Features
Valuplus Benefits offers you a real opportunity to control rising benefit costs. It was created to help you maintain a quality benefits program at a time when benefit reductions appear to be the norm.
Valuplus Benefits delivers large group advantages in 5 key areas:
Administration & Trend
Reduce the insurer’s administrative fees and trend assumptions, and start enjoying an immediate and sustainable reduction in benefit costs. Valuplus Benefits’ fees and trend are the “best in the industry”, delivering reduced benefit costs year-after-year. The chart below illustrates the impact of lower administration fees and trend on plan pricing.
| Company | ABC Manufacturing |
| Size | 20 employees |
| Healthcare Premiums | $22,857 |
| Healthcare Claims | $16,000 |
| Dental Premiums | $14,286 |
| Dental Claims | $10,000 |
INDUSTRY MODEL (ADMIN MODEL 26%) |
VALUPLUS BENEFITS (ADMIN FEES 20%) |
|||
| HEALTH | DENTAL | HEALTH | DENTAL | |
| Claims Loss Ratio | 70.0% | 70.0% | 70.0% | 70.0% |
| Target Loss Ratio | 74.0% | 74.0% | 80.0% | 80.0% |
| Trend Assumption | 11.5% | 7.2% | 10.0% | 5.0% |
| Experience Indicated Change | 9.7% | 1.5% | -3.75% | -8.2% |
| Renewal Premium | $26,325 | $15,066 | $21,999 | $13,125 |
| Difference in Dental increase: | 19.9% | |||
| Difference in Dental increase: | 12.9% | |||
| Annual Savings: | $6,267 | |||
Favourable trend assumptions and admin fees that are 9% lower than the standard industry model produces renewal rates that are 18.3% lower for Health and 14.7% lower for Dental.
10 YEAR COST COMPARISON
Over a 10 year period, lower administrative fees and trend factors with Valuplus Benefits will reduce your benefit costs $86,536 compared to the current arrangement.
FLEXIBILITY
Flexible benefit plans are typically the domain of large corporations. With Valuplus Benefits, you have the flexibility to develop a program to address your unique needs.
It includes options such as:
• Healthcare Spending Accounts (HCSAs)
• Employee Assistance Programs (EAPs)
• Illness Protection
• Administrative Services Only (ASO)
• Travel Accident Coverage
• Voluntary Life and Accident Insurance
• Enhanced Disability Protection
NON-MEDICAL LIMITS
For employees with sub-standard health, getting adequate life and disability insurance is a challenge. Valuplus Benefits circumvents this issue by offering non-medical insurance limits that are significantly higher than the industry average. We provide more coverage for your employees with less red tape.
CATASTROPHIC CLAIMS PROTECTION
In the small business environment, one high claim can result in a huge renewal increase. For this reason, most insurers have built in catastrophic Stop-Loss Insurance to protect your benefit plan against high, unexpected claims. Over the past 12 months, most of Canada’s largest insurers have increased their catastrophic pooling limits. This reflects the need to pass on potentially high claims, and therefore higher premiums, to the consumers. ValuPlus Benefits offers the lowest Stop-Loss limits available. This can be a huge difference for your company at renewal if an employee or dependent suffers a catastrophic illness.
SERVICE, ADVICE & COUNSEL
Valuplus Benefits was created to provide flexible solutions at competitive prices. We’ve leveraged our expertise to create a program that offers you immediate savings, sustainable pricing, and is backed by the advice & counsel of local employee benefit specialists. Valuplus Benefits enables employers to provide the kind of health care employees desire, and on a more cost-effective basis than traditional health plans.
With Valuplus Benefits, you will enjoy world-class brokerage advocacy and resources, coupled with a highly attentive, personalized service. We stand ready to work for you and with you to provide a calibre of service that is second to none.
