/ Group Benefits Presented to CWCF Manon Monette Ted Broome

/ Agenda  Nurturing and promoting co-operation  What are Group Benefits  Advantages of offering them to my employees  Plan design options  Factors that influence pricing  Salary Increase vs A Benefit Plan  Technology  Next Steps / Obtaining a Quote

/ Nurturing and promoting co-operation Nationally and internationally:  Active participation in co-operative associations (local, provincial, national and international)  Co-op youth camps nationally  Support for studies in co-ops (funds and students)  …

/ Nurturing and promoting co-operation (continued) Nationally and internationally:  Contributions made through The Co-operators Foundation  Member Loyalty Program  Co-operative advocacy  Insurance Programs that support the co-operative advantage

It’s all about mutual benefit: » Right coverage » Fair price & value » Co-operative difference

/ What is Group Insurance ?  Most Canadian residents have access to universal Health Care plans: physician visits surgery (when medically necessary) hospital room (ward accommodation) dental procedures performed in hospitals  Group Insurance Plans supplement provincial plans

/ What is Group Insurance ? Private Group Insurance plans typically include the following:  Basic Life Insurance and AD&D  Dependent Life Insurance  Disability (short term and long term)  Extended Health Care (drugs, paramedical, equipment, hospital, vision, ambulance, travel)  Dental (in Dentist’s office)

/ What is Group Insurance ? Private Group Insurance plans offer the following additional benefits:  Employee Assistance Programs (Counseling)  Second Opinion Consult  Critical Illness

/ Advantages to You - Employer  Attracts & Retains Key Employees  Non-taxable Benefit to Employees  Your Contributions are Tax Deductible  Improved Morale = Increased Productivity  Competitive Advantage

/ A Typical Plan Benefit Package Life Insurance AD&DDisabilityHealthDental Dependent Life

/ Life Insurance  In the event of an employee’s death, the beneficiary will receive a lump sum.  Benefit can be a flat amount $25,000 $50,000 $100,000  Benefit can be based on earnings 100% of salary 150% of salary 200% of salary

/ Dependent Life Insurance  In the event of a death of an employee’s dependent, the employee will receive the lump sum.  Benefit options are: $5,000 spouse / $2,500 children $10,000 spouse / $5,000 children $20,000 spouse / $10,000 children

/ Accidental Death & Dismemberment (AD&D)  In the event that the employees dies from an accident, a lump sum payment equal to the life insurance is paid to the beneficiary.  Loss of Use – if the employee should survive an accident but lose the use of a limb, vision, hearing, become paraplegic, then a lump sum benefit is paid based on a schedule. (i.e loss of use of one eye = 67% of the life insurance benefit, loss of use of one arm = 75%)

/ Disability  Designed to insure an employee’s earnings in the event of an accident or illness  Can be offered for both short term (6 months) or Long Term (to age 65)  Plans usually insure 55% to 75% of an employee’s earnings  Benefit can be taxable or non-taxable  Short term disability is paid weekly  Long Term Disability is paid monthly Benefit is taxable unless Employee pays 100% of the disability premium

/ Extended Health Care “Extended” means over-and-above-provincial plan benefits

/ Extended Health Care – Plan Options  Deductibles - $25 single/$50 family, $50/$100, $100 / $200  Coinsurance – 50% - 100% (% of what the plan will pay)  Maximums Drugs – annual maximum of $1,500, $3,000, or unlimited Vision - $200, $250, $300 / 24 months Paramedical - $300 - $500 per practitioner, per visit max, combined maximum  Vision – optional benefit

/ Dental

/  Basic Services Cleanings, fillings, extractions, x-rays, periodontal, endodontic  Major Services (minimum of 5 employees) Crowns, bridges, posts, dentures  Orthodontic (minimum of 7 employees) Braces, adjustments, repairs

/ Dental – Plan Options  Deductibles – Nil, $25 single/$50 family, $50/ $100  Coinsurance – 50% - 100%  Maximums - $750 to unlimited  Recall Exams – 6, 9, or 12 months

/ Factors that Influence Rating  Demographics Age, gender, occupations, earnings, number of employees  Industry White collar, grey collar, blue collar  Plan design Deductible, coinsurance, maximums, benefits selected

/ Salary Increase vs Health Benefits Impact to Employer Salary IncreaseBenefit Plan Adjustment$2,000 EI$48N/A CPP$100N/A WSIB$45N/A Sales Tax (8% Ont)N/A$160 Total$2,193$2,160 Difference-$33

/ Salary Increase vs Health Benefits Impact to Employee Salary IncreaseBenefit Plan Adjustment$2,000 EI($35)N/A CPP($100)N/A Income Tax($514)N/A Take-home$1,351$2,000 Difference+$649

/ Salary Increase vs Health Benefits

/ Technology  Benefits Now for Plan Sponsors (Employer)  Benefits Now for Plan Members (Employee)  Mobile App (Claims Submission)

/ Benefits Now – Plan Sponsor  Add/delete employees (real time)  Access billing statements  View coverage information / booklet  Access reports  Request replacement cards  Ask questions

/ Benefits Now – Plan Member  Submit claims online – quick and easy – no receipts  Access information about coverage / booklet  View claims history and eligibility  Sign up for direct deposit for claims payments  Print temporary drug cards, out of country emergency assistance cards and claim forms  Update personal information (not including salaries)

/ Mobile App  Convenient and user-friendly app to submit claims. Snap photo of receipt and submit for processing.  Navigate through policy information  View personal profile and coverage summary  Track pending and processed claims  Manage list of registered providers

/ How to get access to Co-op Guard and Group Benefits?  For every need you have: contact your local Co-operators’ Advisor  If you don’t know who your local Advisor is, please contact:  or 