webinar: the future of group benefits: are you prepared?
TRANSCRIPT
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The Future of Employee Group Benefits: Are You Prepared?
HOSTED BY
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Introducing Your Hosts
RiseKarim Ben-Jaafar
VP of Sales@karimbenjaafar
RiseJesse McNeil
Group Benefits Advisor@jessejmcneil
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o Traditional extended benefits o Not fringeo Non-provincial specific
Context to discussion
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Follow along on twitter using the hashtag below
#benefitswebinar
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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
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Plan Design
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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?
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Who should be involved in designing your plan?
How often should you reevaluate your plan?
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37% of plan sponsors expect to invest more per employee on health benefits within the next five years
Sanofi Canada Healthcare Survey 2015
Fact37%
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o Well thought out plan design o Think outside the box and make it a strategic
conversationo Leverage your advisor
Plan design summary
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Administering the plan
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Examples
Beneficiary information
Reconciliation
Managing terminated employees
Salary updates
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Examples
Communicating with retirees
Leave of absence and severance
Medical evidence requests
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o Know your fiduciary responsibilitieso Reconciliation and current employee
info is criticalo Communicate wello Leverage your advisor
Administration summary
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Future trends
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Forecasted premium increases in 2016:
Prescription med-ication11-12%
Healthcare11-12%
Vision care11-12%
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Dental care 4-6%
Dental fee guide
2%
Short term dis-ability
3%
Forecasted premium increases in 2016:
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Around 60 percent of costs come from prescription medication claims
60%
Source: Sanofi Health Canada 2015
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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
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Why has this rise occurred?
• Government cutbacks• More awareness• Longer working hours• Younger population
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o The cost of employee benefits is risingo Leverage your advisor
Trends summary
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Cost containment
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o Plan designo Budgetingo Communications o Team member education
Being proactive!
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o Be strategically proactiveo Utilization reportso Educate and communicateo Leverage your advisor
Cost containment summary
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The role of your advisor
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Also called “brokers” or “consultants.”
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Advisor and HR professional Viewpoints
Transparency
Reporting & recommendations
A trusted relationship
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Let's take a quick poll.
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Download our checklist to evaluate your advisor’s level of service and expertise.
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o Code of ethics o Transparency, SME, education, trusted relationshipo Reporting and proactive recommendationso Checklist
Advisor’s role summary
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o We are licensed brokers committed to the highest level of advisor service;
o Keep an eye out for future webinars!
Let’s meet!
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