Download - Introduction to the Beneplan Co-operative
Employee Benefits Management | Founded 1988
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About
• Employee benefits consultants
• Facilitator of a health co-operative
• Volume purchasing of group health benefits
• Extremely competitive fees
• Refunds on unused premiums, including life insurance
• Discounts on home & auto insurance
• Paramedical & WI processing
• Plan design consultation
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Fully Insured Strengths
Self InsuredStrengths
The Beneplan Cooperative
+
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The Beneplan Cooperative
Reduced overhead costs due to volume purchasing
Risk elimination: spread among members
Guaranteed rates (eliminates volatility)
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The Beneplan Cooperative
Owners of Cooperative are employers themselves
Refunds on health, dental & vision in good years
Refunds on life insurance premiums (IBM, Gov’t)
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The Beneplan Cooperative
No liability for deficits in bad years
Employers control plan and reserves
100% transparent & accountable - audited by CA
Tax returns filed with Revenue Canada
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Beneplan Cooperative Financials
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14
2533 37 39 40 43
54
7282
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Number of Trust Members (Employers)
57% average yearly growth rate
Only 2 salespeople
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$400,000
$1,342,857
$2,285,714
$3,228,571
$4,171,429
$5,114,286
$6,057,143
$7,000,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Premiums
Claims
$62k $98k $278k $120k $356k $414k $567k $596k $460k $750k
Surplus9
$3.8 millionin refunds over 10 years
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“please find enclosed a cheque in the amount of $567,738 made payable to the Multi Employer Health & Insurance Trust...”
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Annual refund cheque from The
Co-operators back to Beneplan’s
Cooperative for 2007
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Actual client’s refund cheque for 2008
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• Financials subject to an audit
• Tax return filed with Revenue Canada
• Controlled & voted on by Trustees
• Trustees selected by our clients, and must work for the company
• Trustees sign off on everything
Full Transparency & Accountability
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Excellent Service Operations
• Best-in-class technology standards
• Quick turnaround to pay claims
• Drug cards work across Canada
• Ready access to customer service
• Client Relationship Manager visits as often as you like
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The Beneplan Cooperative Today
• Life insurance refund highly successful, despite it being domain of large employers (Ontario Government, IBM, Bell)
• Group home & auto discounts• Paramedical and Weekly Indemnity management services• Discounts with Dental Networks & Pharmacies
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Life Insurance Premium Refund Program
If the Cooperative’s total Life premiums are greater than
claims plus expenses, then the Cooperative will receive a Life
Insurance refund.
Unless you’re a Fortune 500 company, this deal does not exist - unless you are a Beneplan client.
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$0
$75,000
$150,000
$225,000
$300,000
Paramedical Claims
Adjudicated by Beneplan
Adjudicated by The Co-operators
$65,000
$260,000
$37 each
$129 each
3.5x
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Mark FaizPresident
[email protected] x224Twitter @Beneplanwww.beneplan.net500-150 Ferrand DriveToronto ON M3C 3E5
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