Beneva Employee Benefits is one of Canada’s top employee benefits providers. Formed in 2020 through a merger of SSQ Insurance and La Capitale, Beneva leverages the strengths of both companies to offer a wide range of benefits with a focus on prevention and overall well-being.
This review will examine Beneva’s offerings, strengths as a provider, costs, customer service, and more to help determine if they are the right fit for your organization.
About Beneva Employee Benefits
Beneva is a Canadian insurance mutual that emerged from the merger of SSQ Insurance and La Capitale. Originally founded in Quebec, SSQ Insurance was established in 1944 and later combined with La Capitale in a merger announced in 2020. The new entity, Beneva, officially began operating as a unified organization in early 2023.
In the context of employee benefits, Beneva is one of several insurance providers that offer group insurance solutions to employers across Canada. It is particularly well known in Quebec due to its historical presence in the province and its mutualist structure.
By combining forces, Beneva became one of Canada’s largest group insurance providers, serving over 3.5 million members and customers nationwide. The merger’s goal was to create enhanced products and services while upholding the mutualist values of both founding companies.
Beneva has received a financial strength rating of A (Excellent) from AM Best, which reflects the organization’s overall financial position as an insurance provider. However, financial ratings should be considered alongside other factors when employers evaluate employee benefits providers.
Beneva Employee Benefits Offerings
Beneva Employee Benefits offers various options to craft tailored plans based on an organization’s needs.
Beneva Health Insurance Plans
Beneva’s core health insurance plans are designed to bridge the gap left by provincial coverage. Standard inclusions are:
- Prescription Drugs: Flexible formularies to manage costs.
- Paramedical Services: Coverage for specialists such as physiotherapists, chiropractors, and massage therapists.
- Medical Supplies: Coverage for necessary equipment and prosthetics.
- Travel Health: Out-of-country emergency medical coverage for employees travelling for business or pleasure.
Beneva Dental Insurance Plans
Dental benefits offered through group insurance plans commonly cover preventive care, basic restorative services, and, in some cases, major or orthodontic treatments. The extent of dental coverage depends on the plan design chosen by the employer.
If you use the federal CDCP instead of a private plan, some treatments require prior approval. You should check which services need it and how to submit for CDCP preauthorization.
Beneva Disability Insurance
Beneva Employee Benefits offers both short-term disability plans and long-term disability plans to replace income in the event a member cannot work due to illness or injury.
These plans help protect members against loss of income when they cannot work.
Beneva Life Insurance
Life insurance through Beneva provides a lump-sum payment to beneficiaries upon a member’s death. Both term life and permanent life options are available.
Term life provides affordable coverage for a set period, such as 10 or 20 years. Permanent life insurance continues until death and builds cash value that can be accessed.
Beneva Vision Insurance
Vision insurance through Beneva covers eye exams and hardware like glasses or contacts. The extent of coverage is defined in the employer’s plan.
Beneva Health Spending Accounts
Beneva describes a health spending account as a sum of money the plan sponsor makes available to reimburse medical or dental expenses not covered by the group plan or a public plan.
Tax treatment depends on whether the arrangement qualifies as a PHSP under CRA rules (a qualifying PHSP is generally non-taxable to employees). Confirm your plan design and CRA criteria before calling any spending account “tax-free.”
Additional Specialized Offerings
Some other products Beneva offers include:
- Employee assistance programs: Confidential counselling and mental health support services
- Critical illness insurance: provides a lump sum payment if an employee is diagnosed with a covered condition; tax treatment depends on the plan structure and CRA guidelines
- Travel insurance: for trips outside the province of residence
- Retiree solutions: for continuing coverage after leaving a group plan
This wide range of options allows Beneva to craft tailored plans meeting an organization’s specific benefits needs.
Working with Beneva Employee Benefits
Beneva focuses on providing an excellent customer experience through strong relationships, simplicity, and helpful tools.
Getting Started
Getting set up with Beneva Employee Benefits begins with contacting them to initiate a needs assessment. This review helps determine what benefits are most important for an organization to provide to members.
Beneva’s insurance experts then collaborate to pick suitable plans and develop a customized offering. They aim to make things simple and convenient for the client throughout the assessment process.
Choosing a Plan
When it comes time to select plans, Beneva advisors help explain all the options. They can provide quotes for different coverage amounts and combinations so organizations can choose what works best based on their budget and priorities.
For healthcare specifically, Beneva offers different plan tiers, allowing employers to select the level of coverage that best suits their workforce. Coverage may include prescription drug benefits and travel insurance, depending on the plan chosen. Some options are optional and subject to the employer’s selection.
Enrollment and Eligibility
Beneva’s enrollment process aims to be fast and straightforward. In most cases, coverage takes effect after employees complete one month of continuous service. Beneva has resources to help organizations communicate details of the new benefits package to members.
