Insurers are hiking pooling costs, and we don’t blame them. Don’t kid yourself: if you were about to write your name underneath a policy, I’d wager that you too would increase premiums. Our block at The Beneplan Employee Benefits Co-operative was hit hard in 2015 by several biologic drug claims. While drug companies are falling over themselves to acquire the rights of biologic drugs, plan sponsors and advisors are scrambling to react to this new normal. Keep reading →
Effective January 1, 2016, Beneplan has entered into an agreement with The Co-operators Life on The Beneplan Co-operative’s long term disability benefits. For the first time, this block will be operating on a refund accounting basis. This means that after reserves, fees, and claims are paid, any surplus money left over will be fully refunded to the policy holders, who are the member-owners of The Beneplan Co-operative.
It is a well-known fact that smaller companies pay higher fees than larger companies when purchasing group benefits for their employees. Hosted by The Beneplan Cooperative, join us to learn about strategies and techniques that larger freight forwarders and shipping lines employ to reduce their group benefits costs. Case studies will be shared of other small and medium-sized freight forwarders who were successful in reducing their premiums over the long term. Keep reading →
From the state of the economy to the introduction and rapid growth of Biologic medication products covered by insurance plans, the average employer sponsored health plan is expected to cost you 8% more in 2016. That is according to a report published by Aon Hewitt last month. The report specifically suggests that in Canada, gross and inflation adjusted cost increases are set to outpace the North American Average, but also exceed the projected inflation target of 2% by more than 5 percentage points. Keep reading →
Thinking about quitting smoking this winter? As of February 1st 2016, Green Shield Canada is happy to announce that they will be adding Smoking Cessation Programs to all GSC Benefit plans. Broadly considered to be “lifestyle” products, smoking cessation drugs have often been excluded from drug plans. Available to plan members across Canada, and residents in Alberta, Saskatchewan and Ontario under the age of 65, Green Shield offers a maximum expense for a plan member over a one year period of approximately $350 dollars. Keep reading →
At Beneplan, our favourite time of year is the spring because we have the privilege of distributing dividends to all of our member-owners.
First, the dividend amount and audit must be approved by member-owners at the Annual General Meeting. All stake-holders are invited to attend. Keep reading →
Effective January 1st 2016, Beneplan is proud to introduce a new program, designed to help individuals on expensive medications. As the number of Canadians prescribed very expensive medications continues to rise well above the rate of healthcare cost inflation, the insurance industry has done little to shield employers and their employees from these rising costs. At Beneplan we are proud to pioneer the Compassionate Drug Assistance Program in order to help plan members fill in any gaps in coverage.
You might have been reading a lot of stories about pharmaceutical companies increasing the price of brand and generic drugs tenfold. None more so perhaps than Martin Shkreli, the “Pharma Bro” and former CEO of Turing Pharmaceuticals, who raised the price of Daraprim, a drug used to treat HIV, by 5000%.
But there is more to drug pricing than Martin Shkreli. Laval Quebec based Valeant Pharmaceuticals raised the price of the diabetes pill Glumetza by 800%, after the company had acquired Salix Pharmaceuticals. While talk over Valeant’s business model and practices, and sinking stock price dominated the headlines, the bottom line cost on your drug insurance plan might have seen red ink. Keep reading →
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Forget Freedom 55. Canada’s retirement age is on the way up. On average, Canadians are working 3.5 years longer past the retirement age. Due to a whole host of factors such as lifespans and poor performance in financial markets, Canada’s retirement age is already rising. Changes were made to the Old Age Security pension during the Conservative Federal Government under Steven Harper, when it was announced during the 2012 budget that the age of eligibility for the old age security pension will be increased gradually from 65 years of age to 67 by the year 2029. Keep reading →