FileNewTemplate
Understanding Your Benefit Plan Renewal
1ISI (Interuniversity Services Inc.) Benefit Plans
Not-for-ProfitFounded in 198417,000 insuredVolume Purchasing
Presentation by Morneau Shepell#2ISI (Interuniversity Services Inc.) Benefit Plans
Not-for-ProfitFounded in 198417,000 insuredVolume Purchasing
Presentation by Morneau Shepell#3ISI (Interuniversity Services Inc.) Benefit Plans
Lower CostsBenefit InnovationFlexibility in Plan DesignVendor ManagementCommunication & EducationBenefits of ISI include:
Presentation by Morneau Shepell#4ISI Participation
Presentation by Morneau Shepell#5My Benefits
6My Benefits ProvideDEATH/ACCIDENT BENEFITSLONG-TERM DISABILITY INSURANCEMEDICAL AND DENTAL BENEFITSEMPLOYEE AND FAMILY ASSISTANCE CRITICAL ILLNESS/ OPTIONAL LIFETRAVEL HEALTH INSURANCEFINANCIAL SECURITYHEALTH AND WELLBEING
Presentation by Morneau Shepell#7How Does Group Insurance Work?
8Insurance is.PredictableLow CostHigh CostUnpredictableFULL INSURANCESELF - INSURANCE
Travel Health CoverageLife Insurance ClaimsSpecialty/ Biologic DrugsDisabilityDrugs for Acute ConditionsBasic DentalGlassesCholesterol MedsInsurance is efficient and economical when the insured risk is unforeseen and is high cost
Presentation by Morneau Shepell#9How do we pay for our group insurance?
CLAIMS
RESERVES
INSURER FEES
PREMIUM TAXESEmployer ContributionsEmployee Contributions
Presentation by Morneau Shepell#10What Impacts Life & LTD Renewal Rates?ClaimsReserves
Interest RatesDemographicsHealth
Most recent 5 years
Presentation by Morneau Shepell#11What Impacts Health & Dental Renewal Rates?Claims Insurance Company Administration/ExpensesTrends High cost drugsGenericsDental
Severe Rheumatoid ArthritisCrohns DiseaseVarious CancersSpecialty & Biologic MedicationsTypically $15,000-$30,000 per patient each year!Identical active ingredients as brand name drugsSafe, effectiveand only 1/3rd the cost!!!!
Presentation by Morneau Shepell#12How Can I Help to Manage/Reduce My CostsManaging Your HealthWise Consumer ChoicesGet active!90 day supply of maintenance drugsDrug store fees varyMake healthy food choices
Presentation by Morneau Shepell#13