beneplan : the future of canadian benefits 2017
TRANSCRIPT
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— Beneplan
The Future of Employee Benefits: 2017 and Beyond
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Introduction
Vince Principato LLQP
President, Beneplan
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AGENDA• About Beneplan
• Trends: Benefits in 2025
• Artificial Intelligence, Chatbots & Snapchat
• Marijuana
• Genetics
• Biologic Drugs
• Reducing Premiums
• Total Rewards
• Brokers
Who are we?
Controllers and
Presidents
HR Directors
Board of Directors &
Audit Committee
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• Formed in 2000 based on customer demand
• Members-owners are Canadian SMEs w/ 20-1000 employees
• Annual growth rate 35%
• The only benefits co-operative in Canada of its kind
The Beneplan Co-operative
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• On average, 8% of premiums are refunded as patronage dividends
• 80% of members receive dividends
• Other 20% of members have deficits (claims > premiums) absorbed by co-op
• Millions in distributions since 2000 as of 2015
• Source of dividends: premiums on health, dental, life ins, LTD, RST recovery, drug rebates from pharma
Patronage Dividends
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• 100% Transparency
• Full accountability
• Decision making focused on members first
• Helping small business owners
• Low premiums enabled by mutual ownership
Our Co-operative Values
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Refund Accounting: Life Insurance Long Term Disability Retail Sales Tax
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“As an auto supplier, business is tough. The $30,000 dividend we received during the recession helped us through payroll.”
Clover Tool Manufacturing
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Benefits Trends 2017 to 2025
Yafa Sakkejha General Manager Beneplan
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AVERAGE HEALTH PREMIUMS
• Average health premium in 1996 was $80
• Average health premium in 2006 was $150
• Average health premium 2016 is $200
• In 2026, the average premium will be $325
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2025
• Median age worker will be born in 1984
• Children born in the year 2005 will start to be enrolled as employees
• People will commute in driverless cars
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AI
• Artificial intelligence
• Chatbots to ask questions
• Snapchat to submit claims
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WECHAT MAY BE YOUR INSURER
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42%
37%
21% Yes
No
It Depends
Survey of HR Professionals Sept 2016: Should medical marijuana be covered
under a group benefits plan? [Beneplan]
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HR POLL, SEPT 2016
• "It's too easily diagnosed and abused."
• "If it is essential to help minimize pain and suffering then yes."
• "We have too many employees who operate heavy equipment."
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AF1QipM6U72RE1vJ6bQFYX1WdTXzbWF9klXdct30o_s-
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HOW CAN YOU ENSURE IT’S NOT ABUSED?
• Liken it to a cigarette or alcohol policy.
• Do you allow people to smoke cigarettes or drink alcohol at work recreationally? No.
• What if someone has a smoke or drink at 8am, and comes to work at 9am?
• Therefore, it may not change this aspect.
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DISCRIMINATION?
• Can it be deemed discriminatory if an employee requests coverage for a medicine, and that medicine is not covered?
• “But Fentanyl patches are covered - why isn’t medical marijuana?”
• It can be deemed discriminatory to exclude a class of medications on the basis of employer choice (Ex Remicade)
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HR IMPLICATIONS
• Employees must be lucid at work
• Employees in safety-sensitive positions must be careful
• Are any employees currently taking it before or after work?
• Are they significantly impaired?
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DRUG TESTING AT WORK
When is it OK? When is it not OK?
Post-incident or near-miss with evidence of impairment Pre-employment screening
Return to work testing after a rehab stint, part of a condition of return Random testing for no reason
Evidence your workplace has had a substance abuse problem
No evidence workplace has a substance abuse problem
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HOW TO ADJUDICATE?
• Medical evidence given to an independent third party
• Check out the doctor’s history
• Where was it purchased?
• Is there a history for that prescribed condition?
• Is the dose reasonable?
• In what form is it taken?
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Pharmacogenetics in HR
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MUTUALIZATION & REDUCING PREMIUMS
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2015, 2016: Increase in employee benefits captives in Canada and US
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Mennonites: The original mutual insurance company.
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Prescription Drugs & Biologic Trends
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Trend: More Plan Sponsors Negotiating Drug Rebates from
Manufacturers (ex: Reformulary)
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BROKERS WILL BE MADE MORE RELEVANT, AND MORE
KNOWLEDGEABLE
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Thank You
Yafa Sakkejha General Manager [email protected]
The Beneplan Co-operative 150 Ferrand Drive Suite 500
Toronto Ontario M3C 3E5 1.800.387.1670
beneplan.ca
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