Immix Group - Latest from the Blog
Employee benefits renewal is simpler than you think
– here’s the key
You may be an accountant, or work in human resources. Or perhaps you are a cost controller, chief financial officer or small-business owner. In any of these roles, you face the same daunting challenge every year: At employee-benefits-renewal time, how best to deal with rate adjustments while keeping costs under control?
Renewal reports can be mind-bogglingly complicated. They don’t have to be. Yes, you have a great deal of data to consider in understanding your group’s claim usage. But there’s a key factor that defines your renewal adjustment.
This factor has to do with:
1.) target loss ratio, or TLR, and
2.) two formulas that will help you understand where your renewal should stand.
TLR, sometimes also called a break-even ratio, is a percentage that indicates the expense level of the insurance carrier. This expense level directly affects how much your group can claim before the insurance carrier loses money.Read More
How it works with Howard:
Am I already covered for travel insurance if I have employee benefits?
99% of the time the answer is YES, you are covered for travel MEDICAL insurance.
Most, if not all, group employee benefit plans have some kind of out of country coverage for unexpected medical emergencies. For example, if you slip and break your leg in Mexico, get food poisoning in Asia, or simply visit a local clinic for a fever, all such instances would be covered.
However, things like trip cancellation or lost luggage insurance are NOT covered under the majority of plans.
For young businesses and start-ups:
The best – and most revolutionary – health/wellness benefits platform
An efficient, innovative employee digital, cloud-based benefits platform may be just what you’re looking for. This new benefits platform solves the top three common complaints:
- - plan administrator’s management burden
- - annual cost increases
- - declined claims, non-coverage and tedious process.
The platform eliminates all of the above — and is designed for you, the tech-savvy millennial workforce.
How is this different from a typical benefits plan?
With traditional benefits plans, administration is archaic. There are a lot of logistics involved for enrollment, changes to the plan and claims coordination. And, there’s no easy access to wellness programs. Whether you are the controller, business owner or HR manager, you don’t want to be burdened with such time-consuming tasks.
BC’s Medical Services Plan:
What is MSP – and what does it have to do with your benefits plan?
The three certainties that come along with living in British Columbia: death, taxes – and Medical Services Plan (MSP) premium increases.
Prior to joining Immix and entering the world of employee benefits, I shared the common misconception that the employer always pays MSP. I had worked for large companies and with the BC government in a union environment; in both job settings, my employer paid my MSP premiums as a part of the benefits package.
When I received my first MSP invoice with months of back charges, I had a rude awakening!
At Immix, our role goes far beyond the pricing of your program.
From time to time, we are approached by businesses that do not have an employee benefits program in place. Or, they have a plan, but they do not have an active relationship with their benefits broker. Surprisingly to us, they sometimes don’t know their broker at all!
At Immix, our relationship with our clients is very different. Unlike many brokers, our role as your benefits broker goes far beyond pricing. We like to say that we consider ourselves an extension of your HR Department- and your partner- in managing your benefits program.
In this article, I will give some insight into how Immix adds significant value for our clients with the support we provide.
Health benefits fraud: How it happens – and how your business can avoid it
You provide health benefits to attract, reward and retain good employees. And it works. The majority of your employees recognize and appreciate the health, dental and other benefits they enjoy at your company. They live up to your expectations. They work hard.
But even at the best companies, health benefits are fertile grounds for fraudsters. Yes, you have wonderful employees overall. However, health benefits fraud could be happening at your business. According to the Canadian Health Care Anti-Fraud Association, fraudulent claims cost the industry anywhere from $1.2 to $6 billion every year.
Conversion Plans- Individual Health Care & Dental Plans
Help ensure individuals do not lose coverage between jobs and in retirement
When changing employers, leaving a company, or retiring from the workforce, considering healthcare and dental costs and options can be stressful for many people.
A gap in health and dental coverage can mean significant out-of-pocket expenses for some families. Unfortunately, many individuals do not qualify for coverage due to health issues. The solution to this concern is a ‘conversion plan,’ which offers uninterrupted coverage without medical approval.When a member applies for individual Extended Health and/or Dental coverage within 60 days of losing coverage under an employer-sponsored plan...
Generic Drugs: Fact vs. Fiction
Discussions surrounding prescription drugs tend to take up a large part of any employee benefits renewal meeting. On average, for a typical Canadian small business, prescription drug claims make up 50-70% of the extended health care claims in any given renewal year.
Over the past few years, we have been especially focused on discussing the changing role of generic drugs and building greater awareness. Effective April 1, 2014, the price of generic drugs in BC was reduced to 20% of the brand name price for the equivalent drug. The reduction in the price of generic drugs was part of a five-year agreement that began in 2010; prior to the agreement in 2010, generics were 60-70% of the brand name price. This gradual reduction offers a significant cost savings to British Columbians and employer sponsored health plans.
Did you know that most benefits plans include emergency travel insurance?
Most clients and their employees either don’t know of this hidden benefit, or they’ve forgotten it. And, if they do happen to remember it, they probably don’t realize just how extensive their emergency coverage is for travel outside the province or country.
In fact, this extended health care benefit usually provides 100-percent coverage for all emergency expenses incurred while travelling. These expenses aren’t just direct medical treatment and hospital expenses. They’re also the costs of such things as prescription drugs, translation services, transportation home or to a different medical facility, return of lost luggage and passports, repatriation, return of vehicle and even...
Imagine for a moment that one of your employees got into a serious crash while commuting home. The employee is going to recover – but it will take months of intense therapy before he can return to work. By that time his Employment Insurance will have run out. So will his savings. He and his young family will face a tough time making ends meet. The accident was not work-related, so WorkSafe BC won’t pay anything.
You’d like to help. But, frankly, your company just can’t afford to pay someone who isn’t working.Fortunately, your company has a benefits program that includes long-term disability coverage –