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The Future of Employee Group Benefits: Are You Prepared?
HOSTED BY
Introducing Your Hosts
RiseKarim Ben-Jaafar
VP of Sales@karimbenjaafar
RiseJesse McNeil
Group Benefits Advisor@jessejmcneil
o Traditional extended benefits o Not fringeo Non-provincial specific
Context to discussion
Follow along on twitter using the hashtag below
#benefitswebinar
o Plan designo Administering the plano Trendso Cost containmento The role of your advisoro Q&A
(This webinar will be recorded and sent to you following the presentation.)
Agenda
Plan Design
o Traditional plans – often inheritedo The evolution of plans
o Flex/Cafeteriao Modular Flexo HCSA & Lifestyle Spending Accounts
o Pros and cons of non-traditional plan design
What is plan design?
Who should be involved in designing your plan?
How often should you reevaluate your plan?
37% of plan sponsors expect to invest more per employee on health benefits within the next five years
Sanofi Canada Healthcare Survey 2015
Fact37%
o Well thought out plan design o Think outside the box and make it a strategic
conversationo Leverage your advisor
Plan design summary
Administering the plan
Examples
Beneficiary information
Reconciliation
Managing terminated employees
Salary updates
Examples
Communicating with retirees
Leave of absence and severance
Medical evidence requests
o Know your fiduciary responsibilitieso Reconciliation and current employee
info is criticalo Communicate wello Leverage your advisor
Administration summary
Future trends
Forecasted premium increases in 2016:
Prescription med-ication11-12%
Healthcare11-12%
Vision care11-12%
Dental care 4-6%
Dental fee guide
2%
Short term dis-ability
3%
Forecasted premium increases in 2016:
Around 60 percent of costs come from prescription medication claims
60%
Source: Sanofi Health Canada 2015
Paramedical services used in the last year
Massage ther-apy
Physiotherapy
Chiropractic
AcupunctureNaturopathy
Osteopathy
Other0% 10% 20% 30% 40% 50% 60%
Source: Sanofi Health Canada 2015
Why has this rise occurred?
• Government cutbacks• More awareness• Longer working hours• Younger population
o The cost of employee benefits is risingo Leverage your advisor
Trends summary
Cost containment
o Plan designo Budgetingo Communications o Team member education
Being proactive!
o Be strategically proactiveo Utilization reportso Educate and communicateo Leverage your advisor
Cost containment summary
The role of your advisor
Also called “brokers” or “consultants.”
Advisor and HR professional Viewpoints
Transparency
Reporting & recommendations
A trusted relationship
Let's take a quick poll.
Download our checklist to evaluate your advisor’s level of service and expertise.
o Code of ethics o Transparency, SME, education, trusted relationshipo Reporting and proactive recommendationso Checklist
Advisor’s role summary
o We are licensed brokers committed to the highest level of advisor service;
o Keep an eye out for future webinars!
Let’s meet!
[email protected]://rise.xyz/contact
TOLL FREEEMAIL
CONTACT US
Thanks and Stay in Touch!
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