Throughout the year, they support benefit changes when an employee’s family status changes, such as getting married or having a child.
Customer Support
In addition to digital capabilities, Beneba offers multichannel support so members can conveniently get their questions addressed. Phone and email inquiries have bilingual service available, and online chat provides quick assistance.
Tools and Resources for Members
Beneva Employee Benefits provides resources like webinars, guides, and workshops covering wellness topics, changing life stages, and ways to get the most out of benefits plans.
Beneva Employee Benefits Costs and Pricing
The overall cost of partnering with Beneva depends on the specifics of a group plan, including factors like:
- Number of Members
- Demographics like age and gender split
- Industry and risk profile
- Prior claims history
- Benefits selected and coverage amounts
A critical factor in Beneva’s pricing is that premiums are set according to an expected target loss ratio. This considers projected claims, operating costs, reserves, and profit margin.
The target ratios mean premium increases reflect underlying cost drivers. By communicating this upfront, Beneva seeks to avoid unexpected renewal increases.
Beneva’s pricing structure and premiums tend to be competitive compared to competitors. The merged entity’s larger size provides some economies of scale. Their focus on claims management also allows for robust plans at reasonable rates.
Why Choose Beneva Employee Benefits?
There are many compelling reasons for Canadian organizations to consider Beneva Employee Benefits as their benefits provider instead of other competitors such as UV Insurance, Wawanesa Insurance or RBC Insurance.
Focus on Prevention and Whole Health
Beneva Employee Benefits seeks to play a broader role than simply processing claims. From their HealthWise program to innovative partnerships, Beneva provides resources focused on prevention, mental health, and overall well-being.
This people-first approach is about optimizing health, not just reimbursing expenses. Beneva’s purpose extends beyond the transactional.
Strong Relationships and Partnerships
One thing that sets Beneva apart is its emphasis on building connections and community, both internally and externally. It forges collaborative partnerships with plan sponsors, members, advisors, and health partners.
Beneva leverages insights across these relationships to provide better guidance and resources that improve people’s lives.
Excellent Customer Experience
Many reviews highlight Beneva’s stellar customer service. Response times are prompt, advisors are knowledgeable, and members feel well cared for. Beneva leverages digital capabilities while still maintaining a human touch.
Innovative Programs and Solutions
Beneva stays ahead by actively developing innovative solutions addressing emerging health issues. For example, they offer pharmacogenetic testing to help identify the most effective medications based on a member’s DNA.
They also invest in research chairs studying promising interventions. This innovative mindset benefits clients.
Values and Social Commitment
As a mutualist insurer, Beneva is committed to positively impacting society. It contributes financially to charitable organizations and emphasizes diversity and inclusion in its workforce.
These values resonate with many Canadian organizations looking for an insurance partner that shares their priorities. Beneva seeks to add value beyond just offering competitive rates.
The bottom line
As healthcare costs and financial stress continue to rise, employee benefits remain essential for recruiting talent and supporting well-being. With expertise from two established companies, Beneva Employee Benefits stands ready to provide tailored solutions that optimize outcomes for your organization and members. Their consultative approach aims to make benefits simple, accessible, and effective.
Finding the right employee benefits provider is an important decision for any business in Canada. Some of the leading employee benefits providers in Canada include:
- Assumption Life Employee Benefits in Canada
- Medavie Blue Cross Employee Benefits
- Pacific Blue Cross Employee Benefits
- Equitable Life of Canada Employee Benefits
- Saskatchewan Blue Cross Employee Benefits
- Sun Life Employee Benefits
Beneva Employee Benefits FAQs
Considering Beneva Employee Benefits? Here are answers to some common questions:
How do I get a quote for group benefits?
Contact Beneva's advisors to initiate a needs assessment. They will gather details about your organization, employees, and goals to provide customized plan options and pricing. Quotes are specific to each client.
What industries does Beneva serve?
Beneva provides group benefits to various Canadian industries, including healthcare, manufacturing, retail, professional services, non-profit, and many more. Their plans can be adapted to different workplace risk profiles.
Are there plan options for small businesses?
Yes, Beneva tailors plans specifically for smaller companies, including those with 5 to 50 employees. These plans provide robust benefits while remaining cost-effective for businesses with less purchasing power.
Does Beneva get good reviews?
Yes, Beneva consistently earns positive reviews for areas like customer service, user-friendly online portals, knowledgeable advisors, strong coverage, and excellent support. Their focus on cultivating partnerships shows in client feedback.
Who owns Beneva Employee Benefits?
Beneva Employee Benefits is a Canadian-owned mutualist company that is not publicly traded. Local employer members' membership and participation help guide the company's direction.
