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 in-depth 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 Employee Benefits originates in SSQ Insurance, founded in Quebec City in 1944 by Dr. Jacques Tremblay. In 2020, SSQ Insurance announced a merger with La Capitale to form a new mutualist insurance company, Beneva. This merger was completed in early 2023.
By combining forces, Beneva became Canada’s one of the largest group insurance providers, serving over 3.5 million members nationwide. The merger’s goal was to create enhanced products and services while upholding the mutualist values of both founding companies.
Company Values and Mission
As a mutualist company, Beneva Employee Benefits emphasizes collective well-being, community, and quality service to members. Its caring approach embraces diversity and aims to build strong partnerships.
Specifically, their mission focuses on contributing to the communities ‘ well-being while providing simple, accessible products and services. Beneva contributes to sustainable development and supports social and charitable organizations that align with their core values of mutualism, accessibility, expertise, social commitment, integrity, and respect.
Financial Strength and Stability
Beneva has a financial strength rating of A from AM Best Company, indicating excellent financial health. As a merged entity, Beneva now manages over $25 billion in assets with capital reserves that allow them to weather fluctuations in the market and claims.
This provides security for organizations choosing Beneva Employee Benefits, knowing they will have a stable partner even in periods of uncertainty.
Awards and Recognition
SSQ Insurance received awards for best customer experience in the life and health insurance sector before the Beneva merger. They were also recognized for their HealthWise workplace health and wellness program and received Elite certification as a Healthy Enterprise for expertise in workplace health and wellness.
These achievements speak to their focus on service, prevention, and workplace culture that aims to improve overall well-being.
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 health insurance plans provide coverage including:
- Prescription drugs
- Paramedical services like physiotherapy
- Vision care
- Medical supplies and equipment
- Out-of-country emergency medical
Plans can be customized with different levels of coverage. For example, members can choose reimbursement percentages for different benefits.
Beneva Dental Insurance Plans
Dental coverage is available for primary, major restorative, and orthodontic treatments. Members can select their coverage level, such as:
| Basic coverage (Option 1) | Supplemental coverage (Option 2) | |
| Preventive services | 80% (1 examination per 9-month period) | 80% (1 examination per 9-month period) |
| Basic restorative care | 80% | 80% |
| Major restorative care | Not covered | 80% |
| Maximum reimbursement | $1,000/calendar year | $1,000/calendar year |
| Annual deductible | None | None |
Beneva Disability Insurance
Beneva Employee Benefits offers both short-term and long-term disability plans to replace income in the event a member cannot work due to illness or injury. Short-term coverage typically replaces income for up to 17 weeks, while long-term coverage provides ongoing benefits.
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. This coverage can reimburse members up to a set limit, such as eligible maximum of $100 per consecutive 24-month period.
Beneva Health Spending Accounts
Health spending accounts (HSAs) allow members to set aside pre-tax dollars to pay for medical expenses their plan doesn’t cover, such as deductibles, vision hardware, or orthodontics. Beneva offers HSAs alongside traditional group plans.
Beneva Wellness Programs
Beneva Employee Benefits provides resources for workplace wellness initiatives aimed at prevention and promoting better health outcomes. Offerings include on-site flu shot clinics, lunch and learn sessions, discounts for fitness memberships, and more.
Additional Specialized Offerings
Some other products Beneva offers include:
- Employee assistance programs providing counselling and resources
- Critical illness insurance with coverage for 25 conditions
- 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.
Source: https://www.vaniercollege.qc.ca/human-resources/files/2022/10/Beneva-Group-1008-2023-rates.pdf
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 has basic, intermediate, and superior plan tiers, allowing clients to select their desired level of coverage. All plans include prescription drug coverage and travel insurance.
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.
Ongoing Account Management
Ongoing support and digital tools help simplify benefits management. Members can access details about their coverage in their online Beneva portal. Live chat, web forms, and a mobile app make it easy for members to find answers to benefits questions.
For employers and benefits administrators, Beneva provides a dashboard with an overview of the group plan, reporting on usage and costs, and tools to make adjustments. Dedicated account management advisors are available to help throughout the partnership.
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.
Surveys show high customer satisfaction, thanks to Beneva’s people-first approach. Their philosophy is to treat each interaction as an opportunity to build a relationship.
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. For example, a budget calculator helps members understand healthcare costs in retirement.
The goal is to provide added value in addition to administering the plan. Resources empower members to manage their health proactively.
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.
Their philosophy is that outstanding client experiences lead to trust, engagement, and mutually beneficial partnerships over the long term.
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.
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.
Conclusion
Summary of Beneva’s Strengths
In summary, Beneva Employee Benefits differentiates itself through:
- The breadth of group benefits options and ability to customize
- Focus on prevention, wellness, and overall health
- Member education and holistic support resources
- Excellent customer service and ease of use
- Innovation in benefits management programs
- Strong financial foundation and position in the Canadian market
Who is Beneva a Good Fit For?
Beneva Employee Benefits stands out as an excellent option for many Canadian organizations looking for a trusted partner and benefits provider, including:
- Businesses who value wellness and want resources to support employee health
- Companies seeking a positive, collaborative relationship with their insurer
- Organizations that want excellent multichannel communication and support
- Firms looking for leading-edge benefits management programs
- Associations or professional groups arranging coverage for members
- Employers seeking financial value and stability from their benefits provider
Parting Thoughts
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.
For companies seeking a group insurance partner invested in their overall success, Beneva is worth strong consideration. Their focus on mutualism and prevention can lead to a refreshingly positive experience compared to transactional, reactive insurers. Get in touch today to learn more about Beneva’s offerings and determine if they are the right fit.
Finding the right employee benefits provider is an important decision for any business in Canada. With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. 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
Article Sources
At Ebsource, our mission is to equip Canadians with comprehensive and factual information to enable prudent choices regarding employee benefits and human resources guidance. We leverage the expertise of seasoned financial professionals to guarantee our advice aligns with industry best practices. The statistics we reference come from reputable governmental and industry bodies like Statistics Canada and the CLHIA to ensure accuracy.
Our recommendations derive from thorough, unbiased research of the major employee benefits providers in Canada. This allows us to tailor our suggestions to individuals’ unique budgets and needs. Ebsource maintains rigorous standards of objectivity, transparency, and independence in all of our content. We pride ourselves on furnishing advice readers can trust by citing reputable sources and adhering to editorial principles. As Canada’s most reliable outlet for employee benefits news and HR insights, we are dedicated to empowering Canadians to make informed benefits decisions.
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