Beneplan Inc started in 1989 as a broker and third-party administrator of benefit plans, and evolved over time to become the manager of The Beneplan Employee Benefits Co-operative Inc., and other mutual insurance structures.
We quickly found out that the business was commoditized, with little differences from carrier to carrier. There was no solution built with the client in mind from day one. We also witnessed the demutualization wave of the 80s and 90s, when mutual insurers switched from being owned by their policyholders, to being owned by the public through share issuances. We saw that the mutual model of insurance was a good one, and set out to re-create that within the group benefits realm. Since 2000, Beneplan has paid the excess surplus profit back to clients (member-owners) in fully-insured plans.
Here are some notable innovations that Beneplan spearheaded:
Beneplan invents allocated health accounts, now called healthcare spending accounts (HCSAs), after reading the change in income tax rules posed by Revenue Canada (now the CRA).
Beneplan builds its own TPA software from the ground-up to handle billings, claims, and administration.
Beneplan completes a system upgrade to allow plan administrators to log online and process changes through the internet.
Beneplan creates a multi-employer trust, the first structure to allow small & medium companies to pool their health & dental experience and share in the surpluses normally reserved for large companies. This paved the way for employers to receive dividends when their claims and expenses are less than premiums.
Beneplan is an early adopter in working with provincial drug programs, such as the Ontario Trillium Drug Program, when patients have limitations in their benefit plans.
Beneplan pioneers automation in group benefits administration. Beneplan completes its system upgrade to upload all member data to carriers to automate and expedite administration.
Beneplan creates a fraud detection process on paramedical claim abuse, modelled after the pre-approval style of coverage seen in the United States. This allows plans to reduce waste and costs on paramedical abuse, without cutting dollars in the plan for the patients who need it the most.
Beneplan is successful in creating a new, additional dividend for clients (member-owners) based on the profit left in the group life insurance benefit.
Beneplan created Wellspiration, a wellness program available to all Beneplan members at no additional cost.
Beneplan restructures the multi-employer trust to a co-operative, owned by its policyholders.
Beneplan creates a new, additional dividend for employers who participate in the Reformulary drug plan.
Beneplan is integral in the development of the Canadian pharmacogenetic benefit industry, allowing patients to find coverage for drug-to-gene interaction tests.
Beneplan launches the Compassionate Drug Assistance Program to help solidify its services to patients in need of very expensive medications.
Beneplan creates a new, additional dividend for the excess profit left over in group long term disability benefits, after claims, reserves and expenses are accounted for.
Beneplan completes a system upgrade which allows large groups with ADP as its payroll provider to automate benefits administration between the two systems. This drastically cuts down the workload for plan administrators.
Beneplan continues to work on continuing to deliver employee benefits at the lowest cost possible, year after year, including finding new dividends and sources of profit for the policyholders of the Beneplan Co-operative. Beneplan continues to invest in technology to facilitate more automation and ease of use for its policyholders.