Strong Growth Driven by Transforming Employee Benefits for Small and
TORONTO, June 1 /CNW/ - Benecaid was today named to the "21st annual
PROFIT 100 ranking of Canada's Fastest-Growing Companies" by PROFIT Magazine.
Benecaid appears on the list in the number nine position.
Benecaid has experienced consistent and significant growth since 2000
with the launch of a unique health insurance model for Canadian small and
medium-sized businesses. The Benecaid model delivers superior cost
containment, flexibility, service and choice over traditional health benefit
plans and today Benecaid services more than 3,500 clients. Revenues have grown
by 4,996 per cent in the last five years.
"We entered into the health benefits market as businesspeople frustrated
by the insurance model that often meant premium increases of 10-30 per cent a
year," explains Marla Schwartz, president of Benecaid. "Benecaid found a way
to bring self insurance, which large employers have been using for years to
save money, to smaller Canadian employers, while continuing to protect the
employees against risk. On average, our clients save 20-30 per cent over
traditional health benefit plans. The enthusiastic response to our approach
has been very gratifying."
With Benecaid's self insurance solution - flexstyle; an employer funds a
reserve account to pay routine employee health claims. Benecaid administers
the payment of claims, and returns unused funds to the employer. Since
Benecaid pools claims with its other clients, it can sustain stable costs for
clients and reduce susceptibility to the impact of significant health claims.
Benecaid also has been an early advocate of Health Spending Accounts
(HSAs) which are like RRSPs for healthcare - providing tax-protected savings
which can be applied to medical costs. Employers make the contributions and
employees can withdraw funds tax free for qualified medical expenditures.
HSAs are valuable tools for employees needing to cover larger health
costs like orthodontics, autism therapy, laser eye surgery, in vitro
fertilization treatments, and more. HSAs can be offered in addition to base
benefits programs. They're also extremely helpful for self-employed
individuals. The Benecaid Health Spending Account(TM) allows employees to get
the most value from their healthcare spending.
"Canadian employers are facing a perfect storm of health issues - Baby
Boomers are aging, government delisting is placing more pressure on private
health plans, and consolidation among health insurers has reduced
competition," says Schwartz. "We needed a new approach to employee health
benefits in Canada and Benecaid is proud to be leading that revolution."
Benecaid is a Toronto-based health benefits company focused on the
delivery and administration of leading-edge employee benefit solutions. Its
innovative approach delivers best-in-class benefit programs while managing the
bottom line, and is designed to put the control of health benefit costs back
into the hands of the employer.
With over 3,500 clients, Benecaid is one of the fastest growing
administrators of employee health benefits in Canada.
About the PROFIT 100
Ranking Canada's Fastest-Growing Companies by five-year growth revenue,
the PROFIT 100 profiles the country's most successful growth companies.
Published in the June issue of PROFIT and online at PROFIT100.com, the PROFIT
100 is Canada's largest annual celebration of entrepreneurial achievement.
"The PROFIT 100 are an inspiration to entrepreneurs at all stages of
growth, from startup to major corporation," says Ian Portsmouth, editor of
PROFIT. "Their business practices and product innovations are exemplary of how
businesses can succeed in uncertain times."
For further information:
For further information: Jessica Davidson, Environics Communications,
(416) 969-2735, firstname.lastname@example.org