/year Private duty nurse $10,000 pp/year Out-of-country coverage $5 million (trips up to 30 days) Single: $4.06/month Family: $8.11/month Paramedical Can be paid for using HSA Vision Can be paid for using HSA Hearing aids Can be paid for using HSA Dental Can be paid for using HSA 80% less than Competitors’ plans 2 ½ times more prescription drugs Choice & Flexibility
  • Benecaid’s Product Offerings Benecaid Health Spending Account ®
    • Use pre-tax dollars to fund healthcare costs
    • Funds can be used to pay for services by licensed medical practitioners
    • Start as low as $50/month
    • Funds can carry over year to year
    • Drug and Catastrophic Health insurance
    • Purchased using pre-tax HSA dollars
    • Up to $100,000 in drug coverage per family
    • Cost-effective group health benefits for 5+ employee companies
    • Finances the expected, insures the unexpected
    • Low stop loss levels reduces financial risk and enables cost containment
  • Benecaid Company/Plan Sponsor Insurance Company PROFITS EHC Dental Pays premiums* Pays claims using premiums Unclaimed premiums Company/Plan Sponsor Funds held in reserve EHC Dental Pays deposits Pays claims using deposits Unused deposits *includes estimated claims + administration fees + reserve funds + adjustments for trends & inflation + profit Traditional Insurance Plans Unused funds are reimbursed to the customer $$
  • Stop-Loss Explained
  • How does FlexStyle work? Claims paid using deposits : $4700 Remaining funds from deposits are held in reserve Total Claims: $8950 Claims paid through insured portion : $4250 Plan Members John Bob & spouse Jill & family Joan Igor Blake $1000 $2000 $3000 DEDUCTIBLE $2500 $3200 $1550 $800 $400 $500 Amounts above the deductible are covered through insured portion of plan Amounts below the deductible are covered by deposits Unspent deposits are returned to the customer
  • Benecaid flex style case study Month Beg of Month Monthly Payments Withdrawal Insurance Recovery EHC Claims Dental Claims Stop Loss Admin Fees Pooled Benefits Taxes Drug Card Fee Reserve Month End   Travel July 3,001.62 -   - 207.37 135.20 351.88 69.45 - 41.20 60.00 2,136.52 August 2,136.52 1,498.58 - - 402.13 187.20 351.88 94.12 - 68.35   2,531.43 September 2,531.43 1,498.58   - 390.00 269.70 351.88 101.16 - 76.09   2,841.18 October 2,841.18 1,498.58   - 340.28 135.20 351.88 82.74 - 55.82   3,373.85 November 3,373.85 1,498.58   - 726.78 570.24 351.88 164.89 - 146.19   2,912.45 December 2,912.45 1,498.58   - 197.02 94.98 351.88 64.39 - 35.64   3,667.12 January 3,667.12 1,498.58 - - - 407.20 351.88 75.91 - 48.31   4,282.40 February 4,282.40 1,498.58 - - 785.81 - 351.88 113.77 - 89.96   4,439.56 March 4,439.56 1,498.58 - 368.59 590.00 435.87 351.88 137.78 - 116.36   4,674.84 April 4,674.84 1,498.58 - 619.35 561.32 - 351.88 91.32 - 65.26   5,722.99 May 5,722.99 1,498.58 - 15.40 15.40 312.69 351.88 68.00 - 39.61   6,449.39 June 6,449.39 1,498.58 -   273.00 117.85 315.34 70.62 - 46.65   7,124.52                           Totals 14,985.80 - 1,003.34 4,489.11 2,666.13 4,186.02 1,063.51 - 782.79 60.00                             Claims Reserve Balance 7,124.52                             EHC claims - net of Insurance recovery 3,485.77 Dental Claims 2,666.13 Stop Loss 4,186.02 Pooled Benefits - Adm+Taxes 1,846.30 Total Expenses 12,184.22 Average Monthly Expenses (Based on 12 months) 1,015.35
  • flex style case study Employee claims activity ID Drug Paramedical Hospital Vision Orthopedic Footwear EHC Other Total EHC Total Dental Total Claims Deductible Insurance Recovery 1 2,288.34 715.00 0.00 0.00 0.00 0.00 3,003.34 293.26 3,296.60 2,000.00 1,003.34 2 0.00 273.00 0.00 200.00 0.00 400.00 873.00 603.48 1,476.48 2,000.00 0.00 3 131.97 0.00 0.00 330.80 0.00 0.00 462.77 736.00 1,198.77 2,000.00 0.00 4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 435.87 435.87 2,000.00 0.00 5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 344.47 344.47 2,000.00 0.00 6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 253.05 253.05 2,000.00 0.00 7 0.00 150.00 0.00 0.00 0.00 0.00 150.00 0.00 150.00 2,000.00 0.00 2,420.31 1,138.00 0.00 530.80 0.00 400.00 4,489.11 2,666.13 7,155.24 1,003.34
  • flex style case study - Results Benecaid flex style vs previous provider EHC Dental Total # of EE Single $ 83.38 $ 27.06 $ 110.44 3 331.32 Family $ 211.79 $ 75.14 $ 286.93 3 860.79 Monthly Total 1,192.11 With 8% PST 1,287.48 2 12 Months 15,449.75 Total Expenses To Date With Benecaid 12,184.22 Cost using Traditional Insurance (From Above) 15,449.75 Savings With Benecaid       3,265.53 21%
  • Why Benecaid?