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November 2010 Bulletin

News from The Benefit Specialists Corp.

From: The Benefit Specialists Corp. <sean.murray@telus.net>
Subject: News from The Benefit Specialists Corp.
Reply: sean.murray@telus.net
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The Benefit Specialists Corp. Newsletter

   November 2010
In This Issue
TBSC Reminder- Keeping the Insurer Updated
TBSC Tidbit- Why do I need Critical Illness Insurance?
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TBSC Reminder- Keeping the Insurer Updated

With all the things going on in our work lives, it is easy to forget all the important issues when administering a group benefits plan.  One of the biggest is ensuring that all eligible employees are added to your benefit plan. 


Salaries, family changes (births, deaths, separations, marriages) need to be reported to the plan administrator, which then is transmitted to the carrier. You can send out a reminder with your payroll or post it in the lunchroom to remind employees that if there are changes in their families (i.e. birth, separation, common-law status, etc.) the change must be reported to you, their plan administrator, so you can report the change to the carrier. 


Most carriers suggest that you add all eligible employees to your benefits even if there is a concern about their continued employment with your company.  It is easier to terminate coverage through the on-line system, the Customer Service centre or by sending an email than to have that employee subject to the penalties of being a late applicant. 


Some things to note:

  •  Waiting period - If you have a 3 month, 6 month etc waiting period for employees and you hire a key person (i.e. management, supervisors, etc) you can write a letter and have the waiting period waived for this person.
  • What does late applicant status mean? - This means that the employee has to submit medical evidence for either themself or dependents in question and can be declined if medical is not approved.  They are also restricted to a certain amount of basic dental procedures for one full year after approval.  Most companies have a restriction of $200-$250 of dental.

TBSC Tidbit: Why do I need Critical Illness Insurance?

Almost everyone has a relative or friend who has suffered from a major, possibly fatal illness.  It is a sad truth.  The numbers speak for themselves.

 

Critical Illness Statistics

·         Of 10 healthy male adults, 3 will have a critical illness before age 65.

·         Of 10 healthy female adults, 2.7 will have a critical illness before age 65.

   

Heart Attack[i]:

·         There are an estimated 70,000 heart attacks each year, and over 17,000 Canadians die as a result.

Stroke[ii]:

·         50,000 Canadians suffer a stroke each year. It is the third leading cause of death.

·         After the age of 55, the risk of stroke doubles every 10 years.

Cancer[iii]:

·         An estimated 171,000 Canadians were diagnosed with Cancer in 2009.

·         Over 75,000 people in Canada will die from the disease.

·         Based on current rates, 40% of Canadian women and 45% of men will develop Cancer.

Multiple Sclerosis[iv]

·         An estimated 55,000- 75,000 Canadians have MS.

·         MS is the most common neurological disease among young Canadians

·         MS is most often diagnosed in young adults, aged 15-40, during the career and family building years.

Parkinson's Disease[v]

·         Parkinson's disease affects approximately 100,000 Canadians.

·         Most are diagnosed around age 60, though the cases of 'Young-onset' Parkinson's (under 40 years of age) are increasing.

Paralysis[vi]

·         Approximately 80% of all spinal cord injuries happen to those 30 and under.  Financial care requirements over a disabled lifetime can vary from $1.25 million for a low thoracic paraplegic to $25 million for a high cervical quadriplegic.

Alzheimer's Disease[vii]

·         Alzheimer's is the most common form of dementia. 

·         In 2008, there were 103,700 new cases of Alzheimer's.

·         1 in 11 Canadians over the age of 65 have dementia.

Kidney Failure[viii].

·         Each day an average of 14 Canadians learn that their kidneys have failed.

·         71% of Canadians on the transplant waiting list were waiting for a kidney.

·         Kidney disease can strike anyone at any age.

Deafness[ix]

·         Nearly 1 in 4 adult Canadians report hearing loss.

·         The average age of those who report hearing loss is 51.

Occupational HIV[x]

·         The Centres for Disease Control and Prevention estimate that each year 385,000 needle sticks and other sharps-related percutaneous injuries are sustained by health-care personnel.  Risk of HIV transmission is about 0.3% and is of major concern following such an injury.


Critical Illness Insurance will cover insured expenses due to the onset of any one of these illnesses.  Oftentimes payment comes in the form of one lump sum that can be put towards medication, therapy, treatment in another country, mortgage payments, etc.  For more information, contact TBSC.



[i] Heart and Stroke Foundation of Canada

[ii] Ibid.

[iii] Canadian Cancer Society

[iv] Multiple Sclerosis Society of Canada

[v]Parkinson's Foundation of Canada

[vi] Rick Hansen Registry

[vii]Alzheimer Society of Canada

[viii]Kidney Foundation of Canada

[ix]Canadian Hearing Society

[x] American Nurses Association



BENECO Blurb- Are Cosmetic Procedures Covered?

While many items are covered under a Cost Plus plan, there are a couple items which we receive a lot of questions about.  The following items are not covered by your Beneco Cost Plus Plan, unless they are medically necessary:
  • Laser Hair Removal
  • Teeth Whitening
  • Botox Injections
  • Skin Procedures which are cosmetic in nature
Broadly speaking, eligible expenses include all reasonable and customary expenses for medical, dental, vision and general health care, provided by licensed facilities and administered, prescribed or supervised by licensed practitioners.  Detailed information is found on the Revenue Canada website, in the medical expenses area under Section 118.2 (2) of the Income Tax Act, and Revenue Canada Interpretations Bulletins IT339R2 and IT519R.

Other exclusions include:
Experimental treatment, or treatment prohibited by law. Expenses eligible for reimbursement by Government Health Insurance or other Government assistance programs.
Sean Murray
The Benefit Specialists Corp.
sean.murray@beneco.ca
(403) 547-5236

The information contained in this bulletin is for general information purposes only. The articles published in this bulletin have been collected by The Benefit Specialists Corp. (TBSC) and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or availability with respect to the information, products, services, or related graphics contained.  Any reliance you place on such information is therefore strictly at your own risk.  In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits out of, or in connection with, the use of the information contained in this bulletin.  Through this bulletin you are able to link to other websites which are not under the control of TBSC.  We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
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